CURRENT ACCRUED BENEFIT Sample Clauses

CURRENT ACCRUED BENEFIT. If the Participant accrued benefits in one or more Defined Benefit Plans maintained by the Employer which were in existence on May 5, 1986, the dollar limitation used in the denominator of this fraction shall not be less than the Participant's current accrued benefit. A Participant's current accrued benefit is the sum of the annual benefits under such defined benefit plans which the Participant had accrued as of the end of the 1986 Limitation Year (the last Limitation Year beginning before January 1, 1987), determined without regard to any change in the terms or conditions of the Plan made after May 5, 1986 and without regard to any cost of living adjustment occurring after May 5, 1986. This current accrued benefit rule applies only if the Defined Benefit Plans individually and in the aggregate satisfied the requirements of Code 415 as in effect at the end of the 1986 Limitation Year.

CURRENT ACCRUED BENEFIT. A Participant's Current Accrued Benefit is the Accrued Benefit under the Plan, determined as if the Participant had separated from service as of the close of the last Limitation Year beginning before January 1, 1987, when expressed as an annual benefit within the meaning of 415(b)(2) of the Code. In determining the amount of a Participant's current Accrued Benefit, the following shall be disregarded: (i) any change in the terms and conditions of the plan after May 5, 1986; and (ii) any cost of living adjustments occurring after May 5, 1986.