Statutory Benefit definition

Statutory Benefit means a weekly benefit payment to an insured person from a relevant Workers Compensation insurer or authority, make-up pay cover or as a result of a transport accident.

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Statutory Benefit means the monthly amount of any benefit (or the Actuarial Equivalent of such benefit) from any country other than the United States to which a Participant, upon proper application, is or would be entitled.

Statutory Benefit means any benefit payable to or on behalf of the injured worker in accordance with the law in effect at the time of the worker’s injury, as modified by marital/dependency status changes.

Examples of Statutory Benefit in a sentence

• The amount of such Supplemental Allowance to be determined by multiplying the Supplemental Benefit Rate as set forth in the Pension Benefit Rates according to Article XV by the number of years of credited service up to a maximum of thirty years of service less the amount of any Statutory Benefit to which the may be or becomes eligible for prior to his Old Age Security Date, excluding any reduced regular benefit the may be in receipt of.

• Notwithstanding the foregoing, the Supplemental Pension shall not be reduced by the amount of Statutory Benefit which the Member may be eligible to or become eligible to receive in a reduced amount, at his option, prior to the normal earliest date of eligibility for such Statutory Benefit.

• A is 1% of the lesser of (i) the Member's Final Average Earnings; and (ii) the Internal Revenue Code maximum Compensation Limit; C is, assuming the Member has attained the Retirement Age, 1/35th of the Statutory Benefit Offset, determined on the date of termination of employment, or death, as the case may be, and prior to the Member attaining the Retirement Age, nil; and D is the aggregate of the number of whole or partial years of the Member's Vested Credited Service, as determined under Section 4.04.

• Once all Statutory Benefit requirements are met, the Service Provider may allocate any remaining Funding within 17.5 per cent to fund other benefit expenses paid by the Agency on behalf of the eligible staff.

• The Supplemental Benefit Rate shall depend on the Member's Date of Determination and shall be as follows: Date of Supplemental Determination Benefit Rate On or after June 1, 1996 $9.50 The Supplemental Pension shall be reduced by the amount of Statutory Benefit to which the Member may be or becomes eligible for prior to his Old Age Security Date.

More Definitions of Statutory Benefit

Statutory Benefit means any old age or disability benefit payable under any federal or provincial legislation as now in effect, or under any future federal or provincial legislation, amending, superseding, supplementing, or incorporating existing federal or provincial legislation, but such term does not include Workplace Safety and Insurance Act payments or a benefit payable pursuant to occupational disease laws, the Blind Persons Act, or a benefit payable on a "needs test" basis or solely on account of service in the Armed Forces or other national service, or a benefit payable to or in respect of dependents, or a benefit payable under the Old Age Security Act, Canada.

Statutory Benefit means any old age or disability benefit payable under any federal or provincial legislation as now in effect, or under any future federal or provincial legislation, amending, superseding, supplementing, or in‑ corporating existing federal or provincial legislation, but such term does not include Workplace Safety and Insurance Act payments or a benefit payable pursuant to occupational disease laws, the Blind Persons Act, or a benefit payable on a “needs test” basis or solely on account of service in the

Statutory Benefit means any benefit payable to or on behalf of the injured worker in accordance with the law in effect at the time of the worker's injury, as modified by

Statutory Benefit means any old age or disability benefit payable under any Federal or Provincial legislation, as now in effect, or under any future Federal or Provincial legislation amending, superseding, supplementing, or incorporating existing Federal or Provincial Legislation, but such term does not include Workers’ Compensation, Workplace Safety and Insurance Board or a benefit payable pursuant to Occupational disease laws, the Blind Persons Act, or a benefit payable on a “needs test” basis or solely on account of service in the Armed Forces or other national service, or a benefit payable to or in respect of dependents or a benefit payable under the Old Age Security Act, Canada. For the purpose of this Plan, the amount of such Statutory Benefit shall be the amount of Statutory Benefit that an employee or shall be eligible to receive as of the date he first becomes eligible to receive such Statutory Benefit, and if the employee or either does not apply for or loses part or all of such Statutory Benefit through delay in applying for such benefit, by earnings while eligible for such benefit, or other act or failure to act, the amount of the Statutory Benefit may be estimated and the estimated amount applied where the term Statutory Benefit occurs.

Statutory Benefit means any old age or disability benefit payable under any Federal or Provincial legislation, as now in effect, or under any future Federal or Provincial legislation amending, superseding, supplementing, or incorporating existing Federal or Provincial Legislation, but such term does not include Workers’ Compensation or a benefit payable pursuant to Occupational disease laws, the Blind Persons Act, or a benefit payable on a “needs test” basis or solely on account of service in the Armed Forces or other national service, or a benefit payable to or in respect of dependents or a benefit payable under the Old Age Security Act, Canada. For the purpose of this Plan, the amount of such Statutory Benefit shall be the amount of Statutory Benefit that an employee or shall be eligible to receive as of the date he first becomes eligible to receive such Statutory Benefit, and if the employee or either does not apply for or loses part or all of such Statutory Benefit through delay in applying for such benefit, by earnings while eligible for such benefit, or other act or failure to act, the amount of the Statutory Benefit may be estimated and the estimated amount applied where the term Statutory Benefit occurs.

Statutory Benefit means any age or disability benefit payable under any federal or provincial legislation as now in effect, or under any future federal or provincial amending, superseding, or incorpo- rating existing federal or provincial legislation, but such term does not include Workers' Compensation or a benefit payable pursuant to occupational disease the Persons Act, or a benefit payable on a "needs test" basis or on account of service in the Armed Forces or other national service, or a benefit payable to or in respect of dependents, or a benefit payable under the Age Security Act, Canada. For the purpose of this Retirement Agreement. the of such Statutory Benefit shall be the amount of Statutory Benefit that a Member shall be eligible to receive as of the date he first becomes eligible to receive such Statutory Benefit, and if the Member either does not apply for or part or all of such Statutory Benefit through delay In applying for such benefit, by earnings eligible for such benefit, or other act or to act, the amount of the Statutory Benefit may be estimated and the estimated amount applied where the term statutory Benefit occurs. In the event a Member has the option of receiving a Statutory Benefit in a reduced amount on account of receiv- ing it prior to the normal earliest date of eligibility, Statutory Benefit shall mean the amount which would have been payable had such option not been exercised.

Statutory Benefit means any old age or Total and Permanent Disability benefit (other than any benefit under the provisions of the Old Age Security Act) which an Employee or Retired Employee is entitled to receive, other than on a "needs" basis or because of military service, under legislation enacted by either the Federal Government or a Provincial Government or Governments determined on the basis of the amount of such benefit as of the date of his/her retirement. For the purpose of this plan, the amount of such Statutory Benefit shall be the amount that such Employee or Retired Employee shall be eligible to receive even though the Employee or Retired Employee either does not apply for or loses part or all of such Statutory Benefit through delay in applying for such Benefit, by earnings while eligible for such benefit, or other act or failure to act. However, if an Employee or Retired Employee has the option of receiving a Statutory Benefit in a reduced amount on account of receiving it at an earlier age, Statutory Benefit shall mean the Statutory Benefit which would have been payable if such option had not been exercised.