Participant's Accrued Benefit. If the Participant's Spouse is the Beneficiary, such benefit shall be offset by the Actuarial Value of the Qualified Pre-retirement Survivor Annuity. If the Plan is funded with life insurance, the face amount of the policies purchased will be [. . . .] (not to exceed 100) times the Participant's anticipated monthly retirement benefit.
Participant's Accrued Benefit. Participant who terminates employment after meeting the Service requirement but before meeting the age requirement for Early Retirement may also elect to retire on the first day of any month following Early Retirement Age. Any other Vested Participant may elect to commence payment of his benefits on the first day of any month preceding his Normal Retirement Date and after his vested Termination Date as specified in the Adoption Agreement. Such benefit shall be equal to his Accrued Benefit payable at Normal Retirement Date reduced by one-fifteenth (1/15th) for each of the next five (5) years, one thirtieth (1/30th) for each of the next five (5) years and actuarially reduced for each additional year by which the commencement date of the Vested Benefit precedes his Normal Retirement Date.
Participant's Accrued Benefit. In the case of a retirement-type subsidy, the preceding sentence shall apply only with respect to a Participant who satisfies (either before or after the amendment) the preamendment conditions for the subsidy. In general, a retirement-type subsidy is a subsidy that continues after retirement, but does not include a qualified disability benefit, a medical benefit, a social security supplement, a death benefit (including life insurance), or a plant shutdown benefit (that does not continue after retirement age). Furthermore, if the vesting schedule of a Plan is amended, in the case of an Employee who is a Participant as of the later of the date such amendment is adopted or the date it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's Employer-provided accrued benefit will not be less than the percentage computed under the Plan without regard to such amendment.
Participant's Accrued Benefit or Preretirement Surviving Spouse Death Benefit which are made after the due date of the Tax Distribution payment (or distribution of Available Net Income); and
Participant's Accrued Benefit. The Participant's combined accounts under the Plan as of the last valuation dateValuation Date in the calendar year immediately preceding the Distribution Calendar Year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the combined accounts of the Participant as of dates in the valuation calendar year after the valuation dateValuation Date and decreased by distributions made in the valuation calendar year after the valuation dateValuation Date. The Accrued Benefit for the valuation calendar year includes any amounts transferred to the Plan either in the valuation calendar year or in the Distribution Calendar Year if distributed or transferred in the valuation calendar year.
Participant's Accrued Benefit. If a Participant elects a joint and survivor annuity option and the designated Beneficiary dies before the Participant’s Benefit Commencement Date, such election shall be canceled. For a Participant who commences receipt of a 50% joint and survivor annuity after March 31, 1987, the minimum benefit during the Participant’s life- time shall be 90% of the single life annuity amount if, and only if, the Participant designates his spouse as his Beneficiary.
Participant's Accrued Benefit. If the annual benefit is payable in a form other than a single life annuity, the annual benefit shall be adjusted to the Actuarial Equivalent of a single life annuity using the assumptions of the following sentences; provided, however, that no adjustment shall be required for survivor benefits payable to a surviving spouse under a Qualified Joint and Survivor Annuity to the extent such benefits would not be payable if the Participant’s annual benefit were paid in another form. Effective for Plan Years beginning January 1, 2004 and January 1, 2005, for any form of benefit subject to section 417(e)(3) of the Code, a Participant’s annual benefit shall be the greater of (i) the amount computed using the interest rate and mortality table specified in Section 7.1(c) and (ii) the amount computed using an interest rate assumption of 5.5% and the Applicable Mortality Table. Effective for Plan Years beginning on or after January 1, 2006, for any form of benefit subject to section 417(e)(3) of the Code, a Participant’s annual benefit shall be the greatest of (i) the amount computed using a 5.5% interest rate assumption and the Applicable Mortality Table, (ii) the amount computed using the Applicable Interest Rate and Applicable Mortality Table, divided by 1.05 and (iii) the amount computed using the interest rate and mortality table specified in Section 7.1(c). Effective for Plan Years beginning on or after January 1, 2006, for any form of benefit not subject to section 417(e)(3) of the Code, a Participant’s annual benefit shall be the greater of (i) the amount computed using the interest rate and mortality table specified in Section 7.1(c) and (ii) the amount computed using a 5% interest rate assumption and the Applicable Mortality Table. An individual’s “annual benefit” under any other defined benefit plan maintained by the Employer or any other Affiliated Employer shall be as determined pursuant to the provisions of section 415 of the Code and the terms of such plan.
