Post-2012 Accrued Benefit means a Participants benefit determined as of a particular time under the provisions of this Plan, including, where applicable, the value of an 162 (m) Account established for the Participant pursuant to Section 4.4.
Examples of Post-2012 Accrued Benefit in a sentence
The Plan is now further amended and restated as provided herein effective January 1, 2013 for the purpose of (i) calculating and freezing the accrued benefit of each Participant as of December 31, 2012 (Pre-2013 Accrued Benefit) and (ii) providing each Plan Participant remaining in the Plan after December 31, 2012 the opportunity to accrue additional, but limited, benefits (Post-2012 Accrued Benefit) based on a Participants years of service with the Company after December 31, 2012.
Unless the Participants Post-2012 Accrued Benefit is converted into a 162(m) Account and paid in accordance with Section 5.1 above, the Participants vested Post-2012 Accrued Benefit shall be paid in the form of a lump sum on the earlier of (i) the first day of the seventh month following the month in which the Participant has a Separation from Service, (ii) the Participants Post-2012 Accrued Benefit Payment Date, (iii) a Change of Control or (iv) the Participants Disability.
The Actuarial Value of such Post-2012 Accrued Benefit will be paid as a lump sum payment on the earlier of the designated Post-2012 Accrued Benefit Payment Date specified for each Participant, the Participants death or disability, a Change of Control, or the first day of the seventh month following the Participants separation from service.
The amount of a Participants Pension Plan Offset is the Actuarial Equivalent of the Participants accrued benefit as defined in the Pension Plan, determined (A) as if such benefit were payable in the form of a single life annuity that commences on the Participants Normal Retirement Date and (B) as of the Post-2012 Accrued Benefit Payment Date.
A Participant may designate separate persons as beneficiaries for the Participants Pre-2013 Accrued Benefit and Post-2012 Accrued Benefit.