Annual Base Formula Retirement Benefit definition

Annual Base Formula Retirement Benefit means the annual benefit computed to measure total annual retirement income after normal Retirement age, as provided in Section 6.
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Annual Base Formula Retirement Benefit means the annual benefit computed to measure total annual retirement income, as provided in Section 6.
Sample 1Sample 2Sample 3

Examples of Annual Base Formula Retirement Benefit in a sentence

  • The amount of such benefit will be the Annual Base Formula Retirement Benefit, as set forth in Section 6.

  • The amount of such benefit will be equal to the Annual Base Formula Retirement Benefit, as set forth in Section 6(A) and 6(B), reduced to its equivalent actuarial value from age 62 to the date of initial payment to the Participant based on the average rate of interest published by the Pension Benefit Guaranty Corporation for immediate annuities for the immediately preceding 36 months, and subsequently adjusted for any further reduction required under Section 6(C).

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Related to Annual Base Formula Retirement Benefit

  • Normal Retirement Benefit means an annual benefit payment in the amount of Seventy Two Thousand and Sixty One dollars ($72,061) for a period of fifteen (15) years.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • 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.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • 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.

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.