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 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.
Statutory Benefit means any benefit payable to or on behalf of the injured worker under the law in effect at the time of the worker’s injury, as modified by marital and dependency status changes.
Examples of Statutory Benefit in a sentence
In developing the Spouse Statutory Benefit, apply COLA increase of 3%, capped at the amounts disclosed in the valuation report, for all retirees regardless of pension COLA method provided in the data.
Some disability retirees receive a benefit from SERS that is less than their Statutory Benefit, under the 80% Maximum rule.
There is a projected overspend of £16k on Statutory Benefit Schemes relating to Discretionary Housing Payments.
There is a second rule that can cause a disability retiree to receive a benefit from SERS that is less than his or her Statutory Benefit.
The first stage is the calculation of the so-called “Statutory Benefit.” For some retirees, the Statutory Benefit is the amount they will receive.
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. For the purpose of this Retirement Agreement, the amount 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 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. In the event that a Member has the option of receiving a Statutory Benefit in a reduced amount on account of receiving 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 the amount of any old age or disability benefit payable under any Federal and/or Provincial Legislation now in effect or under any future Federal or Provincial Legislation amending, superseding, supplementing or incorporating existing Federal and/or Provincial Legislation to which a pensioner shall be or upon application would be entitled; provided that such term does not include Worker's Compensation or a benefit payable pursuant to occupational disease laws or a benefit payable on a "means test" basis or solely on account of blindness or 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, 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, a benefit payable under the Old Age Security Act, Canada. For the purpose of this Retirement Agreement, the amount 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 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 failure act, the amount of the Statutory Benefit may be estimat- ed and the estimated amount where the term Statutory Benefit occurs. In the event that a Member has the option of receiving a Statutory Benefit in a reduced amount on account of receiving 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 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 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.
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.