Primary Benefit Payment definition

Primary Benefit Payment means, for any month within a Retirement Benefit Year, a payment of an amount sufficient to amortize the Primary Benefit Amount for such Year in twelve (12) equal installments.
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Primary Benefit Payment means, for any month commencing with or after the Retirement Benefit Commencement Date, a payment of an amount sufficient to amortize the Primary Benefit Amount in as many equal installments as there are months within the period beginning with the Retirement Benefit Commencement Month and ending with the Full Payout Month.
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Examples of Primary Benefit Payment in a sentence

  • If an Event of Insolvency occurs after the Retirement Benefit Commencement Date, then in lieu of any Retirement Benefit Payments due on, or payable after such Date, the Participant shall be entitled to (i) a Guaranteed Primary Benefit Payment for each month beginning on or after such Date and beginning on or before the earlier of the Causal Termination Date or the Guaranteed Full Payout Date; and (ii) an Insolvency Retirement Benefit Payment for the first month beginning after the close of each Plan Year.

  • The Administrative Committee, upon application by the Participant, shall grant him one postponement of the date on which the final Primary Benefit Payment shall become due and payable; provided that the date to which the Full Payout Date may be postponed pursuant to this Section 5.3 shall be an anniversary of the Retirement Benefit Commencement Date and shall not occur earlier than the fifteenth anniversary and not later than the twentieth anniversary of such Date.

Related to Primary Benefit Payment

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • 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.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

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

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

  • 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.

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

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

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

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

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

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • 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;

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

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

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

  • Actuarial equivalent means a benefit of equal value when