Fixed Benefit of Average Compensation up to the Integration Level for the Plan Year ("Base Benefit Percentage"), plus [. . . .]% of Average Compensation in excess of the Integration level for the Plan Year ("Excess Benefit Percentage").
Fixed Benefit. (Gross Benefit Percentage) times Average Compensation offset by [.....]% (Offset Percentage -- not to exceed the Maximum Offset Allowance) times Final Average Compensation up to the offset level. The Offset Percentage for any Participant shall not exceed one-half of the Gross Benefit Percentage, multiplied by a fraction (not to exceed one), the numerator of which is the Participant's Average Compensation, and the denominator of which is the Participant's Final Average Compensation up to the offset level. The Maximum Offset Allowance will not exceed the lesser of (1) the applicable factor from Table I or II in section B. below, multiplied by 35, and (2) one-half of the Gross Benefit Percentage. If a Participant begins receiving benefits at an age other than Normal Retirement Age, the Participant's benefit will be determined in accordance with section 5.3 of the Plan. For Participants who are projected to have earned less than 35 years of Service under this Plan as of the end of the Plan Year in which they attain Normal Retirement Age (or the current age, if later), both the Gross Benefit Percentage and the Offset Percentage will be reduced by multiplying them by a fraction, the numerator of which is the number of years of Service the Participant is projected to have earned under this Plan as of the end of the Plan Year in which the Participant attains Normal Retirement Age (or the current age, if later), and the denominator of which is 35. Cumulative permitted disparity adjustment: If the number of the Participant's cumulative permitted disparity years exceeds 35, the Offset Percentage will be further adjusted as provided below. A Participants cumulative disparity years consist of the sum of: (l) the total years of Service a Participant is projected to have earned under this Plan by the end of the Plan Year containing the Participant's Normal Retirement Age and subsequent years of Service, if any, (the total not to exceed 35), and (2) the number of years credited to the Participant for purposes of the benefit formula or the accrual method under the plan under one or more other qualified plans or simplified employee pensions maintained by the Employer (other than years counted in (1), and not including any years credited to the Participant under such other qualified plans or simplified employee pension after the Participant has earned 35 years of Service under this Plan). For purposes of determining the Participant's cumulative permitted disparity limit, all...
Fixed Benefit. The annual benefit under this Section 2.1(a) is an amount equal to the benefit detailed on Schedule A payable annually for fifteen (15) years commencing upon the first month after attaining age 65.
Fixed Benefit. ☐ g.1. less than % of the Participant's Average Annual/Monthly Compensation reduced pro-rata for Years of Credited Service.
Fixed Benefit. The annual benefit under this Section 2.1(a) is an amount equal to fifty percent (50%) of the Executive's Final Average Salary.
Fixed Benefit o a. 1. % of the Participant's Average Annual/Monthly Compensation reduced pro- rata for less than Years of Credited Service
Fixed Benefit. The "FIXED BENEFIT" shall mean the cash benefit described in Section 2(a).
Fixed Benefit. The amount payable within the terms of the Volkswagen Commercial Vehicle Gap Insurance Plus policy as detailed in your schedule. A motor industry publication which provides vehicle valuations. A new vehicle destined for markets outside the European Union which is being brought into the European Union by parties outside the manufacturer’s official distribution chain. The value of your vehicle excluding any contents: – As assessed by the motor insurer of your motor insurance policy on your vehicle at the date of the total loss; or – As assessed by the motor insurer of a third party against which you have a claim or our appointed assessor, at the date of the total loss. Please refer to the conditions under ‘Making a claim’ within this policy. Motors Insurance Company Limited, Jubilee House, 0 Xxx Xxxxx Xxxxxxxx Xxxx, Xxxxxxxxx, Xxxx Xxxxxxxxx XX0 0XX. The contract hire or lease agreement with the lease company relating to your vehicle, for the use of your vehicle. An authorised lease company with whom you have a lease or contract hire agreement in respect to your vehicle. The net balance required by the lease company at the date of the total loss to settle the balance owing under the lease agreement, excluding any arrears, all maintenance, road fund licence fee, late payment charges, insurance premiums, recoverable VAT, excess mileage charges, excess wear and tear charges and any uncollected premium due under this policy. A policy issued by a motor insurer in accordance with the Road Traffic Act 1988, which insures your vehicle on a comprehensive basis for the full market value of your vehicle throughout the period of insurance. Where your vehicle is being used by any permitted driver, a comprehensive motor insurance policy must be held by them in respect of your vehicle. Please note: Motor trade insurance policies of any type are excluded. The amount deducted from your motor insurance settlement by your motor insurer. The amount your motor insurer will pay to settle your claim for total loss excluding any deductions they make, such as those to take account of, modifications, lack of servicing or an invalid MOT test certificate. A United Kingdom authorised motor insurance company that issued the motor insurance policy for your vehicle. Any outstanding finance carried over from a previous vehicle, finance agreement or lease agreement.
Fixed Benefit. This benefit defines a specific dollar income during your retirement based on your salary and length of service. This benefit may be increased up to 2 percent annually (cost-of-living adjustment) each January 1, for retirees and 10/1 for active employees depending on changes in the consumer price index during the Plan year ending the preceding September 30. This adjustment applies to the Fixed Benefit only.
Fixed Benefit. The employee’s Plan Compensation is calculated by adding 25% of the monthly salary in effect as of the first day of the Plan year (October 1) and 75% of the monthly salary in effect on the following January 1. To determine monthly salary, the weekly salary is multiplied by 52 and the result is then divided by 12. For full time employees2 who participate in the Plan for the entire Plan Year (2000 hours or more), the formula for the Fixed Benefit is: 0.5% of Plan monthly salary, up to $800 plus l.0% of Plan monthly salary, over $800
