Fixed Benefit Sample Clauses

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").
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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 limi...
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Fixed Benefit o a.1. % of the Participant's Average Annual/Monthly Compensation reduced pro- rata for less than Years of Credited Service
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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.
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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.
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Fixed Benefit. The "FIXED BENEFIT" shall mean the cash benefit described in Section 2(a).
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Fixed Benefit. The amount payable within the terms of the Volkswagen Commercial Vehicle Gap Insurance Plus policy as detailed in your schedule. Glass’s Guide A motor industry publication which provides vehicle valuations. Grey import 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. Insured value 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. Insurer Motors Insurance Company Limited, Jubilee House, 0 Xxx Xxxxx Xxxxxxxx Xxxx, Xxxxxxxxx, Xxxx Xxxxxxxxx XX0 0XX. Lease agreement The contract hire or lease agreement with the lease company relating to your vehicle, for the use of your vehicle. Lease company An authorised lease company with whom you have a lease or contract hire agreement in respect to your vehicle. Lease early termination charge 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. Motor insurance 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. Motor insurance excess‌ The amount deducted from your motor insurance settlement by your motor insurer. Motor insurance settlement 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. Motor insurer A United Kingdom authorised motor insurance company that issued the motor insurance policy for your vehicle. Negative equity Any outstandin...
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Fixed Benefit. ☐ a.1. _______% of the Participant's Average Annual/Monthly Compensation reduced pro-rata for less than ___ Years of Credited Service ☐ a.2. $_________ reduced pro-rata for less than ___ Years of Credited Service Note: Plans intending to meet a Code Section 401(a)(4) safe harbor must enter a number not less than 25. ☐ b. Unit Benefit ☐ b.1. _______% of the Participant's Average Annual/Monthly Compensation multiplied by the Participant's Years of Credited Service, limited to a maximum of ___ SAMPLE ☐ b.2. $ multiplied by the Participant's Years of Credited Service, limited to a maximum of ___ Note: Plans intending to meet a Code Section 401(a)(4) safe harbor must enter a number not less than 25 if the fractional accrual rule is selected in D.8.a.
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Related to Fixed Benefit

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Net Benefit A Net Benefit for a particular fund or, in the case of a multi-class fund, a class results when aggregate Benefits exceed aggregate Losses (i.e., net redemptions on a day the fund’s or class’s NAV is understated or net subscriptions on a day the fund’s or class’s NAV is overstated) during the Error Period.

  • Normal Retirement Benefits A Participant shall be entitled to receive the balance held in his or her account upon attaining his or her Normal Retirement Age or at such earlier dates as the provisions of this Article VI may permit. If a Participant elects to continue working past his or her Normal Retirement Age, he or she will continue as an active Participant. Unless the Employer elects otherwise in the Adoption Agreement, distribution shall be made to such Participant at his or her request prior to his or her actual retirement. Distribution shall be made in the normal form, or if elected, in one of the optional forms of payment provided below.

  • Pre-Retirement Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

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