Section 409A Benefit definition

Section 409A Benefit means, as applicable (i) the portion of the Member’s pension benefit under Article III of the Plan, minus the Grandfathered Benefit; or (ii) the Member’s entire pension benefit under Article III if the Member was not vested in his or her benefit as of December 31, 2004. The Section 409A Benefit shall be subject to Code Section 409A and applicable guidance thereunder.
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Section 409A Benefit means the portion of a Participant’s Total Benefit that accrues or becomes vested after December 31, 2004.
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Section 409A Benefit means that portion of the Benefit under this Plan in excess of the Grandfathered Benefit.
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Examples of Section 409A Benefit in a sentence

  • Any additional benefits credited pursuant to this Section 3.09 shall be treated as part of the Member’s Section 409A Benefit and shall be fully subject to Section 409A.

  • The portion of the single payment attributable to Section 409A Benefits shall be equal to the Actuarial Equivalent Value of the Section 409A Benefit otherwise payable to the Eligible Employee in the form of a 10-Year Certain and Life Annuity.

  • The timing of a distribution of a Member’s Section 409A Benefit may not be accelerated, except in the event the Committee, in its sole discretion, elects to allow an acceleration which is a permissible acceleration under Treas.

  • Except as provided in subsection (B), such Participant may not change the form and time of payment of such Participant’s Post- Section 409A Benefit under this Plan after December 31, 2008.

  • In the event that a Participant elects to change the form of the payment of such Participant’s Post-Section 409A Benefit under this Plan, such Participant shall be deemed to have elected to change the form of the payment of such Participant’s “Post-Section 409A Supplemental Retirement Benefit” (as defined in the SERP) under the SERP to the form of the payment of such Participant’s Post- Section 409A Benefit under this Plan.

  • The determination of Total and Permanent Disability shall be made by the Administrator in its discretion based upon the information provided to it and, with respect to a Participant’s Section 409A Benefit, shall be made in a manner consistent with the requirements of Section 409A.

  • Any such election shall be subject to the provisions of subsection (B), (D) or (F), as applicable, and the provisions of the SERP and, in any event, the time and form of payment of such Participant’s “Post-Section 409A Supplemental Retirement Benefit” under the SERP shall be the same as the time and form of payment of such Participant’s Post- Section 409A Benefit under this Plan.

  • An Eligible Employee who has elected an annuity form may elect the other annuity form (provided such form is actuarially equivalent to such prior elected annuity form) with respect to the Aggregate Section 409A Benefit at any time without regard to the 12-month and 5-year rules.

  • The lump sum payment to satisfy the Participant’s FICA Amount and related income tax withholding shall not affect the time of payment of the Participant’s actuarially reduced Section 409A Benefit, including not affecting any required delay in payment to a Participant who is classified as a “specified employee” under Section 409A.

  • Pharmaceutical wastes: It consists of /or contains pharmaceuticals including: expired, no longer needed, containers, packaging, items contaminated by or containing pharmaceutical bottles, boxes and drug vials.

Related to Section 409A Benefit

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • Section 409A means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

  • Section 409A Payment Date means the earlier of (a) the date of Executive’s death or (b) the date that is six months after the date of termination of Executive’s employment with the Company.

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

  • Section 409A Limit means the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

  • Code Section 409A means Section 409A of the Code and the regulations and guidance promulgated thereunder.

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

  • Section 409A Change in Control means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).

  • Section 409A of the Code means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder.

  • 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.

  • Change in Control Benefits means the following benefits:

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

  • Deferred Compensation Award means an award of Stock Units granted to a Participant pursuant to Section 12 of the Plan.

  • 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.

  • Separation from Service means a “separation from service” (within the meaning of Section 409A).

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

  • Nonqualified Deferred Compensation Rules means the limitations or requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

  • Nonqualified deferred compensation plan means a compensation plan described in Section 3121(v)(2)(C) of the Internal Revenue Code.

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

  • 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.

  • Deferred Plan means a trust governed by a registered retirement savings plan, registered retirement income fund, registered education savings plan or tax-free savings account.

  • 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;

  • Specified Employee means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Company if any stock of the Company is publicly traded on an established securities market or otherwise.

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