Minimum Accrued Benefit Clause Samples
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.
(b) No additional benefit accruals shall be provided pursuant to (a) above to the extent that the total accruals on behalf of the Participant attributable to Employer contributions will provide a benefit expressed as a life annuity commencing at the Normal Retirement Date that equals or exceeds twenty percent (20%) of the Participant's average Compensation for the five (5) consecutive years for which the Participant had the highest average Compensation.
(c) If the Plan is Top Heavy, but is not Super Top-Heavy, each Participant who is a Non-Key Employee shall receive the minimum accrual under (a) above, except that "three percent (3%)" shall be substituted for "two percent (2%)" and "thirty percent (30%)" shall be substituted for "twenty percent (20%)" in (b) above.
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
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%.
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.
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
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
(i) the non-Key Employee fails to make mandatory contributions to the Plan,
(ii) the non-Key Employee's compensation is less than a stated amount,
(iii) the non-Key Employee is not employed on the last day of the accrual computation period, or
(iv) the Plan is integrated with Social Security.
b. For purposes of computing the minimum accrued benefit, compensation shall mean compensation as defined in the Adoption Agreement. ___________________________________________________