Pre-2005 Accrued Benefit definition

Pre-2005 Accrued Benefit means the Equivalent Actuarial Value of -------------------------- the Participant's Monthly Benefit as of December 31, 2004, determined as if the Participant experienced a voluntary Termination of Employment other than a Termination of Cause on December 31, 2004, and received a payment of the benefits with the maximum value available from the Plan on the earliest date possible under the Plan to receive a payment of benefits following his Termination of Employment. The amount described in the preceding sentence may be increased to equal the present value of the benefit the Participant actually becomes entitled to under the terms of the Plan as in effect on October 3, 2004, without regard to any further services provided by the Participant after December 31, 2004, or any other events affecting the amount of or the entitlement to benefits (other than a Participant election regarding the time or form of an available benefit). The determination of a Participant's Pre-2005 Accrued Benefit shall be determined in accordance with Section 409A.
Sample 1

Examples of Pre-2005 Accrued Benefit in a sentence

  • If the Executive terminates service as an employee with the Company (other than for “Specially-Defined Cause”, as such term is defined in Section 2.6.1), he shall receive his Pre-2005 Accrued Benefit, such benefit to commence on his Normal Retirement Date unless the Executive elects to receive an earlier distribution.

  • Notwithstanding the forgoing, in the event of the occurrence of any of the circumstances described in Section 1.17.2, the Vested Percentage shall not be adjusted pursuant to Section 1.17.2 For all purposes under this Agreement, the Executive’s Pre-2005 Accrued Benefit shall be paid in the Actuarial Equivalent form of a lump sum.

  • The Executive will receive his Pre-2005 Accrued Benefit determined under Section 1.1A above in a lump sum to be paid as soon as reasonably practicable after January 2, 2007 (but in no event later than thirty (30) days after such date).

  • If the Executive receives a payment under Sections 2.1, 2.3, 2.4 or 2.7 and such payment is made on a date before his Normal Retirement Age, the benefit shall be the benefit that would have been payable if the benefit had been paid at the Executive’s Normal Retirement Age less 6% of the Post-2004 Accrued Benefit or Pre-2005 Accrued Benefit (as the case may be) for each year by which payment of the benefit is advanced.

  • If the Executive should die prior to commencement of benefits hereunder, the Post-2004 Accrued Benefit and the Pre-2005 Accrued Benefit shall be payable in a lump sum to the Executive’s Beneficiaries commencing as soon as reasonably practicable following the date of the Executive’s death, but in no event later than thirty (30) days following such date.

  • The election under this section 5.3.2 shall apply only to the Participant’s Pre-2005 Accrued Benefit.

  • The findings presented in Tables 2 and 3 regarding to HRIS usage profiles highlight the fact that although there were a good investment in HRIS as the majority of the universities have adopted HRIS, the current uses of HRIS were modest and for some simple routine administrative purposes.

  • The Participant’s Pre-2005 Accrued Benefit shall be paid in the form of a single life annuity which commences as of the later of the Participant’s normal retirement date or the first day of the first month which begins on or after the date he or she ceases to be an Employee.

Related to Pre-2005 Accrued Benefit

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Termination Benefit means the benefit set forth in Article 7.

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Change in Control Benefits means the following benefits:

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Compensation Accrued at Termination means the following:

  • Disability Benefit means the benefit set forth in Article 8.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.