Annual Retirement Benefit definition

Annual Retirement Benefit means a benefit payable annually in the form of a single life annuity with no ancillary benefits and beginning at the Normal Retirement Age under the Plan.

Annual Retirement Benefit means a benefit which commences at age 65 and is payable annually in the form of a single life annuity.

Annual Retirement Benefit means an amount equal to $112,500 per annum which, subject to the conditions set forth herein, is to be paid by the Company to the Employee during the period described in Section 2 hereof.

Examples of Annual Retirement Benefit in a sentence

• Retirement Benefit Calculation: The following formula is used to determine your retirement benefit:[Years of Service] x [Formula %]x [5-Year High Average Salary]= Annual Retirement Benefit Sample Calculations:25 Years of Service x 2.5% x $50,000 = $31, 250 30 Years of Service x 2.5% x $50,000 = $37, 500 NOTE: The above calculation applies to employees who were hired on or after July 1, 2015.

• Except as otherwise provided below, if a Participant’s Annual Retirement Benefit is payable in a form other than a single life annuity, the benefit shall be adjusted to an actuarially equivalent single life annuity beginning at the same time as such other form of benefit and payable on the first day of each month before applying the limitations of this Section 3.15.

• Notwithstanding any other provision of the Plan, a Participant's Annual Retirement Benefit shall not exceed the Maximum Permissible Benefit.

• For a Participant who has or will have benefits commencing at more than one annuity starting date, the Annual Retirement Benefit shall be determined as of each annuity starting date (and shall satisfy the limitations of this Section 3.15 as of each such annuity starting date), actuarially adjusting for past and future distributions of benefits commencing at the other annuity starting dates.

• If the benefit the Participant would otherwise accrue in a calendar year would produce an Annual Retirement Benefit in excess of the Maximum Permissible Benefit, the benefit shall be limited (or the rate of accrual reduced) to a benefit that does not exceed the Maximum Permissible Benefit.

More Definitions of Annual Retirement Benefit

Annual Retirement Benefit means an amount equal to a Participant’s Final Average Earnings multiplied by the lesser of (i) 60%, or (ii) a percentage equal to 2% multiplied by the Participant’s years of Service.

Annual Retirement Benefit means the benefit amount to be paid annually until Participant’s death (subject to the provisions of Section 2.9 of this Plan), as set forth in Schedule A hereto under the column titled “Normal Retirement,” minus the amount of the Offsetting Benefit which Participant is predicted to receive during the initial fiscal year benefits are paid, which Offsetting Benefit will be fixed for purposes of this Agreement. The net payment in subsequent years will be the benefit amount reflected in the schedule minus the fixed Offsetting Benefit.

Annual Retirement Benefit means a benefit payable annually in the form of a single life annuity (with no ancillary benefits) beginning on the Normal Retirement Date as defined in Section 2.25.

Annual Retirement Benefit means an annual amount equal to Eighteen Thousand Dollars ($18,000), paid in monthly increments of One Thousand Five Hundred Dollars ($1,500.00).

Annual Retirement Benefit means a benefit payable annually in the form of a single life annuity (with no ancillary benefits) beginning at NORMAL RETIREMENT DATE as defined in Section 22 of this PLAN or its actuarial equivalent.

Annual Retirement Benefit means the product of $21,514 multiplied by each full Year of Service, up to a maximum annual benefit of $215,136.

Annual Retirement Benefit means an amount determined actuarially by Cowlitz’s consulting actuaries that if paid annually from the Normal Commencement Date until the later of Participant or Spouse’s death would equal the Base Amount. For purpose of this calculation, life expectancies shall be determined as of the Termination Date based upon the 1994 GAR Male/Female blended Table, prescribed under Internal Revenue Service Rev. Rul. 2001-62 or the most recently published successor thereto.