Accrued Liability definition

Accrued Liability means the amount calculated in accordance with the actuarial assumptions and methods used by the Qwest Pension Plan as of the date hereof to calculate the "current liability" under Section 412(l)(9)(C) of the Code, as set forth in Section 6.5(c) of Seller's Disclosure Schedule, but using a discount rate equal to the discount rate that would be used by the Qwest Pension Plan as of the date hereof to compute a lump sum distribution from the Plan consistent with Section 417(e)(3) of the Code, and the amount expressly called for to be transferred pursuant to this Section 6.5(c) shall be adjusted to the extent necessary for the required approval of any Governmental Entity (including the IRS and the PBGC) and to satisfy Section 414(1) of the Code as well as Section 4044 of ERISA. The Accrued Liability shall be agreed upon by an enrolled actuary designated by Seller and an enrolled actuary designated by Buyer each of whom shall be provided with information reasonably necessary to calculate the Accrued Liability in all material respects and to verify that such calculation has been performed in a manner consistent with accepted actuarial practices and the terms of this Agreement. If there is a good faith dispute between Seller's actuary and Buyer's actuary as to the amount to be transferred to the Buyer's Pension Plan under this Agreement and such dispute remains unresolved for 14 days, the chief financial officers of Seller and Buyer shall endeavor to resolve the dispute. If such dispute remains unresolved for 30 days, Seller and Buyer shall select and appoint a third actuary who is mutually satisfactory to both Seller and Buyer. The reasoned written decision of such third party actuary shall be rendered within 30 days and shall be conclusive as to any dispute for which such actuary was appointed. The cost of such third party actuary shall be divided equally between Seller and Buyer. Each of Seller and Buyer shall be responsible for the cost of its own actuary.

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Accrued Liability means the dollar value of the liability accrued and expensed by the Bank under Generally Accepted Accounting Principles (“GAAP”), for the Bank’s obligation as to the Executive’s Retirement Benefit.

Accrued Liability means the actuarial present value of future benefit payments and appropriate administrative expenses under a plan, reduced by the actuarial present value of all future normal costs (including any participant contributions) with respect to the participant included in the actuarial valuation of the plan.

Examples of Accrued Liability in a sentence

• This benefit is determined by calculating a twenty-year fixed annuity from said Accrued Liability Balance, crediting interest on the unpaid balance at the annual plan discount rate, compounded monthly.

• The foregoing amount shall be used to calculate an annuity payable on a monthly basis for a period of one hundred eighty (180) months, and by applying the Accrued Liability Balance Interest Rate.

• The Bank shall not otherwise add to, subtract from, or adjust the balance of the Accrued Liability Reserve Account except as necessary to conform with Generally Accepted Accounting Principles as applied in the manner required by the Bank’s primary Federal Regulator.

• Any such termination or modification shall not be effective to decrease or restrict any Director’s Accrued Liability Balance under this Agreement, determined as of the date of amendment, unless agreed to in writing by the Director, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause all or any part of the benefits provided hereunder to be included in the gross income of the Director under Code Section 409A.

• In the event of the Employee incurring a Disability while the Employee is employed by the Bank but prior to the Employee’s becoming entitled to receive Normal Retirement Benefit payments, the Bank shall pay Employee the entire Accrued Liability in effect as of the date of Disability.

More Definitions of Accrued Liability

Accrued Liability means that portion of the Employee’s aggregate Normal Retirement Benefit payments as provided for herein that has been accrued on the books of the Bank at any specified time.

Accrued Liability means the actuarial present value of

Accrued Liability means liabilities established on the date an injury is sustained or an illness commences.

Accrued Liability means, as of any particular date, the actuarial then net present value of the projected lifetime monthly benefit payments remaining payable pursuant to Section 3.1 or Section 3.2, calculated using a 4.75% discount rate.

Accrued Liability is defined in Section 6.5(c)(iv).

Accrued Liability means the present value of the accrued benefit, as of the Effective Time, of each Transferred Employee and each Other Plan Participant, determined on an “accumulated benefit obligation” basis using the interest and other assumptions and methods used by Seller’s actuary on the measurement date most recently preceding the Closing Date for purposes of satisfying Statement of Financial Accounting Standards 132; provided that if the interest rate actually used by Seller’s actuary on such measurement date was less than six percent, then the interest rate to be used for purposes of this paragraph C(1) will be six percent. The interest rate and other assumptions and methods to be used pursuant to the preceding sentence are referred to herein as the “SFAS 132 Assumptions.” Seller’s actuary will determine the Accrued Liability in accordance with its normal procedures and practices in preparing Seller’s actuarial report and such determination will be reviewed by the actuary for the Buyer Pension Plan. In the event of disagreement between them, they will appoint a third actuary from a nationally recognized actuarial firm to resolve their differences (the costs of the third actuary will be shared equally by Seller and Buyer). The third actuary’s determination of any dispute will be final. In reaching such resolution, the third actuary will consider only the issues of disagreement between the first two actuaries, it being understood that the third actuary will not be retained to conduct its own independent review but rather will be retained to resolve specific differences between Buyer’s actuary and Seller’s actuary. The actuarial assumptions and methods used by Seller’s actuary in determining the Accrued Liability will not be subject to dispute unless such assumptions and methods are inconsistent with the SFAS 132 Assumptions.

Accrued Liability shall have the meaning set forth in Section 5.5(h).