Examples of Primary Social Security in a sentence
Primary Social Security amount means the old age insurance benefit pursuant to sec- tion 202 of the Social Security Act (42 U.S.C. 402) payable to a participant at age sixty-two (62).
In addition, the benefit is reduced by 50% of the Primary Social Security Retirement benefit at age 62.
If the benefit commences before the Early Retirement Age, there are reductions.In addition, the benefit is reduced by 50% of the Primary Social Security Retirement benefit at age 62 (non-Enhanced Plan only).
Estimates of Primary Social Security Amounts shall be made on the basis of the Social Security Act as in effect at the Participant’s Severance from Service Date, without regard to any increases in the social security wage base or benefit levels provided by such Act which take effect thereafter.
A Participant who is entitled to an Early Retirement Benefit under Section 3.2 and who elects to have such benefit commence prior to age 62 may elect the Level Income Option, unless the Primary Social Security Benefits which the Participant could elect to receive at age 62 would equal or exceed the amount of the monthly annuity payments prior to age 62 or unless the Participant is receiving Social Security disability benefits.
Any such optional method of retirement payment shall be the actuarial equivalent of the actual dollar amount of lifetime retirement allowance otherwise payable from this Plan after adjustment for the benefit payable from the Pension Plan and the Primary Social Security Benefit.
The benefit for each Year of Benefit Service over 20 shall be one-half of one percent (.5 percent) of Final Average Pay, minus any portion of the Retirement Plan Benefit and Primary Social Security Benefit that exceeds the basic benefit under 2.1-1 for the first 20 Years of Benefit Service.
Benefits shall be determined on the basis of Benefit Years, Final Average Pay (calculated as if pay rate was frozen at the date of disability), Primary Social Security Benefit and Retirement Plan Benefit at retirement.
The benefit formula for Tier 3 is the same as the benefit formula for the Tier 4 Basic 62/5 plan except that (1) Credited Service under the Tier 3 benefit formula is capped at 30 years, (2) the Tier 3 benefit formula includes an offset starting at age 62 equal to 50% of the Primary Social Security benefit, and (3) the Tier 3 reduction factors for early commencement are less than the factors applicable to the Basic Tier 4 62/5 plan.
Total demand was divided by geographic area and then multiplied by the peaking factor of 2.03 shown in Table 4.19 to get maximum day demand in gpm/acre.