Definition of Pre-2013 Accrued Benefit


Pre-2013 Accrued Benefit means, for each individual that was a Participant in the Plan as of December 31, 2012, that benefit expressed as a benefit payable in the form of a single life annuity commencing on the Participants Normal Retirement Date and set forth on Addendum B.
Sample 1

Examples of Pre-2013 Accrued Benefit in a sentence

A single life annuity is the Actuarial Equivalent of the Participants vested Pre-2013 Accrued Benefit payable in annual payments to the Participant for the lifetime of the Participant.
If the Participants vested Pre-2013 Accrued Benefit is paid in the form of a lump sum as hereinafter provided, then payment will be made in the seventh month following the month in which the Participant has a Separation from Service (or during the 90-day period following the effective date of this amended and restated Plan if later).
A seventy-five percent (75%) joint and survivor annuity is the Actuarial Equivalent of the Participants vested Pre-2013 Accrued Benefit payable in annual payments to the Participant for the lifetime of the Participant and to the Participants Eligible Spouse upon the Participants death for the lifetime of the Participants Eligible Spouse, with each payment to the Participants Eligible Spouse being seventy-five percent (75%) of the amount of each payment to the Participant.
Regardless of any contrary election made by a Participant, the Participants vested Pre-2013 Accrued Benefit will always be paid on the Pre-2013 Accrued Benefit commencement date in a lump sum payment if, as of the commencement date determined under Section 6.3, the Actuarial Value present value of the Accrued Benefit is less than or equal to the sum of $50,000, unless Section 4.4 applies.
A Participant may designate separate persons as beneficiaries for the Participants Pre-2013 Accrued Benefit and Post-2012 Accrued Benefit.