Actuarially Reduced definition

Actuarially Reduced means reduced to the actuarial equivalent.
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Actuarially Reduced means the present value of Participant's Retirement Benefit as set forth in Item 3(a) of his or her Plan Agreement at the time of Participant's Early Retirement Date (or other applicable time) using a discount rate equal to the Aa Corporate Bond Rate as published by Moody's Investors Services, Inc. or its successor as of the date of Early Retirement (or other applicable date).
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Actuarially Reduced means the present value of Participant's Retirement Benefit as set forth in Item 3(a) of his or her Plan Agreement at the time of Participant's Early Retirement Date using a discount rate as determined by the Committee in its sole and absolute discretion not to exceed the Monthly Average of the Composite Yield on Seasoned Corporate Bonds as published by Moody's Investors Services, Inc. or its successor as stated for the month of October preceding December 31 of the year immediately prior to the date of Early Retirement.
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Examples of Actuarially Reduced in a sentence

  • A Member or Deferred Pensioner who does not satisfy subsections 5.3 or 5.4 may elect to retire with an Actuarially Reduced Pension at age 55.

  • In such event, the Participant's monthly Early Retirement Benefit shall be the Retirement Benefit set forth in his or her Plan Agreement Actuarially Reduced to the Participant's Early Retirement Date.

  • A Member or Deferred Pensioner who does not satisfy subsections 4.3 or 4.4 may elect to retire with an Actuarially Reduced Pension on or after the date they reach age 55.

  • These are: • Compulsory Early Retirement or Severance (CER/CES); • Flexible Early Retirement or Severance (FER/FES); • Retirement on Medical Grounds; • Approved Early Retirement (AER) schemes A and B; and • Actuarially Reduced Early Retirement (ARER).

  • During the Transitional Period, the determination of the Actuarially Reduced Pension will be based on the retirement provisions as shown in this section 5.

  • Teachers aged 55 or over who have pensionable or excluded employment on or after 1 July 2002 can apply for Actuarially Reduced Pension Retirement.

  • You may also choose to increase your lump sum and take a lower pension for life Actuarially Reduced PensionsIf you are over the age of 55 and have deferred benefits, you may draw this subject to an actuarially assessed reduction for early payment.Ill Health RetirementOne of the key features of the CPS is that it may make benefits available to you if you develop a medical condition which in the view of the CPS medical advisers would prevent you from working before your pension age.

  • Full information about Actuarially Reduced Retirement, including resolution of individual pension queries can be accessed through the Civil Service Pensions website and NOMS’ Pension Administrator, Home Office Pensions Service.

  • This option is also Actuarially Reduced and is payable over the life of the member.

  • Any member considering taking an Actuarially Reduced pension would need to obtain a precise calculation from their pensions’ administrator before reaching a final decision.

Related to Actuarially Reduced

  • Actuarial equivalent means a benefit of equal value when

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • Actuarial valuation means a mathematical determination of

  • Actuarial method means the method of allocating a fixed level monthly payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of (a) 1/12, (b) the fixed annual rate of interest on such obligation and (c) the outstanding principal balance of such obligation.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Qualified Plan means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan which contains a “defined benefit provision,” as defined in subsection 147.1(1) of the Income Tax Act (Canada).

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Basic Plan means as to any Member or Vested Former Member the defined benefit pension plan of the Company or an Affiliated Employer intended to meet the requirements of Code Section 401(a) pursuant to which retirement benefits are payable to such Member or Vested Former Member or to the Surviving Spouse or designated beneficiary of a deceased Member or Vested Former Member.

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Social Security Retirement Age means the age used as the retirement age under Section 216(l) of the Social Security Act, applied without regard to the age increase factor and as if the early retirement age under Section 216(l)(2) of such Act were 62.

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.