Annual Benefit Amount definition

Annual Benefit Amount means the amount of a Participant’s Annual Benefit, which, subject to the other provisions of this Plan, shall be a dollar amount equal to 10% of the excess (if any) of (a) the Participant’s Compensation, over (b) the maximum dollar amount of annual compensation that can be taken into account for purposes of determining a participant’s benefit under a qualified retirement plan as set forth under Section 401(a)(17) of the Code. If the amount determined under (b) of this Section 1.2 equals or exceeds the Participant’s Compensation with respect to a calendar year, then the Participant will not receive an Annual Benefit under this Plan with respect to such calendar year.

Annual Benefit Amount means a gross amount equal to the product of the Participant’s Final Average Compensation multiplied by the Participant’s Benefit Percentage.

Annual Benefit Amount means the amount of money made available by the Employer to each Participant during the Plan Year for Eligible Expenses incurred by a Participant, their Spouse, Dependent, or Eligible Child (depending on Coverage Level). The Annual Benefit Amount is defined in the Plan Design section of the Employer’s Plan Adoption Agreement. The Annual Benefit Amount shall be based upon a full 12-month Plan Year unless otherwise stated.

Examples of Annual Benefit Amount in a sentence

• The total Maximum Annual Benefit Amount of benefits has not been paid.Benefits with respect to expenses incurred in connection with the injury or illness causing such disability will be continued during such total disability until either:1.

• If the age of any Covered Person has been misstated, the Withdrawal Benefit Base and Annual Benefit Amount will be adjusted based on such Covered Person’s correct age.

• The GLWB feature of this rider guarantees that you may receive withdrawals or payments of the Annual Benefit Amount for the life of the Covered Person(s) each Rider Year after the Rider Exercise Date.

• The Annual Benefit Amount is first calculated on the Rider Exercise Date.

• ExampleAssumptions• Accumulated Value is $150,000• Death Benefit is $600,000• Cash Surrender Value is $100,000• Chronic Illness Factor is 47.63776%• Annual Per Diem Limitation is $177,937.50The Reduction Factor is 0.5239499 = [$100,000 + 0.4763776 x ($600,000 - $150,000)] ÷ $600,000The Maximum Annual Benefit Amount is $177,937.50 (the lesser of $177,937.50 and 0.5239499 x $600,000)End of ExampleIf you elect to receive monthly payments, we will pay up to the Maximum Monthly Benefit over a 12-month period.

More Definitions of Annual Benefit Amount

Annual Benefit Amount means an annual amount calculated on the basis of the following formula: [(a x b%) – (c + d)]

Annual Benefit Amount means an amount based on the Participant’s attained age when the Participant’s employment with the Company terminates:Participant’s Age at Termination of Employment 57 or younger $ 102,500 58 $ 110,000 59 $ 117,500 60 or older $ 125,000

Annual Benefit Amount means the dollar amount, determined by the Committee and set forth in the Participant’s Participation Agreement, that is to be used for purposes of calculating the Participant’s benefit opportunity under this Plan.

Annual Benefit Amount means a fixed dollar amount set forth as to each Participant in a Participation Agreement between the Bank and the Participant.

Annual Benefit Amount means an amount determined from the following table based on the date of termination of the Participant's employment with the Company:

Annual Benefit Amount means an amount based on the Participant’s attained age when the Participant’s employment with the Company terminates:

Annual Benefit Amount means the amount as defined in Section 4.01 of this Plan.