Participant's Accrued Benefit. Notwithstanding the preceding sentence, a Participant's Account balance may be reduced to the extent permitted under Section 412(c)(8) of the Internal Revenue Code. For purposes of this paragraph, a Plan amendment which has the effect of decreasing a Participant's Account balance or eliminating an optional form of benefit, with respect to benefits attributable to service before the amendment shall be treated as reducing an Accrued Benefit. Furthermore, no amendment to the Plan shall have the effect of decreasing a Participant's vested interest determined without regard to such amendment as of the later of the date such amendment is adopted or the date it becomes effective. The Employer may (1) change the choice of options in the Adoption Agreement, (2) add overriding language in the Adoption Agreement when such language is necessary to satisfy Section 415 or Section 416 of the Code because of the required aggregation of multiple plans, and (3) add certain model amendments published by the Internal Revenue Service which specifically provide that their adoption will not cause the Plan to be treated as individually designed. An Employer that amends the Plan for any other reason will no longer participate in this master or prototype plan and will be considered to have an individually designed plan. In the case of any merger, consolidation with or transfer of assets or liabilities by the Employer to another Plan, each Participant in the Plan on the date of the transaction shall have a benefit in the surviving Plan (determined as if such Plan were terminated immediately after the transaction) at least equal to the benefit to which he would have been entitled to receive immediately prior to the transaction if the Plan had then terminated. However, this provision shall not be construed to be a termination or discontinuance of Plan or to be a guarantee of a specific level of benefits from this Plan.
Participant's Accrued Benefit. Notwithstanding the preceding sentence, a Participant's account balance may be reduced to the extent permitted under section 412(c)(8) of the Code. For purposes of this paragraph, a plan amendment which has the effect of decreasing a Participant's account balance or eliminating an optional form of benefit, with respect to benefits attributable to Service before the amendment shall be treated as reducing an Accrued Benefit. Furthermore, if the vesting schedule of a plan is amended, in the case of an Employee who is a Participant as of the later of the date such amendment is adopted or the date it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee's right to his Employer-derived Accrued Benefit will not be less than his percentage computed under the Plan without regard to such amendment.
Participant's Accrued Benefit. Except as provided below, the Trustee shall commence distribution of the Participant's Accrued Benefit (to the extent vested) as soon as reasonably practical after the Valuation Date coinciding with or next following the Participant's termination of employment or death, whichever occurs first. Notwithstanding the preceding, if the vested value of the Inactive Participant's Accrued Benefit (including both Employer and Employee contributions, if applicable) exceeds $3,500 (or at the time of any prior distribution exceeded $3,500) for Plan Years beginning before August 6, 1997, or exceeds $5,000 (or at the time of any prior distribution exceeded $5,000) for Plan Years beginning after August 5, 1997, the Inactive Participant and, if payment in the form of an Annuity is permitted in this Plan under Section 11.1, the Participant's spouse (or the surviving spouse, as the case may be) must consent to any such distribution if the distribution occurs prior to the Inactive Participant's Normal Retirement Age or attainment of age sixty-two (62) if later than Normal Retirement Age. If the distribution occurs after the Participant's Normal Retirement Age, or attainment of age sixty-two (62) if later than Normal Retirement Age, the Accrued Benefit shall be distributed without the Inactive Participant's consent and if applicable, his spouse's consent. Further, if payment in the form of an Annuity is not permitted in this Plan under Section 11.1, then distribution of the Accrued Benefit upon the Participant's death to the Participant's spouse (or other Beneficiary, if applicable) shall not require the spouse's (or other Beneficiary's) consent. Addi- tionally, in the event the date for commencing initial payment of benefits specified above would not occur until after the Participant's Required Beginning Date, then nevertheless distribution shall commence on such Required Beginning Date for such Participant so as to not violate Code Section 401(a)(9). Further, if the vested value of the Inactive Participant's Accrued Benefit (including a qualified pre-retirement survivor annuity) is $5,000 or less, the Trustee shall distribute the Accrued Benefit without the Participant's consent. If the Inactive Participant (or his spouse if payment in the form of an Annuity is permitted in this Plan under Section 11.1) does not initially consent to the distribution in accordance with Committee procedures, the Inactive Participant's Accrued Benefit shall not again be available for distribut...
