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 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 UI 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 applicable interest rate used for the purpose of converting the value of the benefit to a lump sum form of payment and 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 UI 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. With respect to a Separation from Service on or after January 31, 2011, for purposes of converting the value of the benefit to a lump sum form of payment the applicable interest rate shall be the applicable interest rate as of the date of the Executive’s Separation from Service or the applicable interest rate as of the date that is twelve months prior to the date of the Executive’s Separation from Service, whichever re...
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 Xxxxx. Reg. §1.401(a)(4)-8(b)(3).
Benefit Formula. The prior existing pension plan between the Employer and the Union covering year-round employees shall continue unchanged effective January 1, 2014: Greater than $40,000 $38 37,000 to 39,999 37 34,000 to 36,999 36 31,000 to 33,999 35 28,000 to 30,999 34 25,000 to 27,999 33 22,000 to 24,999 29 19,000 to 21,999 27 0 to 18,999 24
Benefit Formula. If the Participant Separates from Service before reaching the Early Retirement Date, the Participant shall not have an Accrued Benefit. For the other Qualifying Distribution Events, the Participant’s Accrued Benefit on a Straight Life basis is a monthly amount equal to (a) X (b) X [(c) / (d)], where
(a) equals the Participant’s Average Compensation, divided by 12;
(b) equals 45%;
(c) equals the Participant’s Years of Service as of the date the Participant becomes an Inactive Participant; and
(d) equals the Participant’s projected Years of Service determined as if the Participant continued employment until the Normal Retirement Age; and where [(c) / (d)] shall not exceed one. If the Qualifying Distribution Event is after a Participant’s Normal Retirement Date, the benefit percentage in (b) above is replaced with the following percentage based on the Participant’s age: Age 66 47 % Age 67 49 % Age 68 51 % Age 69 53 % Age 70 55 % Age 71 57 % Age 72 59 % Age 73 61 % Age 74 63 % Age 75 or older 65 % The benefit is further increased with interest from the first day of the month following the Normal Retirement Date to the actual date of determination based on the interest rate in the Present Value definition. If the date of a Participant’s Qualifying Distribution Event is prior to the attainment of age sixty-two (62) and ten (10) years of service, or age fifty-five (55) and twenty-five (25) years of service, the Accrued Benefit shall be reduced by one half of one percent (1/2%) per month for each month between the Participant’s event date and the Participant’s Normal Retirement Date. For the purpose of this factor, a year of service shall mean the total number of full years in which a Participant is employed by an Employer. A year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that begins on the later of December 31, 2006 or the Participant’s date of hire, and for any subsequent year, commences on the anniversary of such date. The Committee in sole discretion shall determine whether any partial year of employment shall be counted as a year of service and such determination need not be the same for each year or for each Participant. If the Participant is covered by an employment agreement (“Employment Agreement”) and the Qualifying Distribution Event is the Participant’s death or becoming Disabled, then the Participant’s Accrued Benefit is modified by the following: If the Accrued Benefit under this Plan is greater than the b...
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.
