Examples of Straight Life Annuity in a sentence
Each eligible Participant shall receive an allocation equal to a percentage of the Non-Elective Contribution for the Plan Year, such percentage to equal the ratio that the present value of a monthly Straight Life Annuity, payable at Normal Retirement Age, of one (1%) percent of his Compensation for the Plan Year bears to the present value of such annuities for all eligible Participants for that Plan Year.
The present value of a Participant's Straight Life Annuity equals one (1%) of his Compensation for the Plan Year multiplied by the applicable factor in Table I (based on the Participant's Normal Retirement Age) and the applicable factor in Table II (based on the number of years the Participant's Normal Retirement Age exceeds his current age) at the end of the Basic Plan Document.
The current benefit multiplier for ATU represented members is 2.1% Benefit Formula Generally speaking the formula used to calculate your pension benefit is: FAC x Benefit Multiplier x Years of Credited Service = Annual Benefit The Annual Benefit above refers to a Straight Life Annuity form of payment and begins at the regular retirement age.
A retiring employee who elects Option 1, Straight Life Annuity with Cash Refund, shall not be required to reduce his/her pension benefit to ensure that his/her beneficiary receives the unamortized balance of his/her contributions, with interest, in the event of his/her death after retirement.
SAMPLE The present value of a Participant's Straight Life Annuity equals one (1%) of his Compensation for the Plan Year multiplied by the applicable factor in Table I (based on the Participant's Normal Retirement Age) and the applicable factor in Table II (based on the number of years the Participant's Normal Retirement Age exceeds his current age) at the end of the Basic Plan Document.