Accrued Benefit definition

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.

Accrued Benefit have the meanings specified in ERISA.

Accrued Benefit means the dollar value of the liability that should be accrued by the Employer, under Generally Accepted Accounting Principles, for the Employer’s obligation to the Executive under this Agreement, calculated by applying Accounting Standards Codification 710-10 and the Discount Rate.

Examples of Accrued Benefit in a sentence

• The amount of the death benefit is equal to the present value of the employee's Accrued Benefit at the time of the employee's death.

• An employee retiring from the service of the Company on an Early Retirement Date prior to age 62 will receive their Accrued Benefit reduced by 1/3% for each month that the Early Retirement Date precedes the first of the month coincident with or next following the employee's 62nd birthday.

• If an eligible employee's employment is terminated after the effective date of the Plan, prior to a Retirement Date, and other than by reason of death, and provided that such employee has completed two (2) or more years of service with the Company, such employee shall be entitled to receive their full Accrued Benefit beginning on their normal retirement date.

• The Accrued Benefit for each employee in the service of the Company on or after January 1, 1991 will be equal to $20.00 per month for each year of Credited Past Service and $26.00 per month for each year of Credited Future Service.

• If the employee is survived by a spouse eligible for a death benefit, such a benefit equal to the present value of the vested Accrued Benefit based upon any Credited Service earned during the period of reemployment shall become payable.

More Definitions of Accrued Benefit

Accrued Benefit means, as of any date prior to a Director’s Retirement date, his Retirement Benefit commencing on such Retirement date, but based upon his Compensation and Years of Service computed as of such date of determination.

Accrued Benefit means the account balances or accrued benefits of an Employee, calculated pursuant to Section 10.3.

Accrued Benefit means on behalf of any member two and one-quarter percent of the member’s final average salary multiplied by the member’s years of credited service: Provided, That members who retire after July 1, 2025, shall have an accrued benefit of two and one-half percent of the member’s final average salary multiplied by the member’s years of credited service. A member’s accrued benefit may not exceed the limits of Section 415 of the Internal Revenue Code and is subject to the provisions of §20-18-13 of this code.

Accrued Benefit means that portion of the Supplemental Retirement Income Benefit which is required to be expensed and accrued under generally accepted accounting principles (GAAP) by any appropriate method which the Bank's Board of Directors may require in the exercise of its sole discretion.

Accrued Benefit means on behalf of any member two and six 10ths percent per year of the member’s final average salary for the first 20 years of credited service. Additionally, two percent per year for 21 through 25 years and one and one-half percent per year for each year over 25 years will be credited with a maximum benefit of 67 percent. A member’s accrued benefit may not exceed the limits of section 415 of the Internal Revenue Code and is subject to the provisions of §16-5V-12 of this code.

Accrued Benefit means the sum of the balances in a Participant’s 401(k) Account, Match Contribution Account, Non-Elective Employer Contribution Account, Regular Account, Rollover Account, Tax Deductible Contribution Account and Voluntary Contribution Account.

Accrued Benefit means the portion of the Participant’s Normal Retirement Benefit that has accrued as of the applicable date of reference, with respect to services performed by the Participant beginning on January 1, 2011, as calculated for purposes of Generally Accepted Accounting Principles (GAAP) and recorded on the books of the Plan Sponsor.