UPS Freight Formula definition
Examples of UPS Freight Formula in a sentence
The benefit under the UPS Freight Formula for a Participant who has attained at least age 55 and completed at least 30 years of Benefit Service as of his Annuity Starting Date shall not be reduced.
For a Participant other than a Grandfathered Participant or a Pre-2001 Participant, the early retirement benefit that commences before his Normal Retirement Date shall be the sum of his early retirement benefit under the RPA Formula, his early retirement benefit determined under the UPS Freight Formula and the early retirement benefit determined under the Pre-2006 Motor Cargo Formula.
The benefit determined under the UPS Freight Formula shall be reduced in the same manner as the benefit reductions described in Section 5.2(b)(ii)(A)(2), the reduction for early commencement of the Early Retirement Benefit.
The UPS Freight Formula equals one twelfth of the product of (A) and (B), where: A = 1.725% of the Participant’s Final Average Compensation; and B = the Participant’s years and partial years of UPS Freight Benefit Service (up to a maximum of 30 years).