Benefit Formula Sample Clauses
Benefit Formula. For the term of this Agreement, the basic formula will be twenty-seven dollars and thirty cents ($27.30) for the first (1st) ten (10) years, and thirty-six dollars and forty cents ($36.40) for each year thereafter. In all cases, the benefit will be the larger of the newly negotiated formula under this Paragraph, or the current accrued benefits through 1988, plus this new formula from 1989 forward. Participants with a separation in service on or before December 31, 1998 will have their benefits frozen at the previous amount.
Benefit Formula. Effective August 1, 2005, the basic pension formula for pharmacist will be increased to seventy-eight dollars ($78.50) for the first (1st) ten (10) years, and one hundred and four dollars and sixty cents ($104.60) for each year thereafter. Effective August 1, 2002, the basic pension formula for pharmacists shall be seventy four dollars and ninety cents ($74.90) per month per year of service for each of the first ten (10) years of service and ninety-nine dollars and eighty-five cents ($99.85) per month for years of service thereafter.
Benefit Formula. A qualifying and eligible Teacher, under the provisions of Article
Benefit Formula. A qualifying and eligible Teacher, under the provisions of Article XV (A) (1) and (A) (2) above, electing retirement at the completion of the duty year (July 1 - June 30), shall receive a severance benefit in accordance with the following schedule:
a. A Teacher who has a minimum of forty-five (45) days of accumulated sick leave at the time of severance will receive either 3/4, 4/5, 17/20, 9/10, or 19/20 of one year’s Base-Compensation- Chart income. This will be determined by dividing years of service by 20. (Note: Unpaid leaves of absence will not be credited towards meeting the, fifteen (15)- year, teaching- experience requirement.)
b. A Teacher who has between twenty-two and forty-four (44) days of accumulated sick leave at the time of severance will receive seventy-five (75) % of either 3/4, 4/5, 17/20, 9/10. or 19/20 of one year’s Base-Compensation-Chart income. This will be determined by dividing years of service by 20. (Note: Unpaid leaves of absence will not be credited towards meeting the, fifteen (15)- year, teaching- experience requirement.)
Benefit Formula. The current formula for determining a member’s retirement benefit is: The sum of 1.6% of Average Annual Compensation up to and including Covered Compensation, plus 2% of Average Annual Compensation in excess of Covered Compensation, multiplied by the member’s years of benefit service not to exceed 30.
Benefit Formula. The UPP pension for credited service earned after joining the UPP will be based on the following formula:
Benefit Formula. Upon the Executive’s Separation from Service (as defined for purposes of The Supplemental Executive Retirement Plan of the United Illuminating Company) other than for Cause (as defined in Section 5(b) of this Agreement), a supplemental retirement benefit shall be payable in accordance with the provisions of this Section (4)(g). The annual supplemental retirement benefit, expressed in the form of a single life annuity beginning at the Executive’s Normal Retirement Date as defined in The United Illuminating Company Pension Plan (the “UI Pension Plan”), shall be the excess, if any, of (A) less (B), where (A) is 2.0% (.02) of the Executive’s highest three-year average Total Compensation times his number of years of service as an employee of the Company (including any deemed service credited under this Agreement or the CIC Plan II) at termination (not to exceed thirty years), and (B) is the benefit payable under the Company’s Pension Plan, where (A) and (B) are both expressed as a single life annuity commencing as of the Executive’s Normal Retirement Date. For purposes of this Section, Total Compensation shall mean the Executive’s Base Salary, and any amount paid to the Executive as short-term incentive compensation pursuant to the Company’s annual executive incentive compensation plan. With the exception of the lump sum methodology noted below (i.e., the present value of an immediate annuity), the benefits payable under this Section (4)(g) shall be calculated using the same definitions of actuarial equivalence, and the same early retirement reduction factors that are specified in the Pension Plan in the event that the Executive becomes entitled to payment of the supplemental retirement benefit prior to what would have been his Normal Retirement Date, except that, in the event that the Executive is credited with deemed years of service, the reductions shall be based on the Executive’s service deemed as an employee of the Company.
Benefit Formula. The Employer may elect under Part 4 of the Agreement to apply a Nonintegrated Benefit Formula or an Integrated Benefit Formula. The benefit formula selected under Part 4 of the Agreement must comply with the target benefit plan safe harbor rules under Treas. Reg. §1.401(a)(4)-8(b)(3).
Benefit Formula. A qualifying and eligible Teacher, under the provisions of Article XIII (A) (1) and (A) (2) above, electing retirement at the completion of the duty year (July 1 - June 30), shall receive a severance benefit in accordance with the following schedule:
a. A Teacher who has a minimum of forty-five (45) days of accumulated sick leave at the time of severance will receive either 3/4, 4/5, 17/20, 9/10, or 19/20 of one year’s Base-Compensation- Chart income. This will be determined by dividing years of service by