Offset for CARP Benefit Sample Clauses
The "Offset for CARP Benefit" clause establishes that any benefits received by an individual under a CARP (Canadian Association of Retired Persons) plan will be deducted from other related payments or entitlements under the agreement. In practice, this means if a party is eligible for both a CARP benefit and another similar benefit, the amount received from CARP will reduce the amount payable from the other source, preventing double recovery. This clause ensures that compensation is not duplicated and allocates financial responsibility fairly between benefit providers.
Offset for CARP Benefit. Any provisions of the Plan to the contrary notwithstanding, the Base Benefit shall be reduced by the actuarial equivalent (as defined below) of the pension benefit, if any, paid or payable to Executive from the CARP. In making such reduction, the Base Benefit and the benefit paid or payable under the CARP shall be determined under the provisions of each plan as if payable in the form of an annual straight life annuity beginning on the Retirement Date (as defined below). The net benefit payable under this Plan shall then be actuarially adjusted based on the actuarial assumptions set forth in paragraph 3.5(vii) for the actual time and form of payments.
Offset for CARP Benefit. Any provisions of the Plan to the contrary notwithstanding, the Base Benefit Value shall be reduced by the actuarial equivalent single lump sum value, as of the Payment Date, of the pension benefit, if any, paid or payable to Executive from the CARP. In making such reduction, the Base Benefit Value and the benefit paid or payable under the CARP shall be determined under the provisions of each plan as if payable in the form of an annual straight life annuity beginning on the first day of the month following the date Executive would attain age 60. The benefit payable under this Plan (the "Plan Benefit") shall be equal to the Base Benefit Value as reduced pursuant to this paragraph 3.5(iii).