Projected Retirement Benefit definition

Projected Retirement Benefit means a benefit determined as of a given date consisting of (i) the sum of the Retirement Benefit with respect to each Written Election for calendar years prior to the year of calculation as of such date, projected forward to age 65 using a fixed annual rate of earnings determined by the Board for this purpose and assuming no distributions prior to age 65 plus (ii) the Retirement Benefit with respect to the Written Election for the year of calculation, calculated as if all Participant Contributions for such year contemplated in the governing Written Election had been made, projected forward as described in clause (i) of this section plus (iii) the sum of each Deemed Retirement Benefit with respect to each calendar year (or part of a calendar year) following the year of calculation and ending with the year in which the Participant would have attained age 65. For purposes of this Section 1.19, a “Deemed Retirement Benefit” is the Retirement Benefit that would accrue if a Participant entered into a Written Election for a given calendar year (or part of a calendar year) specifying Participant Contributions equal to his past level of Participant Contributions allocated to his Participant Deferral Account (as determined by the Plan Committee), projected forward to age 65 as described in clause (i) of this section. In calculating a Projected Retirement Benefit, it will be assumed that Company Contributions continued at their past rate for all affected years and that no distributions were made to or on account of the Participant from the calculation date to age 65.
Sample 1
Projected Retirement Benefit means the benefit amount that the Director would have been entitled to had the Director reached Normal Retirement Age and the Final Fees increased at an annual rate of 8 % from the date of this agreement.
Sample 1

Examples of Projected Retirement Benefit in a sentence

  • Multiply the Projected Retirement Benefit Basis by the applicable percentage set forth in 2.1.1 (the product, "Annual Projected Retirement Benefit").

  • Retirement Age by increasing the Benefit Basis as of the Executive's date of Termination of Employment by 5% per year, compounded annually, until Normal Retirement Age (the "Projected Retirement Benefit Basis").

  • Calculatethe discounted value at Normal Retirement Age of the aggregate Annual Projected Retirement Benefit that would have been paid to the Executive in equal monthly installments over the 180-month period immediately following the Normal Retirement Date, by using the Rate, compounded monthly (such discounted value, the "Lump Sum Projected Retirement Benefit").

  • Any such changes will be made in consultation with the employees.

  • If a Participant dies while still employed by the Company and the Company has purchased a life insurance contract in correction with such Participant's Retirement Benefit, the Company will pay the Participant's designated Beneficiary the greater of the Retirement Benefit as determined under Section 5.1 above or the Projected Retirement Benefit (as defined below), under the applicable form elected by the Participant in his Written Election.

  • Basis as of Normal Retirement Age by increasing the Benefit Basis as of the Executive's date of Termination of Employment by 5% per year, compounded annually, until Normal Retirement Age (the "Projected Retirement Benefit Basis").

  • The benefit under this Section 2.4 is the present value of the Projected Retirement Benefit using a six percent (6%) interest rate and a payment stream equal to seventeen (17) years.

  • Projected Retirement Benefit The amount determined in terms of Rule 23.2. Provident Fund Account The account referred to in Rule 7.5(a).

  • The September 2020 version as PG 499.02 Projected Retirement Benefit Illustrations.

  • A time study and customer survey were conducted and analyzed to define the problem, assist in brainstorming a solution, and justify the design concept.The time study was conducted at four major grocery retailers.

Related to Projected Retirement Benefit

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

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

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

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

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

  • 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;

  • 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.

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

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

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

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • 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.

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

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

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

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

  • 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).

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

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

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

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Retirement Age means the earlier to occur of:

  • Postponed Retirement Date means the first day of the month coincident with or next following a Participant’s date of actual retirement which occurs after his Normal Retirement Date.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;