Notice 2002-8 (1-3-2002) IRS issued the second major overhaul of rules for Split Dollar Insurance Benefit Plans in 35 years! Notice 2002-8 revoked and superceded Notice 2001-10.
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.
Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.
Disability Benefit means the benefit set forth in Article 8.
Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.
Primary Social Security Benefit means, with respect to any member, the primary insurance amount
Annuity Benefit means a benefit payable by us as described in Part VII.
Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.
Termination Benefit means the benefit set forth in Article 7.
SERP has the meaning assigned thereto in Section 5(c) hereof.
Insurance Amount has the meaning set forth in Section 6.08(c).
Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.
Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;
Medicare benefit means the Medicare benefit payable within the meaning of Part II of the Health Insurance Act 1973 with respect to a professional service.
Severance Benefit means the payment of severance compensation as provided in Article III.
Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.
Continuation Coverage means coverage under a COBRA continuation provision or a similar state program. Coverage provided by a plan that is subject to a COBRA continuation provision or similar state program, but that does not satisfy all the requirements of that provision or program, will be deemed to be continuation coverage if it allows an individual to elect to continue coverage for a period of at least 18 months. Continuation coverage does not include coverage under a conversion policy required to be offered to an individual upon exhaustion of continuation coverage, nor does it include continuation coverage under the Federal Employees Health Benefits Program.
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).
Gap medical benefits means the benefits (if any) payable in respect of medical expenses that are less than, greater than or equal to the schedule fee, provided always that the medical expenses relate to a professional service that:
Life Insurance Policy has the meaning given in Section 6.11.
Social Security Benefit means the Primary Insurance Amount to which a Participant becomes entitled at age sixty-five (65) under Social Security legislation in effect on the earliest of his Normal Retirement Date, early retirement date or Termination Date.
Societal benefits charge means a charge imposed by an electric
Reimbursement insurance policy means a policy of insurance
Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.
Retirement Benefit means the benefit set forth in Article 5.