Retirement Transition Benefit definition

Retirement Transition Benefit means that upon retirement or other termination of employment with the Employer, the Retirement Transition Benefit will become payable to a Participant. The Retirement Transition Benefit permits a Participant to receive a one-time lump sum cash payment of up to 10 percent of his or her Account(s) in TIAA or the CREF Account(s) or both at the time annuity income begins, provided that the one-sum payment from each TIAA contract and/or CREF Account(s) does not exceed 10 percent of the respective Account(s) then being converted. The Retirement Transition Benefits will be put into effect only with the consent of the Participant and upon receipt of a Qualified Election.
Sample 1

Examples of Retirement Transition Benefit in a sentence

  • The University agrees to make available to participants in the TIAA retirement program "The Retirement Transition Benefit" which permits an individual participant to receive a lump sum payment of up to 10% of his/her TIAA/CREF accumulation if the participant is 55 or older at time of retirement.

  • SUBRECIPIENT acknowledges that funding or portions of funding for this CONTRACT may be contingent upon the receipt of funds from, and/or appropriation of funds by, the State of California to COUNTY.

  • Obtain spousal concurrence for the lump sum distribution of funds in excess of the 10% Retirement Transition Benefit.

  • The Retirement Transition Benefit permits a Participant to receive a one-time lump-sum payment of up to 10% of his or her accumulation account in TIAA and/or the CREF accounts, at the time annuity income begins; provided that the lump-sum payment from each TIAA contract and/or CREF Account does not exceed 10% of the respective accumulation account(s) then being converted to retirement income.

  • Lastly, the Retirement Transition Benefit permits a Participant to receive a one- time lump sum payment of up to 10% of his or her Accumulation Account(s) in TIAA and/or the CREF Account(s) at the time annuity income begins; provided that the lump sum payment from TIAA and/or CREF Account(s) does not exceed 10% of the respective Accumulation Account(s) then being converted to retirement income.

  • Yes, subject to your spouse's right to survivor benefits, you may receive a portion of your income in a single sum after termination of employment if you choose the Retirement Transition Benefit option.

  • You will be required to complete a spouse consent or unmarried representation form, verified by a Notary Public to meet this requirement.* Retirement Transition Benefit allows you to withdraw in cash up to 10% of your accumulation at the beginning of a conversion to lifetime annuity income.

  • Obtain spousal concurrence for the lump sum distribution of funds in excess of the 10% Retirement Transition Benefit*.

  • The Retirement Transition Benefit (RTB) permits a Participant to receive a one-time lump-sum payment for up to 10 percent of his or her Participant Account at the time annuity income begins, provided the one-sum payment from each Contract does not exceed 10 percent of the Participant Account being converted to retirement income.

  • The Retirement Transition Benefit permits a Participant to receive a one-time single sum payment of up to ten percent (10%) of his accumulation account in TIAA and/or the CREF Accounts, at the time annuity income begins; provided, that the single sum payment from each TIAA contract and/or CREF Account does not exceed ten percent (10%) of the respective accumulation account(s) then being converted to retirement income.

Related to Retirement Transition Benefit

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

  • 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;

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

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

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

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

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

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

  • 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.

  • Change in Control Benefits means the following benefits:

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

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

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

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

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

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

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • 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.

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

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.