STATUTORY BENEFIT OFFSET at a particular time definition
STATUTORY BENEFIT OFFSET at a particular time means the maximum annual "primary insurance amount" under the United States Social Security Act and the Regulations thereunder, as amended from time to time, payable at the date the Member attains the Retirement Age. Where a Member demonstrates to the satisfaction of the Company that upon attaining the Retirement age he or she is entitled to a pension benefit under the Social Security Act and Regulations thereunder that is less than the maximum annual primary insurance amount as described above, the Statutory Benefit Offset in respect of that Member shall be that lesser amount.