Reduced SERP Benefit definition

Reduced SERP Benefit means an amount, expressed as a single life annuity, that is computed based on the following:
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Examples of Reduced SERP Benefit in a sentence

  • If a Vested Participant dies prior to the commencement of benefits, then his or her Beneficiary shall receive, as a Death Benefit, a lump sum Reduced SERP Benefit, accrued as of the date of death.

  • A Vested Participant who experiences a Disability shall receive, as his or her Disability Retirement Benefit, a lump sum Reduced SERP Benefit Penn Millers Holding Corporation Supplemental Executive Retirement Plan Plan Document (accrued as of the date of such Disability) which shall be payable as of the first day of the month coincident with or next following the date the Participant experiences the Disability.

  • A Participant who experiences an Early Retirement shall receive, as his or her Early Retirement Benefit under this Section 3.3, a Reduced SERP Benefit which shall commence on the first day of the month coincident with or next following the date of the Participant’s Early Retirement.

  • A Participant’s Reduced SERP Benefit or SERP Benefit shall not be increased to reflect the delay in a distribution due to any alteration in the form of benefit hereunder.

  • A Participant must elect, within thirty (30) days following such Participant’s commencement of Participation in the Plan to receive his or her SERP Benefit or Reduced SERP Benefit in whole or in part, in the form of a (i) Actuarial Equivalent lump sum or (ii) a number of installment payments to be received annually for no more than 10 years as elected by the Participant, which is the Actuarial Equivalent of a lump sum.

Related to Reduced SERP Benefit

  • 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.

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

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

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

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

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

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

  • 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.

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

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

  • 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.

  • 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.

  • Actuarial equivalent means a benefit of equal value when

  • 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).

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

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

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

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

  • Change in Control Benefits means the following benefits:

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

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

  • Termination Benefits means the benefits described in Section 4.1(b).