Target Benefit definition

Target Benefit specified in the Adoption Agreement. The Forfeitures for each Plan Year shall be applied to reduce the Employer Contribution for such Plan Year. Such contribution shall be determined as of the last day of such Plan Year under the individual level premium funding method, using the interest rate and mortality table specified in the Adoption Agreement, the Participant's age on his or her last birthday and the assumption of a constant rate of future Compensation, in accordance with the following:
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Target Benefit means an amount equal to a stated percentage of a Participant's Final Average Earnings as described in Appendix A.
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Target Benefit means the full potential formula benefit available to Participants at each possible age of retirement, prior to the application of any applicable offset amounts. Amounts are expressed as a percentage of a Participant's Final Average Earnings.
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Examples of Target Benefit in a sentence

  • If the Plan is a Target Benefit Plan, forfeitures may only be used to reduce Employer Contributions, in accordance with Section 3.7.2.

  • The Employer’s annual contribution to a Target Benefit Plan shall be determined by a Stated Benefit Formula and corresponding factor tables contained in the Adoption Agreement and shall be allocated to Participants as provided in paragraph 5.3. This notwithstanding, the Employer’s contribution for any Plan Year shall be subject to the limitations on allocations contained in Article X and shall not be less than the minimum contribution required at Article XIV for Top-Heavy Plans.

  • Furthermore, each Older Teacher shall have a separate account for the buyout contributions made for the Older Teacher (“Buyout Account”) and another account for the Target Benefit contributions previously made for an Older Teacher (“Target Benefit Account”), with earnings or losses allocable to the particular account generating the return.

  • However, the assumed rate of earning described in Item vi below shall apply in determining the value of the previous contributions made to the Target Benefit Plan for purposes of the offset.

  • Covered Compensation will be determined for the year designated by the Employer in Section III(C) of the Target Benefit Plan Adoption Agreement.


More Definitions of Target Benefit

Target Benefit means the monthly Life Annuity benefit commencing at Normal Retirement Date stated as a percentage of Final Average Compensation and so designated with respect to a Participant on Exhibit A hereto.
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Target Benefit means a pension benefit that is a target benefit as determined under section 39.2;
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Target Benefit means an annual benefit which is equal to one-half (1/2) of the Employee’s Base Compensation at the time benefits become payable under this Agreement.
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Target Benefit means a monthly benefit equal to 2.75 percent of a Participant s Adjusted Average Monthly Compensation multiplied by the Participant s years, and fractions thereof, of Benefit Service up to 20 years.
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Target Benefit means 300% of the Target Compensation.
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Target Benefit means the monthly benefit specified in the Adoption Agreement which, when annualized, shall be the basis for determining the Level Funding Amount, but which may be more or less than the benefit actually available upon a distributable event.
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Target Benefit means a projected single life annuity, determined as provided in Section 3.1, commencing at age 65 or at any other date determined under Section 3.6 of the Plan.
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