Grandfathered Benefit Sample Clauses

Grandfathered Benefit. Employees hired prior to the effective date of the Cash Balance Pension Plan (September 1, 2005) will receive the greater of the benefit determined under the Cash Balance plan and the benefit they would have accrued under the prior Defined Benefit Pension Plan. Employees who are rehired after September 1, 2005 will receive the benefit of rehired Employees as defined in the Pension Plan. 401(k) Plan: The Employer will provide a 401(k) Plan for the Represented Employees which will be identical in design to the CUNA Mutual 401(k) Plan for Non-represented Employees. Changes to the Represented Plan will be made identical to and at the same time as changes are made to the Non-Represented 401(k) Plan.
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Grandfathered Benefit. The amount deferred under the plan before January 1, 2005, as determined in accordance with regulations under Section 409A and the terms of the plan as in effect on October 3, 2004; as reduced by the annual Social Security benefit at age 65 in accordance with the plan terms.
Grandfathered Benefit. A benefit calculated under Section 2.2 determined as if Executive had terminated employment with the Company Group immediately prior to the Effective Date and without regard to (i) any Compensation earned by Executive after December 31, 2004, or (ii) months of Executive's employment with the Company Group completed after December 31, 2004; provided, however, that in no event shall such benefit be greater than the maximum grandfathered benefit permitted with respect to the Plan determined under the provisions of section 409A of the Code (and the administrative guidance thereunder that is applicable to the determination of amounts deferred under a nonaccount balance plan prior to the Effective Date and the earnings thereon, including Treasury regulation section 1.409A-6(a)(3)(i) and (iv)). For purposes of making any present value calculations required in accordance with the proviso of the preceding sentence as of December 31, 2004 or any other date the benefit is valued for purposes of determining the Grandfathered Benefit, the actuarial assumptions specified in Section 1.1(1) that would have applied if the payment date described in such Section was December 31, 2004 shall be used.
Grandfathered Benefit. Executive’s Normal Retirement Allowance under the PEP is “grandfathered” for purposes of Section 409A of the Code because it was fully vested and nonforfeitable as of December 31, 2004. For purposes of Section 3.01(a) of the PEP, Executive and the Company agree and acknowledge that the Executive’s Normal Retirement Allowance is a monthly payment of $8,288.37 (less applicable withholding) commencing on his Normal Retirement Date (April 1, 2007). The Normal Retirement Allowance is fixed and not subject to future adjustment on the basis of the Executive’s marital status or any other factors. Executive’s Normal Retirement Allowance will be paid in the form of an actuarially equivalent joint and 50% survivor annuity with the Executive’s current spouse as contingent annuitant. Under the joint and 50% survivor annuity, Executive shall receive monthly payments of $7,445.44 starting on April 1, 2007 and ending in the month of his death. If Executive’s current spouse survives him, she will receive monthly payments of $3,722.72 starting on the first day of the month following Executive’s death and ending in the month of her death.

Related to Grandfathered 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

  • 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.

  • 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.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • VALUE OF PARTICIPANT'S ACCRUED BENEFIT If a distribution (other than a distribution from a segregated Account) occurs more than 90 days after the most recent valuation date, the distribution will include interest at: (Choose (a), (b) or (c))

  • 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.

  • 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.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

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