In-Service Benefit definition

In-Service Benefit means the benefit set forth in Section 4.1.
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In-Service Benefit means an in-service distribution elected by the Participant pursuant to paragraph (c)(2) of Article VII.
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Examples of In-Service Benefit in a sentence

  • If a Participant does not make any election with respect to the payment of the In-Service Benefit, then such benefit shall be payable in a lump sum.

  • However, in the event of an Unplanned In-Service Benefit of Section 5.7, a portion of such Account shall be forfeited in accordance with Section 5.7.

  • The Plan Year in which the distribution of an In-Service Benefit shall be made or commence must be no less than three (3) Plan Years following the end of the Plan Year to which the In-Service Benefit Election relates.

  • A Participant may elect to receive his Retirement Benefit as an Unplanned In-Service Benefit at any time by providing the Plan Committee with a written election to do so.

  • Subject to the Deduction Limitation, a Participant shall receive, as an In-Service Benefit, his or her In-Service Account Balance, at the date specified by the Participant in an Election Form.

  • A Participant may make a separate In-Service Benefit Election with respect to each Plan Year.

  • The Company shall furnish to the Participant the appropriate form for making an In-Service Benefit Election for a Plan Year.

  • Any Separation from Service Benefit or In-Service Benefit, or other benefit payable under Article IV.

  • A Participant shall not be required to make an In-Service Benefit Election for any Plan Year.

  • In the event the Participant chooses to receive an In-Service Benefit in installments over a period of four years, the first payment shall be equal to one-fourth of the specified percentage of the value of the applicable subaccount of the Account to be distributed as of the date of the commencement of the In-Service Benefit.

Related to In-Service Benefit

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

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

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

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

  • 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.

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

  • 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).

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

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

  • 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;

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

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

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

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

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

  • Active Participant means, with respect to any day or date, a Participant who is in Service on such day or date; provided, that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or (ii) at the end of the Plan Year that the Committee determines the Participant no longer meets the eligibility requirements of the Plan.

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

  • Retirement Eligibility means attainment of age 60 and completion of at least five (5) years of continuous service with the Company.

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

  • 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.

  • 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.

  • Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

  • 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.

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

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