Target Normal Retirement Benefit definition

Target Normal Retirement Benefit means an amount equal to a Participant's Final Average Salary determined at his Normal Retirement Date multiplied by four percent (4%) for each projected year of Service at his Normal Retirement Date up to a maximum of sixty-two percent (62%).
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Target Normal Retirement Benefit means an amount equal to a Participant's Final Average Salary determined at his Normal Retirement Date multiplied by two and one-quarter percent (2.25%) for each projected year of Service at his Normal Retirement Date up to a maximum of sixty-two percent (62%). Notwithstanding the foregoing, with respect to a Participant who first entered the Plan as a Participant prior to January 1, 2009, the Target Normal Retirement Benefit shall be determined by multiplying the Participant's Final Average Salary by four percent (4%) for each projected year of Service at his Normal Retirement Date up to a maximum of sixty-two percent (62%).
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Examples of Target Normal Retirement Benefit in a sentence

  • The eligible Participant's normal retirement benefit shall be a monthly amount equal to his Target Normal Retirement Benefit reduced by the sum of (1) his Assumed Normal Retirement Pension Benefit and (2) his Social Security Benefit.

  • A Progress Nonqualified Plan Participant who incurs a Separation from Service on or after his Progress Normal Retirement Date shall be eligible for the normal retirement benefit, which is a monthly amount equal to his Target Normal Retirement Benefit reduced by the sum of (a) his Assumed Normal Retirement Pension Benefit and (b) his Social Security Benefit.

  • The eligible Participant’s normal retirement benefit shall be a monthly amount equal to his Target Normal Retirement Benefit reduced by the sum of (1) his Assumed Normal Retirement Pension Benefit and (2) his Social Security Benefit.

  • Target Normal Retirement Benefit shall mean an amount equal to a Participant's Final Average Salary determined at his Normal Retirement Date multiplied by four percent (4%) for each projected year of Service at his Normal Retirement Date up to a maximum of sixty-two percent (62%).

Related to Target Normal Retirement Benefit

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Retirement Benefit means the benefit set forth in Article 5.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Termination Benefit means the benefit set forth in Article 7.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Retirement Age means the earlier to occur of:

  • Disability Benefit means the benefit set forth in Article 8.

  • 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.

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

  • 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).

  • Early Retirement Age means the date that the Executive has attained age 55 and completed seven Years of Service.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Disability retirement for plan 1 members, means the period

  • Actuarial equivalent means a benefit of equal value when

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.