Definition of Section 409A Covered Benefit


Section 409A Covered Benefit means that portion of a Participants Annual Retirement Benefit that equals the Participants Annual Retirement Benefit minus the Pre-409A Preserved Benefit.
Sample 1

Examples of Section 409A Covered Benefit in a sentence

Upon subsequent retirement from membership on the Board, the Participants Annual Retirement Benefit under the Plan shall be redetermined pursuant to Article VI above, but shall then be offset by the amount of benefit payments made to the Participant while he or she was a Board member attributable to the Participants Section 409A Covered Benefit (determined on a annualized basis).