Base pension definition

Base pension means the amount of
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Base pension means the amount of retirement, death, or disability benefits as determined at the earliest of the time a Group B member and, solely for the purposes of Section 6.12 of this article, a Group A member:
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Base pension means a Single Life Annuity payable for life beginning at the Normal Retirement Date of the Participant, equal to fifty-five percent (55%) of the Final Average Compensation, reduced by the Pension Offsets.
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Examples of Base pension in a sentence

  • As used in this section: 8 (1) "Base pension benefit" is the amount listed on Appendix A, Appendix D-A, and 9 Appendix E-A, attached to the settlement agreement, under the column labeled "amount prior to 10 reduction", which is the amount each Central Falls retiree was receiving as of July 31, 2011.

  • Base pension amount, 100, is the pension for a women born in 1938 or before, claiming a pension at age 62 years.Source: Own calculations based on Swiss social security rules.

  • Base pension benefit for first 15 years of service: Rs.1000 per month Add: Pension for each year in excess of 15 years: Rs. 25 per month Following table summarizes the pension benefits at different service periods: Alternative-3: Under this alternative pension and contribution shall be increased step by step after every second year.

  • The bank has been regularly contributing to the fund for the base pension, based on actuarial valuation and have been claiming a deduction of the same on payment basis under Section 36(1)(iv) read with Section 43B(b) of the Act.• Apart from the approved superannuation fund, to compensate for the increased cost of living of the employees, the Bank also provides annual increment on the Base pension which is .towards unfunded pension liability and directly paid to the employees.

  • End pension boosting and tacking.• Restrict end of career salary hikes.• Require employees to designate a single job for pension purposes.• Base pension on average of five highest salaries as opposed to current three highest salaries or high- est three years where it is currently highest single year.


More Definitions of Base pension

Base pension means the amount of retirement, death, or disability benefits under this Plan as determined at the earliest of the time a Member enters DROP, leaves or left Active Service, dies, or becomes entitled to a disability pension or periodic disability compensation under the Combined Pension Plan. Solely for purposes of this definition, when a Member becomes entitled to a disability pension or periodic disability compensation, Base Pension shall be determined as of the date on which the disability pension or periodic disability compensation commences.
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Base pension means, when used in connection with a member, the pension computed under
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Related to Base pension

  • war pension means a war disablement pension, a war widow’s pension or a war widower’s pension;

  • state pension credit means state pension credit under the State Pension Credit Act 2002;

  • Employee Pension Plan means any Employee Plan for the provision of retirement income to employees or which results in the deferral of income by employees extending to the termination of covered employment or beyond as defined in Section 3(2) of ERISA.

  • Employee Pension Benefit Plan has the meaning set forth in ERISA Section 3(2).

  • qualifying age for state pension credit means (in accordance with section 1(2)(b) and (6) of the State Pension Credit Act 2002)—

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

  • Lifetime Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder cumulatively since the inception of these Terms and Benefits, irrespective whether any limits of any benefit items stated in the Benefit Schedule have been reached or whether the Annual Benefit Limit in a Policy Year has been reached.

  • Canadian Pension Plan means a pension plan or plan that is subject to applicable pension benefits legislation in any jurisdiction of Canada and that is organized and administered to provide pensions, pension benefits or retirement benefits for employees and former employees of any Loan Party or any Subsidiary thereof.

  • Multiemployer Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any member of the Controlled Group may have any liability.

  • occupational pension means any pension or other periodical payment under an occupational pension scheme but does not include any discretionary payment out of a fund established for relieving hardship in particular cases;

  • BENEFIT LIMIT means the total benefit allowed under this plan for a covered healthcare service. The benefit limit may apply to the amount we pay, the duration, or the number of visits for a covered healthcare service.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Actuarial equivalent means a benefit of equal value when

  • Canadian Pension Plans means each pension plan required to be registered under Canadian federal or provincial law that is maintained or contributed to by a Credit Party for its employees or former employees, but does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively.

  • Multi-employer Plan means a multi-employer plan, as defined in Section 4001(a)(3) of ERISA to which the Borrower or any Subsidiary of the Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions or has within any of the preceding five plan years made or accrued an obligation to make contributions.

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

  • Foreign Benefit Law means any applicable statute, law, ordinance, code, rule, regulation, order or decree of any foreign nation or any province, state, territory, protectorate or other political subdivision thereof regulating, relating to, or imposing liability or standards of conduct concerning, any Employee Benefit Plan.

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan that contains or has ever contained a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;

  • Base Period Income Base Period Income" is an amount equal to Executive's "annualized includable compensation" for the "base period" as defined in Sections 280G(d)(1) and (2) of the Code and the regulations adopted thereunder. Generally, Executive's "annualized includable compensation" is the average of Executive's annual taxable income from Company for the "base period," which is the five calendar years prior to the year in which the Change of Control occurs. These concepts are complicated and technical and all of the rules set forth in the applicable regulations apply for purposes of this Agreement.

  • Multiple Employer Plan means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • Nonqualified Deferred Compensation Rules means the limitations or requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

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

  • Foreign Pension Plan means any plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States of America by the Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

  • Single Employer Plan any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.