Total Retirement Benefit definition

Total Retirement Benefit means the amount specified as the Total Retirement Benefit in a Participant’s Plan Agreement in effect on the date such Participant Retires or Separates Employment.
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Total Retirement Benefit means the amount of a Participant’s Annual Retirement Benefit divided by 12 and multiplied by the lesser of (i) the number of months the Participant has served as an Outside Director, or (ii) 120 months.
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Total Retirement Benefit means the sum of the Basic Retirement and the Supplementary Retirement Benefits.
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Examples of Total Retirement Benefit in a sentence

  • Total Retirement Benefit Platform(integration with Defined Benefit Plan) Great-West is a committed partner bringing your strategic vision to life as articulated in this plan.

  • Alternatively, if a Participant fails to meet the requirements set forth in this Section 5.1, he or she will be 0% vested in his or her Total Retirement Benefit and, accordingly, not entitled to receive retirement payments in connection with his or her a Normal Retirement Date or Early Retirement Date.

  • The Total Retirement Benefit will be used for one or more of the following: a pension, a lump sum, a pension death benefit or a lump sum death benefit in accordance with sections 165 - 168 of the Act.

  • In the event that a Change of Control occurs (or is imminent), a Participant may direct that the Company establish a Trust with a financial institution or trust company and deposit into the Trust cash, marketable securities or insurance policies in an amount sufficient to fund his or her vested Total Retirement Benefit.

  • If the Participant had completed less than two years of service as an Outside Director as of his Termination Date, his benefit shall be the Total Retirement Benefit.

  • The Trustees will arrange to pay the Total Retirement Benefit as a lump sum where the value of the Total Retirement Benefit, together with benefits from all other registered pension schemes to which the member belongs, in aggregate, are no more than 1% of the Standard Lifetime Allowance on a date nominated by the member in accordance with the Act.

  • If the member is over age 60 but not yet 75, he or she may request that his or her Total Retirement Benefit be paid as a lump sum in accordance with paragraph 7 schedule 29 of the Act.

  • The Board of Directors may amend, modify, suspend or terminate the Plan in whole or in part by adopting a written instrument, except that no amendment, modification, suspension or termination shall have any retroactive effect to reduce the amount of a Participant’s vested Total Retirement Benefit that has accrued as of the date of the amendment.

  • Where the Scheme provides a death benefit and the member dies prior to taking benefits from the Scheme, the Trustees may apply the Total Retirement Benefit to provide a lump sum (that is tax-free up to the amount of the member’s unused Lifetime Allowance), or Dependants’ pensions.

  • The cash lump sum shall be paid as soon as practicable, but not later than 30 days after the Participant’s Termination Date.Notwithstanding the provisions of Section 4 hereof, a Participant whose Termination Date occurred before a Change of Control shall be paid in a cash lump sum the portion of his Total Retirement Benefit not previously paid to him.


More Definitions of Total Retirement Benefit

Total Retirement Benefit means an annual retirement benefit as set forth in the chart below: Age at which Retirement Benefits Begin Accrual Factor for Replacement % of Final Average Pay assuming Retirement age 62 or older Early Payment Reduction Factor Total Retirement Benefit 59 57% 91% 51.87% of Final Average Pay 60 58% 94% 54.52% of Final Average Pay 61 59% 97% 57.23% of Final Average Pay 62 or older 60% 100% 60% of Final Average Pay
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Related to Total Retirement Benefit

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

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

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

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

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

  • 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 Age means the Executive's 65th birthday.

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

  • Retirement Age means the earlier to occur of:

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

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

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

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

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

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

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

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

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

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

  • 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.

  • 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).

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

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

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Actuarial equivalent means a benefit of equal value when