Primary insurance amount definition

Primary insurance amount means the monthly retirement benefit payable under the federal system at the age at which full retirement benefits are available under the federal system. This age is deemed to be age 65 until June 30, 1983.

Primary insurance amount means the monthly retirement benefit payable under the federal system at the age of 65.

Primary insurance amount as of any date shall mean the monthly amount of Social Security old age and survivor disability insurance benefits received or receivable by a Participant commencing at the Participant’s unreduced Social Security retirement age. The amount will be calculated based on the Social Security Act in effect as of the date of calculation, without regard to any dependent benefits.

Examples of Primary insurance amount in a sentence

• The annual equivalent of the maximum possible Primary Insurance Amount payable, after reduction for early retirement, as an old-age benefit to an employee who retired at age 62 on January 1 of the calendar year in which occurred the Employee’s actual date of retirement or death, whichever is earlier.

• The Social Security Primary Insurance Amount (as defined below) estimated at age 65, multiplied by a fraction, the numerator of which is his Years of Service (up to a maximum of 35 Years of Service), and the denominator of which is 35.

• Upon removal the participant shall have an Accrued Benefit determined under 3.5 on the basis of the participant's Final Average Pay, Projected Short Service Factor, Performance Benefit, and Career Ratio, calculated as of the effective date of removal, and on the participant's PacifiCorp Primary Insurance Amount and Other Plan Offset calculated as of the date of benefit commencement.

• The PacifiCorp Primary Insurance Amount shall be estimated on the basis of the pay level and the Social Security Act as in existence at the time of plan termination.

• For purposes of the Program, "Social Security Primary Insurance Amount" means the amount of the Employee's annual primary old age insurance determined under the Social Security Act in effect at the date of determination and payable in accordance with (i) or (ii) below.

More Definitions of Primary insurance amount

Primary insurance amount means the monthly retirement benefit payable under

Primary insurance amount means the monthly primary social security benefit to which the Executive will be entitled at age 65, determined in accordance with Exhibit B which is attached to and forms a part of this Plan.

Primary insurance amount means the amount payable to a person at sixty-two (62) under the social security law. (Priv. Acts 1967, Ch. 169, § 5; Ord. No. 8688, § 1(3), 8-19-86)Editor’s Note-This definition is utilized in calculations for social security offset in Section 2-308 hereof for employees hired or vested prior to 8/19/86 pursuant to Ord. No. 8688.

Primary insurance amount means an amount that is determined from the average monthly earnings creditable to the insured person. This term and the manner in which it is computed are explained in Subpart C.

Primary insurance amount means the amount payable to a person at sixty‑two (62) under the social security law.

Primary insurance amount means the estimated amount, determined by the Social Security Administration, that the applicable Deferred Covered Life is expected to receive in his or her own right under Title II of the Federal Social Security Act.

Primary insurance amount means the annual benefit determined under the Social Security Act that is payable to the Executive as of the calendar year that Retirement Benefits to the Executive, if any, would commence under this Agreement. If no "primary insurance amount" is payable to Executive, who is otherwise covered by the Social Security Act, as of the calendar year in which Retirement Benefits to the Participant, if any, would commence under this Agreement, then the "primary insurance amount" shall be deemed to be the "primary insurance amount" that would be payable to the Executive at the Xxxxx X. Xxxxx Supplemental Executive Retirement Agreement earliest date thereafter or would have been payable at the earliest date thereafter, in the case the Executive is deceased; provided, however, that the amount payable under the Social Security Act shall be determined without regard to any election by the Executive or a Beneficiary to defer receipt of a benefit and without regard to any reduction of the amount of the Social Security Act benefit by virtue of the receipt of earned income by the Executive or a Beneficiary. The "primary insurance amount" shall also include any annual retirement benefit payable under any public retirement program of a foreign country that the Committee determines is comparable in purpose to the benefits payable under the Social Security Act.