Examples of Target Retirement Benefit in a sentence
For any executive who becomes a Participant after December 31, 2008 and whose projected total service at his Target Retirement Date is less than 25 years, his Target Retirement Benefit will be 55% of the Participant’s Final Average Compensation Target times the Participant’s projected total service with the Company at his Target Retirement Date divided by 25.
For purposes of such conversion, the Applicable Interest Rate and Mortality Table that were used for purposes of the converting the Named Participant’s Target Retirement Benefit to a Target Retirement Cash Balance Account shall apply; provided, however, the Named Participant’s age on his or her Termination of Employment date shall apply.
During such period of time that all or any portion of a Named Participant’s Target Retirement Cash Balance Account is not paid, interest shall be credited at the Applicable Interest Rate that was used for purposes of converting the Named Participant’s Target Retirement Benefit to a Target Retirement Cash Balance Account.
If a Participant experiences a Substantial Employment Change following a Change in Control, the Participant’s Account Balance will be immediately increased so that the Account Balance is not less than the lump sum Actuarial Equivalent of the present value of the Target Retirement Benefit.
In addition, the Account Balance will be reviewed periodically after the Target Retirement Date to ensure that the Account Balance is not less than the Actuarial Equivalent of the Target Retirement Benefit reflecting changes in Compensation and actual service.
Strengths of Vendor Managed Inventory Supply Chain level Lower inventory levels at total supply chain level. Less overhead Increased sales. Reduces human data entry errors.
In addition, the Account Balance will be reviewed periodically after the Target Retirement Date to ensure that the Account Balance is not less than the actuarially equivalent of the Target Retirement Benefit reflecting changes in Compensation.
Calculate the present value of the portion of the Participant's Target Retirement Benefit remaining to be funded by subtracting the Step 2 value from the Step 1 value.
The annual benefit under this Section 2.1 is the Target Retirement Benefit at Normal Retirement Age as set forth on Schedule A.
The Company contribution shall equal the amount necessary to fund the applicable Target Benefit for the Plan Year with respect to a Participant, such amount to be determined each Plan Year as follows:Step 1: Present Value of Target Retirement Benefit.