Thrift Benefit definition

Thrift Benefit means the benefits payable to a Member as set forth in Article 4 of the Plan.
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Examples of Thrift Benefit in a sentence

  • A Participant must be fully vested under the Thrift Plan in order for an Excess Thrift Benefit to be payable.

  • A Participant shall be entitled to a cash distribution of the Participant’s Excess Retirement Benefit and Excess Thrift Benefit, as applicable (collectively, the “Excess Benefit”), as provided in this Section 3.3.

  • The Participant’s “Beneficiary” shall be: (i) with respect to the Participant’s Excess Retirement Benefit, the Beneficiary will be his or her Eligible Surviving Spouse or estate (if no Eligible Surviving Spouse); and (ii) with respect to the Participant’s Excess Thrift Benefit, the Participant’s Beneficiary will be the beneficiary or beneficiaries designated under the Thrift Plan.

  • For purposes hereof, such Deferred Thrift Benefit shall be determined for each such separate period of exclusion from participation in the Thrift Plan if there is more than one such period with respect to a Participant.

  • The balance of any Excess Thrift Benefit not paid at the Participant’s Separation from Service shall accrue interest at the “Cash with Interest” rate provided under Article VIII of the Thrift Plan until the entire balance has been paid.

  • A Member may change the form of payment of his or her Thrift Benefit on the form prescribed by the Committee.

  • A Member may elect to reduce up to 100% of his or her Directors’ Fees in exchange for a Thrift Benefit under the Plan.

  • A Member may elect to reduce up to 100% of his or her Base Salary in exchange for a Thrift Benefit under the Plan.

  • A Member may elect to reduce up to 100% of his or her Incentive Compensation in exchange for a Thrift Benefit under the Plan.

  • Such Other Obligations shall be deemed to be part of the Supplemental Thrift Benefit Feature account of each affected Participant and book entries made in accordance with the investment directions for each affected Participant at such time.

Related to Thrift Benefit

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

  • 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;

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

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

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

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

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

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

  • 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.

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

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

  • 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.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Thrift Plan means the Financial Institutions Thrift Plan, a qualified and tax-exempt defined contribution plan and trust under Sections 401(a) and 501(a) of the Code, as adopted by the Bank.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • 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).

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Relevant Benefits means any pension (including an annuity), lump sum or gratuity given or to be given on retirement or on death, or by virtue of a pension sharing order or provision, or in anticipation of retirement, or, in connection with past service, after retirement or death;

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

  • Qualified Plan means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

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