Examples of Total Retirement Benefit in a sentence
Total Retirement Benefit Platform(integration with Defined Benefit Plan) Great-West is a committed partner bringing your strategic vision to life as articulated in this plan.
If the member is over age 60 but not yet 75, he or she may request that his or her Total Retirement Benefit be paid as a lump sum in accordance with paragraph 7 schedule 29 of the Act.
The Trustees will arrange to pay the Total Retirement Benefit as a lump sum where the value of the Total Retirement Benefit, together with benefits from all other registered pension schemes to which the member belongs, in aggregate, are no more than 1% of the Standard Lifetime Allowance on a date nominated by the member in accordance with the Act.
The Total Retirement Benefit will be used for one or more of the following: a pension, a lump sum, a pension death benefit or a lump sum death benefit in accordance with sections 165 - 168 of the Act.
Contributions +EmployerContributions +EmployeeEarnings or Losses in the MarketFees$ Account Balance $ Total Retirement Benefit We’ll explain each part of this formula on the following pages.
Where the Scheme provides a death benefit and the member dies prior to taking benefits from the Scheme, the Trustees may apply the Total Retirement Benefit to provide a lump sum (that is tax-free up to the amount of the member’s unused Lifetime Allowance), or Dependants’ pensions.
Here’s the equation: Contributions +EmployerContributions +EmployeeEarnings or Losses in the MarketFees$ Account Balance$ Total Retirement Benefit ExampleBill works for the city, which has a MERS Hybrid Plan with a 1.5% multiplier.
The member may normally take up to 25% of his or her Total Retirement Benefit under the Scheme as a tax-free lump sum (called a pension commencement lump sum).
The member must put the entire Total Retirement Benefit into payment prior to reaching age 75 and at one time.
For purposes of this section, Total Retirement Benefit shall be the sum of (a) the lump sum benefit to which Executive is entitled under the provisions of Section 4.03 (C) (2) of the Woolworth Retirement Plan plus (b) the amount of the lump sum Excess Cash Balance Benefit payable under the provisions of the Excess Cash Balance Plan plus (c) the amount of Executive's Account under the SERP, prior to any adjustment provided for herein.