Primary Social Security Benefit definition

Primary Social Security Benefit means, with respect to any member, the primary insurance amount

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Primary Social Security Benefit means, with respect to any member, the primary insurance amount to which the member is entitled, for old age or disability, as the case may be, pursuant to the provisions of the federal Social Security Act as in effect at his date of retirement, under the provisions of this chapter except as otherwise specifically provided.

Primary Social Security Benefit means the primary insurance amount estimated for the participant on retirement at or after age 65 under the federal Social Security Act, determined as follows:

Examples of Primary Social Security Benefit in a sentence

Subject to the provisions of paragraph 9 below, if Employee retires on or after October 23, 1981 ▇▇▇▇▇▇▇ will pay him each month for the duration of his life deferred compensation equal to 1/12 of (i) 50% of the average annual compensation received by him in the 5 most highly compensated years of his final 10 years of employment, as determined under paragraph 5 below, less (ii) 50% of his annual Primary Social Security Benefit, as hereinafter defined.
For purposes of this Section I.A.(1), the maximum annual supplemental benefit, calculated as a single life annuity, shall not exceed 70% of the Executive's compensation for the last full calendar year before retirement less $12,145.00, less the Dauphin Pension Benefit and less the Primary Social Security Benefit.
Final Annual Compensation if the Participant has completed at least 25 years of Service, otherwise 65% of Final Annual Compensation, MINUS The Participant's Normal Retirement allowance under the Retirement Plan payable as a single life annuity at age 65, MINUS The Participant's Primary Social Security Benefit payable at age 65, MINUS The Participant's Supplemental Retirement Benefit (if any) under the Executive Deferred Compensation Plan payable as a single life annuity at age 65.
In determining such benefit, the Participant’s Final Average Rate of Compensation, Final Average Cap, and the Participant’s Primary Social Security Benefit shall be determined as of the date the Participant is determined to be subject to a Disability.

More Definitions of Primary Social Security Benefit

Primary Social Security Benefit means the annual amount available to the Eligible Employee at age 65 (or at the time of his or her separation from service, if later), as determined without regard to any increase in the wage base or benefit levels after the determination date under the provisions of Title II of the Social Security Act in effect at the Eligible Employee’s termination of employment, and assuming no future earnings between the Eligible Employee’s termination of employment and his or her 65th birthday.

Primary Social Security Benefit means "Primary Social Security Benefit" as that term is defined by the Retirement Income Plan.

Primary Social Security Benefit means the annual amount available to the Member at age 65, or later if the Member retires after age 65, under the Old Age Insurance provisions of Title II of the Social Security Act in effect at his Severance from Service Date, without regard to any increases in the wage base or benefit levels that take effect after the date of termination of employment, subject to the following:

Primary Social Security Benefit means the annualized amount calculated according to the rules for computing the primary social security benefit payable to a Participant upon attainment of Social Security Retirement Age under the Federal Social Security Act as in effect at the time the Participant retires. In the event that a Participant retires prior to attainment of eligibility for Social Security benefits, the Participant's Primary Social Security Benefit shall be deemed to be 80% of the Primary Social Security Benefit payable at Social Security Retirement Age. In the event the Participant retires after attainment of eligibility for Social Security benefits, but before Social Security Retirement Age, the Primary Social Security Benefit shall be deemed to be an amount prorated between the benefit payable at Social Security Retirement Age and 80% of such amount. For purposes of this calculation, it will be assumed that the Participant has no earnings for Social Security purposes beyond the date of retirement.

Primary Social Security Benefit means the monthly payments you are entitled to receive commencing on your Retirement Date (or such earlier date, if any upon which you commence receiving benefits under the Social Security Act), determined under the federal Social Security Act as in effect on the January 1 coincident with or next preceding the termination of your employment with the Company (irrespective of subsequent amendments of the Act, including retroactive amendments, and irrespective of whether or not you actually apply for and receive all or any part of such amount for any month) by assuming in the case of termination of your employment with the Company prior to your Retirement Date that you will have no further employment and no further earnings.

Primary Social Security Benefit means the annual amount available to the member at age 65 under the Old Age Insurance provisions of Title II of the Social Security Act in effect at the time of his termination of employment, without regard to any increases in the wage base or benefit levels that take effect after the date of termination of employment, subject to the following. If any employee terminates service prior to age 65, his Primary Social Security Benefit shall be estimated by assuming continuation of his earnings until age 65 at the same rate in effect at termination of employment; provided however, that, if the employee retires pursuant to Section 4d.(ii), his Primary Social Security Benefit shall be estimated by assuming that he will not receive any income after retirement which would be treated as wages for purposes of the Social Security Act. The Retirement Committee may adopt rules governing the computation of such amounts, and the fact that an employee does not actually receive such amount because of failure to apply or continuance of work, or for any other reason, shall be disregarded. Notwithstanding the foregoing, actual salary history will be used to calculate the Primary Social Security Benefit if this will result in a larger benefit under the Plan for the employee but only if documentation of such history is provided by the employee within two years after the later of his termination of employment or the date the employee receives notice of his benefits under the Plan.

Primary Social Security Benefit means the benefit amount specified in subsection (a) below, subject to the provisions of subsections (b), (c), (d) and (e) below: