Actuarial Cost Method Sample Clauses

Actuarial Cost Method. The Unit Credit Cost Actuarial Method shall be the actuarial cost method used to calculate Participant Liabilities under the Plan. The Unit Credit Cost Actuarial Method is an actuarial cost method wherein the actuarial liability is the present value of the pension benefit accrued from the date of entry into the Plan to the date of the valuation. This actuarial cost method shall be applied to the following employee data as at May 31, 2011: Member Date of Birth Spouse Date of Birth Continuous Service1 Average Earnings1 2008 CRA DB Limit YMPE1 Xxxxxxx 11/15/1951 12/30/1953 13.71 years 477,500 $ 2,333.33 44,900 1 Earnings and service were frozen as at September 16, 2008. YMPE and CRA DB limit assumed to be frozen as at September 16, 2008. The SERP Agreement calls for the use of calendar year periods in determining average earnings. However as only fiscal year data was available, we have used fiscal year periods to determine average earnings. Based on the above employee data, the accrued annual benefits payable to Xxxxxxx under the Plan at June 1, 2011 (age 59.54) are as follows: Accrued monthly Lifetime Pension Accrued monthly Bridge Pension (paid from retirement to age 65) Xxxxxxx $ 6,363 $ 253
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Actuarial Cost Method. (a) To determine the employer contribution rate for 16 the State of Rhode Island for fiscal year 2002 and for all fiscal years subsequent, the actuary shall 17 compute the costs under chapter 10 of title 36 using the entry age normal cost method. Effective 18 July 1, 2012, the entry age normal cost method shall be as defined in Accounting Standard No. 27 19 of the Governmental Accounting Standards Board as in effect from time to time.
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Actuarial Cost Method. The Committee or its authorized delegatee shall determine the actuarial cost method to be used in determining costs and liabilities under the Plan pursuant to Section 301 et seq., of ERISA and Section 412 of the Code. The Committee or its authorized delegatee shall review such actuarial cost method from time to time, and if it determines from review that such method is no longer appropriate, then it shall petition the Secretary of the Treasury for approval of a change of actuarial cost method.
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Actuarial Cost Method. (a) Projected unit credit pro-rated over service to the earlier of the date of decrement or date of maximum credited service.
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Related to Actuarial Cost Method

  • Actuarial Equivalent The Actuarial Equivalent of the payments from the SERP determined under that Plan and this subsection shall be determined by taking into account the reduction for early commencement of benefits imposed by that Plan and by using reasonable actuarial assumptions. For purposes of determining the lump sum actuarial equivalent, the corresponding actuarial assumptions provided in the Retirement Plan (or, to the extent not provided in that Plan, as provided under GATT) shall be used.

  • ACCRUAL OF BENEFIT The Advisory Committee will determine the accrual of benefit (Employer contributions and Participant forfeitures) on the basis of the Plan Year in accordance with the Employer's elections in its Adoption Agreement.

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • Payment Method Payment shall be made by the Contractor to the Subcontractor as follows: (choose one) ☐ - Immediately upon completion of the Services to the satisfaction of the Contractor. ☐ - Within business days after completion of the Services to the satisfaction of the Contractor. ☐ - Shall be paid on a ☐ weekly ☐ monthly ☐ quarterly ☐ other

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Fiscal Year and Accounting Method The fiscal year of the Company shall be as designated by the Board of Directors. The Board of Directors shall also determine the accounting method to be used by the Company.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • PREMIUM PAYMENT METHOD The Bank shall pay an amount equal to the planned premiums and any other premium payments that might become necessary to keep the policy in force.

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