Transition Benefit definition

Transition Benefit means the amount that would be payable to or on behalf of a Transition Participant under the DEPP Component if the provisions of the DEPP providing for the limitation of benefits in accordance with sections 401(a)(17) and 415 of the Code were inapplicable, and if Transition Compensation were substituted for Compensation in the calculation thereof, minus the sum of (I) the benefit payable to or on behalf of the Transition Participant under the DEPP, (II) the benefit paid to the Transition Participant from the Excess Plan in connection with the change of control resulting from the Orion Merger, and (III) any other benefit paid to the Transition Participant under the Plan or the Excess Plan; provided, that no Participant shall accrue additional benefits under the Plan on or after January 1, 2024.
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Transition Benefit means the contribution made by the Company under the VIP that is identified as a Transition Benefit (or like term as used in the VIP) under Section 4.10 of the VIP.
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Transition Benefit means the Employer contribution made in accordance with Sections 4.3 and 4.4 of the Plan.
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Examples of Transition Benefit in a sentence

  • The University agrees to make available to participants in the TIAA retirement program "The Retirement Transition Benefit" which permits an individual participant to receive a lump sum payment of up to 10% of his/her TIAA/CREF accumulation if the participant is 55 or older at time of retirement.

  • SUBRECIPIENT acknowledges that funding or portions of funding for this CONTRACT may be contingent upon the receipt of funds from, and/or appropriation of funds by, the State of California to COUNTY.

  • The end of the five-year transition period for the Coastal Transition Benefit under the Seventh Amendment to the El Paso Plan was March 31, 2006.

  • When El Paso adopted the 5-year Coastal Transition Benefit effective April 1, 2001, no examples were provided to the Coastal employees showing how the 5-year transition benefit would be decreased by the fractions Kinder Morgan now describes as “clear.” The fractions that Kinder Morgan says are “clear” would mean the additional 5 years of benefits is only worth 66-2/3% for an employee who commenced participation at age 20.

  • Pedersen asked for any and all documents, records and other information which relate to the statement that the pension estimates and estimation tool were an “error,” or to the statements in the August 31, 2000 letter that the Fall 2005 presentation on the Coastal Transition Benefit stating that benefits are “Unreduced at age 62 for ANR participants employed as of 12/1/86" was “not relevant” to the Coastal Transition Benefit.

  • The “without regard to the March 31, 2006 cutoff for Credited Service” clause in the Coastal Transition Benefit suggests that a second “without regard to” is not just to be implied into the denominator with no comparable expression.

  • This is a very substantial limitation to the Coastal Transition Benefit never to have been disclosed, explained or illustrated.

  • In the case of a Former Participant who is not eligible for the Transition Benefit, the benefit amount payable under this Plan shall be calculated as if his employment had terminated on the date his active participation in the Plan ceased, using Continuous Service, Final Average Monthly Incentive, and Covered Compensation as of the date of cessation of active participation.

  • The amount of benefit payable to an Eligible Spouse under the AEP/SSB shall always be determined under either the Standard Benefit formula or the Transition Benefit formula, as provided in Sections 5.1 or 5.2 of this Plan, as applicable.

  • Notwithstanding Section 5.1, for a Terminated Vested Participant whose Benefit Commencement Date is his Early Retirement Date or his Normal Retirement Date, a Transition Benefit shall be calculated in lieu of the Standard Benefit in accordance with this Section 5.2(b) and the Participant shall be entitled to the greater of [(1) + (2)] or (3).


More Definitions of Transition Benefit

Transition Benefit means the benefit that is subject to Code Section 409A and that is due to a Participant under the terms of this Plan on account of the Participant’s entitlement to distribution under the terms of the Retirement Income Plan on or prior to December 31, 2008. Calculation and payment of a Transition Benefit are made under Appendix A.
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Transition Benefit. (i) the value of the "Accrued Benefit" each such employee would have had under the Niagara Mohawk Pension Plan cash balance formula had such employee remained employed by the Seller for five years after the Closing Date, assuming such employee had retained the same job with the Seller as such employee had immediately preceding the Closing Date and had the same "Compensation," "Interest Credit" (using an annual interest rate of 6.5 percent), and rate of "Pay-Based Credit" (as those terms are defined in the Niagara Mohawk Pension Plan) as such employee had immediately preceding the Closing Date; less (ii) the percent value of the "Accrued Benefit" such employee has under the Niagara Mohawk Pension Plan cash balance formula as of the Closing Date, plus the "Interest Credit" (as that term is defined in the Niagara Mohawk Pension Plan) that would have been received on the amount of such present value had it remained in the Niagara mohawk pension plan for five years after the closing Date (assuming the Interest Credit remained at an annual interest rate of 6.5 percent throughout that five year period). The Buyer shall provide the Transition Benefit for each eligible Non-Union Employee 49 in one or both of the following ways: (A) as vested accrued benefits for such employee under a qualified retirement plan (or qualified retirement plans) maintained by the Buyer, with such benefits accruing no later than the end of the five year period following the Closing Date ("Five Year Period"); and/or (B) as cash paid to such employee in a lump sum or in multiple payments (e.g., through a severance pay plan, a deferred compensation plan, or such other arrangement deemed appropriate to the Buyer), with such payment(s) to commence no later than the last day of the year in which such employee's employment with the Buyer terminates (or, if later, 90 days after such employment terminates). The present value of the vested accrued benefits described in (A), plus the present value of the cash payment(s) to be made pursuant to (B), must at least equal the total amount of the Transition Benefit for the applicable Non-Union Employee (present value, for purposes of this sentence, shall be computed in the same manner as the present value of an "Accrued Benefit" in the Niagara Mohawk Pension Plan is computed). Notwithstanding anything in this subsection (h) to the contrary, (1) if an eligible Non-Union Employee voluntarily terminates employment with the Buyer before the end of the Five Y...
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Transition Benefit shall have the meaning specified in Section 4.04(a).
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Transition Benefit. (a) No later than 10 days after the Company has received the Supplemental Release executed by Executive, the Company shall pay Executive, in a cash, a lump sum in the gross amount of $3,500,000; and
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Related to Transition Benefit

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

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • 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;

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

  • Severance Benefit means the payment of severance compensation as provided in Article III.

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

  • Employment benefits means all benefits provided or made

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

  • Service benefit means the credit toward retirement benefits as determined by the

  • 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 Benefit means the benefit described in Section 2.1.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • 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.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Change in Control Benefits means the following benefits:

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

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

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

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

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

  • 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.

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

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

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

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.