Present Value of Accrued Benefits definition

Present Value of Accrued Benefits means, for any Plan Year, an amount equal to the sum of (i), (ii) and (iii) for each person, who in the Plan Year containing the Determination Date, was a Key Employee or a Non-Key Employee:

Present Value of Accrued Benefits means the sum of:

Present Value of Accrued Benefits shall be determined in accordance with the actuarial assumptions set forth in the defined benefit plan and the assumed benefit commencement date shall be determined taking into account any nonproportional subsidy. The accrued benefit of any Employee shall be determined under the method used for accrual purposes for all plans of the Employer, or if no such method is described, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under Section 411(b)(1)(C) of the Code.

Examples of Present Value of Accrued Benefits in a sentence

• If this is an amendment to a Plan that previously permitted a Participant to elect to have the Present Value of Accrued Benefits segregated into a separate Section 414(k) Account, then such account shall remain in existence.

• These pension plans are frozen and, therefore, the change in the Present Value of Accrued Benefits (PVAB) is due to (i) one less year to accumulate benefits to normal retirement, resulting in a shorter discounting period and an increase to the PVAB; and (ii) changes in the discount rate assumptions for these plans, the net effect of which decreased the PVAB.

• This Plan shall be a Top Heavy Plan for any Plan Year in which, as of the Determination Date, (1) the Present Value of Accrued Benefits of Key Employees and (2) the sum of the Aggregate Accounts of Key Employees under this Plan and all plans of an Aggregation Group, exceeds sixty percent (60%) of the Present Value of Accrued Benefits and the Aggregate Accounts of all Key and Non-Key Employees under this Plan and all plans of an Aggregation Group.

• For purposes of (1) and (2) above, the value of account balances and the Present Value of Accrued Benefits will be determined as of the most recent "valuation date" that falls within or ends with the 12-month period ending on the "determination date," except as provided in Code §416 and the Regulations thereunder for the first and second plan years of a defined benefit plan.

• Since this component is closed and accrued benefits are frozen as of June 30, 2014, this method results in no normal costs and an AAL that equals the Present Value of Accrued Benefits (PVAB) of each member.

More Definitions of Present Value of Accrued Benefits

Present Value of Accrued Benefits means the present discounted value of all Participants’ accrued benefits under all defined benefit plans maintained by the Employer, discounted using the interest and mortality rates specified in the Adoption Agreement, if applicable.

Present Value of Accrued Benefits means, as of a given Determination Date, the present value, as of the most recent Valuation Date which is within a 12-month period ending on the Determination Date, of the benefits accrued under the Plan as of such Valuation Date with respect to a Participant determined as if such Participant terminated service as of such Valuation Date. The determination of the Present Value of Accrued Benefits shall be based on the actuarial assumptions used by the Plan's actuary in the actuarial valuation as of such Valuation Date.

Present Value of Accrued Benefits means, in the case of a defined benefit plan, a Participant’s present value of accrued benefits determined as follows:

Present Value of Accrued Benefits means, for any Plan Year, an amount equal to the sum of (i), (ii) and (iii) for each person, who in the Plan Year containing the Determination Date, was a Key Employee or a Non-Key Employee.

Present Value of Accrued Benefits means (i) for any defined contribution plan within the aggregation group, the sum of the Participant account balances (including contributions that would be allowed as of a date not later than the determination date, even though those amounts are not yet required to be made, but not including unrelated rollovers or plan-to-plan transfers), adjusted for contributions due and (ii) for this Plan and any other defined benefit plans within the aggregation group, the amount or value of such accrued benefits determined as if each Participant terminated as of the "valuation date" (the most recent Plan valuation date within a twelve (12) month period ending on the determination date) and in accordance with applicable Treasury Regulations and with the actuarial assumptions then being used by the Plan for funding purposes. The same actuarial assumptions shall be used for this purpose by all such defined benefit plans and shall be specified in such plans. For purposes of determining whether the Plan is top-heavy, a Participant’s accrued benefit in this Plan will be determined under a uniform method which applies to all defined benefit plans maintained by the Employer or, if there is no such method, as if such benefit accrued not more rapidly than the slowest rate of accrual permitted under the fractional rule of Section 411(b)(1)(C) of the Code. Effective for Plan Years beginning after December 31, 2002, the present value of accrued benefits shall include or be increased by the aggregate distributions made with respect to any Participant under the Plan during the one-year period ending on the determination date. In the case of a distribution made for a reason other than severance from

Present Value of Accrued Benefits means the present discounted value of all Participants' accrued benefits under all defined benefit plans maintained by the Employer, discounted using the interest and mortality rates specified in the Adoption Agreement, if applicable.

Present Value of Accrued Benefits shall be determined in accordance with the actuarial assumptions set forth in the defined benefit plan and the assumed benefit commencement date shall be determined taking into account any nonproportional subsidy.