Common use of Fixed Benefit Clause in Contracts

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 years ending in the same calendar year are treated as the same year. If this cumulative permitted disparity adjustment is applicable, the Offset Percentage will be further adjusted as follows:

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 Participant's cumulative permitted disparity years consist of the sum of: (l1) 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 etirement 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 pensions after the Participant has earned 35 years of Service under this Plan). For purposes of determining the Participant's cumulative permitted disparity limit, all years ending in the same calendar year are treated as the same year. If this cumulative permitted disparity adjustment is applicable, the Offset Percentage will be further adjusted as follows: