Benefit Commencement Date after Age 65 Sample Clauses

Benefit Commencement Date after Age 65. Effective for Plan Years beginning before January 1, 2008, if the Participant’s Benefit Commencement Date occurred after the Participant attained age 65, then the Dollar Limitation amount set forth in item (i) of Section 8.1(a) applicable to such Participant on his Benefit Commencement Date is the annual benefit payable in the form of a single life annuity beginning on such date that is the Actuarial Equivalent of the Dollar Limitation applicable to the Participant at age 65. The Actuarial Equivalent of the Dollar Limitation applicable to a Participant on his Benefit Commencement Date that occurs after he attains age 65 is determined as the lesser of the Actuarial Equivalent as of his Benefit Commencement Date of (i) the Dollar Limitation computed using the interest rate and mortality table (or other tabular factor) specified in Section 7.1(c) and (ii) the Dollar Limitation computed using a 5% interest rate assumption and the Applicable Mortality Table. For these purposes, a mortality discount shall not be applied if benefits commence on or after age 65. Effective for Plan Years beginning on or after January 1, 2008, the Dollar Limitation applicable for a Benefit Commencement Date after a Participant attains age 65 is equal to the lesser of (i) the actuarial equivalent value of the annual straight life annuity commencing on the Participant’s Benefit Commencement Date, using a 5% interest rate and the Applicable Mortality Table, that has the same actuarial present value as a straight life annuity commencing at age 65 and (ii) the amount determined by multiplying the Dollar Limitation by the ratio of the annual amount of the “adjusted immediately commencing straight life annuity” under the Plan to the “adjusted age 65 straight life annuity,” with both annual amounts determined without applying the rules of section 415 of the Code. The “adjusted immediately commencing straight life annuity” is the annual amount of the immediately commencing straight life annuity payable to the Participant, computed disregarding the Participant’s accruals after age 65 but including actuarial adjustments even if those actuarial adjustments are applied to offset accruals. The “adjusted age 65 straight life annuity” is the annual amount of the straight life annuity that would be payable under the Plan to a hypothetical Participant who is 65 years of age and has the same accrued benefit (with no actuarial increases for commencement after age 65) as the Participant receiving the di...
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Related to Benefit Commencement Date after Age 65

  • Unpaid Leave - After Three Years For every three (3) years' continuous service, an employee may request, in writing, an extended unpaid leave of absence, giving the longest possible advance notice. Every reasonable effort shall be made to comply with such requests providing that replacements to ensure proper operation of the Employer's business can be found. Notice of the Employer's decision shall be in writing.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Benefit Waiting Period Allowance (a) An employee who qualifies for and takes leave pursuant to 21.1 or 21.2 and is required by Employment Insurance to serve a one-week waiting period for Employment Insurance Maternity/Parental benefits, shall be paid a leave allowance equivalent to one week at 85% of the employee's basic pay.

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Vacation Leave Accrual Rate Schedule Full Years of Service Hours Per Year During the first year of current continuous employment Ninety-six (96) During the second year of current continuous employment One hundred four (104) During the third and fourth years of current continuous employment One hundred twelve (112) During the fifth, sixth, and seventh years of total employment One hundred twenty (120) During the eighth, ninth, and tenth years of total employment One hundred twenty-eight (128) During the eleventh year of total employment One hundred thirty-six (136) During the twelfth year of total employment One hundred forty-four (144) During the thirteenth year of total employment One hundred fifty-two (152) During the fourteenth year of total employment One hundred sixty (160) During the fifteenth year of total employment One hundred sixty-eight (168) During the sixteenth year of total employment and thereafter One hundred seventy-six (176)

  • Years of Service (i) A Participant’s Years of Service shall include all service performed for the Employer and ¨ Shall ¨ Shall Not include service performed for the Related Employer.

  • Benefit Level The primary care clinics available through each plan administrator are assigned a Benefit Level. The Benefit Levels are outlined in the benefit chart below. Primary care clinics may be in different Benefit Levels for different plan administrators. Family members may be enrolled in clinics that are in different Benefits Levels. Employees and their dependents may change to clinics in different Benefit Levels during the annual open enrollment. Employees and their dependents may also elect to move to a clinic in a different Benefit Level within the same plan administrator up to two (2) additional times during the plan year. Unless the individual has a referral from his/her primary care clinic, there are no benefits for services received from providers in Benefit Levels that are different from that of the primary care clinic in which the individual has enrolled.

  • Benefit Period Following the Qualifying Period you will receive a monthly income until the earlier of:

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