Annual Pension definition

Annual Pension means the sum of all annual benefits, payable in the form of a straight life annuity. Benefits payable in any other form shall be adjusted to the larger of:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Annual Pension means the benefits received by a participant under this Plan expressed in the form of a straight life annuity. In determining whether benefits payable exceed the Dollar Limitation set forth below, benefits payable in any form other than a straight life annuity shall be adjusted to the larger of:

Annual Pension means, with respect to a Participant, the amount of the Participant's pension, expressed as an annual benefit for the Participant's lifetime.

Examples of Annual Pension in a sentence

• The right to payment of an Annual Pension hereunder shall cease upon the Executive’s death; provided, however, that, in case the Executive dies after both of the above mentioned conditions have been satisfied, the Executive’s spouse shall be entitled to continued payment of the Annual Pension hereunder for a period of ten years less the period during which Annual Pension payments have been made hereunder prior to the Executive’s death.

• Under such annuity, payments will be made monthly during the Participant's or Former Participant's lifetime in an amount equal to the Participant's or Former Participant's Normal Annual Pension or Accrued Annual Pension.

• The Annual Pension shall be increased by 18,000 for each full year of active service under this Agreement completed between June 30, 2011 and June 30, 2013.

• In case of the Executive’s death during his employment with the Company, the Executive’s spouse shall not be entitled to an Annual Pension, but shall instead be entitled to a death benefit in the form of a one-time payment in an amount equal to two eligible annual salaries.

• If a Participant transfers to Non-Covered ---------------- Employment, upon his subsequent severance from service with the Employer or any Affiliated Company, his Credited Service for all purposes under this Plan, except for determining his Accrued Annual Pension, shall equal the sum of (i) his Credited Service in Covered Employment (as determined under Article III of this Plan) and (ii) his Non-Covered Service, subject to the provisions of Subsection 6.4(a).

• If a Former Participant whose ---------------------- employment status has changed from Covered Employment to Non-Covered Employment is entitled to benefits under this Plan, the amount of his benefits under this Plan shall be determined solely on the basis of his Accrued Annual Pension as of the date his employment status changed to Non-Covered Employment, subject to the provisions of Subsection 6.4(a).

• A Participant who Terminates his employment with a vested interest in his Accrued Annual Pension shall be eligible to receive his benefit in accordance with Section 4.1 or Section 4.3, as applicable.

• If the benefit the participant would otherwise accrue in a Limitation Year would produce an Annual Pension in excess of the Dollar Limitation, the benefit shall be limited to a benefit that does not exceed the Dollar Limitation.

• The Annual Pension shall be paid in 12 equal monthly installments, commencing the month following the month during which Managing Director attained age 60.

• Such requests with regard to the estimated calculation of pension benefits shall be limited to no more than one (1) per calendar year upon request in the year which includes the commissioned officer’s Early Retirement Date and/or Normal Retirement Date in addition to the Annual Pension Plan Statement.

More Definitions of Annual Pension

Annual Pension means the sum of all annual benefits, payable in

Annual Pension. A member may elect either to: commence receiving pension payments on his normal retirement date, in which event his pensionwill be calculated based on earn- ings and service to his normal retirementdate, or commence receiving pension payments on his actual retirementdate, in which event his pensionwill be calculated based on earnings and service to his normal retirement date increased by for each month by which retirementis postponed. Where the benefit is prescribed by provincial regulations, the benefitwill not be less than that prescribed.

Annual Pension for each eligible member means the pension percentage multiplied by the vesting percentage multiplied by the final average annual compensation, as applicable to the member:

Annual Pension means the benefits received by a participant under this Plan expressed in the form of a straight life annuity. In determining whether benefits payable exceed the Dollar Limitation set forth below, benefits payable in any form other than a straight life annuity shall be adjusted to the larger of: (i) The annual amount of the straight life annuity (if any) payable to the participant under the plan commencing at the same annuity starting date as the form of benefit payable to the participant; or (ii) The annual amount of the straight life annuity commencing at the same annuity starting date that has the same actuarial present value as the form of benefit payable to the participant, computed using a 5 percent interest assumption and the applicable mortality table described in §1.417(e)-1(d)(2) for that annuity starting date. No actuarial adjustment to the benefit shall be made for benefits that are not directly related to retirement benefits (such as a qualified disability benefit, preretirement incidental death benefits, and postretirement medical benefits); or the inclusion in the form of benefit of an automatic benefit increase feature, provided the form of benefit is not subject to §417(e)(3) of the Internal Revenue Code and would otherwise satisfy the limitations of this Subsection (a), and the amount payable under the form of benefit in any Limitation Year shall not exceed the limits of this Subsection (a) applicable at the annuity starting date, as increased in subsequent years pursuant to § 415(d) of the Code. For this purpose, an automatic benefit increase feature is included in a form of benefit if the form of benefit provides for automatic, periodic increases to the benefits paid in that form.

Annual Pension means the sum of all annual benefits payable in the form of a single life annuity or qualified joint and survivor annuity from all defined benefit plans (whether or not terminated) maintained by the Employer. Benefits payable in any other form shall be adjusted to the larger of: