Minimum Accrued Benefit Sample Clauses

Minimum Accrued Benefit. (a) Notwithstanding any other provision in this Plan, except paragraphs (b), (c) and (d) below, for any Plan Year beginning after December 31, 1983 in which this Plan is Top-Heavy ("Top Heavy Plan Years"), each Participant who is a Non-Key Employee and has completed one thousand (1,000) Hours of Service will accrue a benefit (to be provided solely by Employer contributions and expressed as a life annuity (without regard to ancillary benefits) commencing at his Normal Retirement Date) of not less than two percent (2%) of his average Compensation for five (5) consecutive years for which the Participant had the highest average Compensation. The aggregate Compensation for the years during such five-year period in which the Participant was credited with a year of Service will be divided by the number of such years in order to determine Average Annual Compensation. If the Plan credits Participation on the elapsed time basis, all Participation in Top-Heavy Plan Years shall be used to determine the Top-Heavy minimum accrual. The minimum accrual is determined without regard to any Social Security contribution. The minimum accrual applies even though under other Plan provisions the Non-Key Employee would not otherwise be entitled to receive an accrual, or would have received a lesser accrual for the year because (1) the Non-Key Employee fails to make mandatory contributions to the Plan (2) the Non-Key Employee's Compensation is less than a stated amount, (3) the Non-Key Employee is not employed on the last day of the accrual computation period, or (4) the Plan is integrated with Social Security.
Sample 1Sample 2Sample 3See All (10)
AutoNDA by SimpleDocs
Minimum Accrued Benefit. 87 15.4 Adjustment For Benefit Other Than Life Annuity . . . . . . . . . . . 88 15.5 Adjustment to Defined Benefit Fraction and Defined Contribution Fraction under Section 8.1. . . . . . . . . . 88
Sample 1Sample 2Sample 3See All (10)
Minimum Accrued Benefit. The minimum accrued benefit (expressed as an Individual Life Annuity commencing at Normal Retirement Date) derived from Company contributions to be provided under this Section for each Non-key Employee who is a Participant for any Plan Year in which this Plan is a Top Heavy Plan shall equal the product of (a) 1/12th of “416 Compensation” averaged over 5 the consecutive Plan Years (or actual number of Plan Years if less) which produce the highest average and (b) the lesser of (i) 2% multiplied by Years of Vesting Service or (ii) 20%.
Sample 1
Minimum Accrued Benefit a. Notwithstanding any other provision in this Plan except c. d., and e. below, for any Plan Year in which this Plan is Top-heavy, the Accrued Benefit of each Participant who is not a Key Employee shall not be less than two (2) percent of average compensation for the five consecutive years for which the Participant had the highest compensation multiplied by the Participant's Years of Service as a non-Key Participant in the Plan while the Plan was Top Heavy, but no more than twenty (20) percent. This minimum benefit shall be provided solely by Employer contributions and shall be payable as a life annuity commencing at Normal Retirement Age. The aggregate compensation for the years during such five-year period in which the Participant was credited with a year of service will be divided by the number of such years in order to determine average annual compensation. The minimum accrual is determined without regard to any Social Security contribution. The minimum accrual applies even though under other plan provisions the Participant would not otherwise be entitled to receive an accrual, or would have received a lesser accrual for the year because
Sample 1
Minimum Accrued Benefit. Page 51 9.4 Benefit Form Other Than Life Annuity at Normal Retirement Age. Page 53 9.5 Nonforfeitability of Minimum Accrued Benefit.................. Page 53 9.6 Minimum Vesting Schedules..................................... Page 53
Sample 1
Minimum Accrued Benefit. The minimum Accrued Benefit for a Participant who retires on his Normal Retirement Date or Late Retirement Date with twenty (20) or more Years of Credited Service shall be the greater of (i) $130 per month and (ii) a monthly amount that when combined with the Participant’s Social Security Benefit at his Normal Retirement Date totals $300 per month. The minimum Accrued Benefit for a Participant who retires on or after his Normal Retirement Date with less than twenty (20) Years of Credited Service shall be proportionately reduced, but in no case shall the combined amount provided by clause (ii) of the preceding sentence be less than $225 per month.
Sample 1

Related to Minimum Accrued 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

  • 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))

  • Accrued Benefits The term "Accrued Benefits" shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Minimum Benefits If the Termination Date occurs during the Employment Period for any reason, Executive shall be entitled to the Minimum Benefits, in addition to any other benefits to which Executive may be entitled under the following provisions of this Section 4 or the express terms of any employee benefit plan or as required by law. Any benefits to be provided to Executive pursuant to this Section 4(a) shall be provided within 30 days after the Termination Date; provided, however, that any benefits, incentives or awards payable as described in Section 4(f) shall be provided in accordance with the terms of the applicable plan, program or arrangement. Except as may expressly be provided to the contrary in this Agreement, nothing in this Agreement shall be construed as requiring Executive to be treated as employed by the Company or any Affiliate following the Termination Date for purposes of any plan, program, or arrangement.

  • Amount of Severance Benefit If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall:

  • 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.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • 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.

  • 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.

Time is Money Join Law Insider Premium to draft better contracts faster.