PBGC Interest Rate definition

PBGC Interest Rate means, for any specific month, the interest rate used by the Pension Benefit Guaranty Corporation for such month for purposes of valuing immediate annuities for terminating single employer plans with insufficient assets to pay guaranteed benefits.
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PBGC Interest Rate means the interest rate for "Time Period 1" as provided by the regulations promulgated by the PBGC for valuing annuities for terminating single and multiemployer plans, as of the applicable date of determination pursuant to Section 4.2(b) of this Agreement.
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PBGC Interest Rate means the interest rate used by the Pension Benefit Guaranty Corporation to value (a) immediate annuities, as to annuities that are in payment status, or (b) deferred annuities, as to annuities that are not otherwise currently payable, in a trusteed single employer plan that terminates as of January 1st of the applicable calendar year.
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Examples of PBGC Interest Rate in a sentence

  • If the Retiree is not convicted, the suspended amounts shall be paid to him (with simple interest accruing at the PBGC Interest Rate) within thirty days after the date of the dismissal or acquittal.

  • In determining any Actuarial Equivalent under the Retirement Plan, the "PBGC Interest Rate," as otherwise defined in the Retirement Plan, shall be no greater than the actual PBGC Interest Rate in effect on the date of this letter.

  • If the BellSouth Management Mortality Table and the PBGC Interest Rate are used to calculate the present value and the single sum so determined exceeds $25,000, 120 percent of the PBGC Interest Rate shall be used, and then if the single sum determined using 120 percent is less than $25,000, the single sum shall be deemed to be $25,000.

  • Such present value shall be determined using the Applicable Mortality Table and the Applicable Interest Rate unless the combined use of the BellSouth Management Mortality Table and the PBGC Interest Rate results in a greater amount.

  • In determining any Actuarial Equivalent under the ERP, the “PBGC Interest Rate,” as otherwise defined in the ERP, shall be no greater than the lowest actual PBGC Interest Rate in effect during the 2003 calendar year.

  • When and if the PBGC Interest Rate is no longer published as a variable standard, a comparable standard (i.e., a rate that produces a lump sum value at an assumed retirement age of 60 which is at least as favorable to you as the lump sum value that would have been produced by using the PBGC Interest Rate) shall be determined and substituted for the current basis.


More Definitions of PBGC Interest Rate

PBGC Interest Rate. The interest rate used by the PBGC, as of the date of distribution, for its purposes of determining the present value of a lump sum distribution on plan termination.
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PBGC Interest Rate means the interest rate used
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Related to PBGC Interest Rate

  • Stripped Interest Rate For each Mortgage Loan, the excess, if any, of the Net Mortgage Rate for such Mortgage Loan over the Remittance Rate.

  • Prime Interest Rate means the publicly quoted variable annual basic rate of interest, published from time to time by the bankers of FUNDI as being their prime rate and as certified by the auditors of FUNDI, whose appointment it shall not be necessary to prove. Details of such bankers will be provided to the Applicant when so requested in writing.

  • Fixed Interest Rate means the annual interest rate of five and forty hundredths percent (5.40%).

  • Class C Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Lower-Tier Interest Rate As described in the Preliminary Statement.

  • Adjusted Interest Rate is defined in Section 1.2(e).

  • LIBOR Interest Rate means the rate per year (rounded upward to the next one-sixteenth (1/16th) of one percent (0.0625%), if necessary) determined by CNB to be the quotient of (a) the LIBOR Base Rate divided by (b) one minus the Eurocurrency Reserve Requirement for the Interest Period; which is expressed by the following formula: LIBOR Base Rate

  • Capped Interest Rate is defined in the Note, if applicable.

  • Daily Interest Rate means an amount calculated by dividing the interest rate payable to a Lender on a Loan (as set forth in subsection 2.2) as of each calendar day by three hundred sixty (360).

  • Class A-1 Interest Rate means 0.48000% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year).

  • Reserve Interest Rate With respect to any Interest Determination Date, the rate per annum that the Trustee determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. dollar lending rates which New York City banks selected by the Trustee are quoting on the relevant Interest Determination Date to the principal London offices of leading banks in the London interbank market or (ii) in the event that the Trustee can determine no such arithmetic mean, the lowest one-month U.S. dollar lending rate which New York City banks selected by the Trustee are quoting on such Interest Determination Date to leading European banks.

  • Note Interest Rate means a per annum rate equal to 0.02% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period.

  • Collateral Interest Rate means the rate published in The Wall Street Journal as the “Prime Rate” from time to time (or, if more than one such rate is published, the arithmetic mean of such rates), or, if such rate is no longer published, a successor rate agreed to by Buyer and Seller, in each case determined as of the date the obligation to pay interest arises, but in no event more than the maximum rate permitted by applicable Law in transactions involving entities having the same characteristics as the Parties.

  • Class A-3 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class A-2a Interest Rate means 0.45% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class A-4 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class E Interest Rate means 5.02% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Interest Rate shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

  • PIK Interest Rate means (a) in respect of any Interest Period, the Additional Tax Payer Protection Rate plus (b) in respect of any Interest Period ending on or prior to the first anniversary of the date hereof, the Adjusted LIBO Rate plus the Applicable Rate.

  • Maximum Interest Rate means the rate of interest that results in the maximum amount of interest allowed by applicable law.

  • Mortgage Interest Rate The annual rate of interest borne on a Mortgage Note.

  • Base Interest Rate means Bank's initial cost of funding the Fixed Obligations. The Prepayment Fee is calculated as follows: First, Bank determines a "Current Market Rate" based on what the Bank would receive if it loaned the remaining amount on the prepayment date in a wholesale funding market matching maturity, remaining principal and interest amounts and principal and interest payment dates (the aggregate payments received are the "Current Market Rate Amount"). Bank may select any wholesale funding market rate as the Current Market Rate. Second, Bank will take the prepayment amount and calculate the present value of each remaining principal and interest payment which, without prepayment, the Bank would have received during the term of the Fixed Obligations using the Base Interest Rate. The sum of the present value calculations is the "Xxxx to Market Amount." Third, the Bank will subtract the Current Market Rate Amount from the Xxxx to Market Amount. Any amount greater than zero is the Prepayment Fee.

  • Class B Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Adjusted Net Mortgage Interest Rate As to each Mortgage Loan and at any time, the per annum rate equal to the Mortgage Interest Rate less the Expense Fee Rate.

  • Loan Interest Rate means, as to any Loan, the annual rate of interest specified in the Loan.

  • Class A-2b Interest Rate means LIBOR + 0.16% per annum (computed on the basis of the actual number of days elapsed, but assuming a 360-day year).