Basic Retirement Benefit definition

Basic Retirement Benefit means the annual benefit to which a Participant is entitled from the Basic Retirement Plan, in the form of a single life annuity commencing on his Retirement Date and ending on the first day of the month during which his death occurs. The Basic Retirement Plan Benefit assumes immediate commencement of benefits with applicable early payment reductions as may be applied under the Basic Retirement Plan.
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Basic Retirement Benefit means the retirement benefits payable in accordance with the terms of the Plan including any Prior Pension Plan benefit but excluding any supplementary retirement benefit and excluding any benefits provided through voluntary contributions.
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Basic Retirement Benefit means the annual benefit to which a Participant is entitled in total from the Retirement Plan, The Quaker 415 Excess Benefit Plan, The Quaker Eligible Earnings Adjustment Plan, any qualified defined benefit pension plan maintained by the Company or an Affiliated Company, including but not limited to the Fisher-Price Pension Plan, and any nonqualified defined benefit pension plan maintained by the Company or an Affiliated Company, which purpose is to provide benefits not permitted under a qualified defined benefit pension plan pursuant to limits on benefits or earnings imposed by the Internal Revenue Code of 1986, as amended, including but not limited to, Section 404(1) thereof. In addition to the foregoing, the Administrator may specify that the pension benefit equivalent (based upon lump sum-annuity factors consistent with those under the Retirement Plan) of any defined contribution plan account balance to which a Participant is entitled shall be included as part of the Participant's Basic Retirement Benefit. The preceding sentence may not be applied following a Change in Control. The Basic Retirement Benefit shall be based upon payments to a Participant in the form of a single life annuity commencing on his Retirement Date under the Program, with applicable reductions for early commencement based upon such adjustment factors as are applied under the Retirement Plan.
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Examples of Basic Retirement Benefit in a sentence

  • It supersedes and replaces all other previous contracts of employment as issued by the Company or its affiliates, including benefit grants such as BRB (Basic Retirement Benefit).

  • The amount of such death benefit shall be equal to the greater of two times the Member's base Salary at the time of death, or the actuarial present value of the Basic Retirement Benefit which would have been paid to such Member's Eligible Surviving Spouse as if the Member had retired as of the day immediately preceding the date of such Member's death under a payment option providing a one hundred percent (100%) Survivor Annuity to continue to said Spouse.

  • Such Basic Retirement Benefit shall be determined in accordance with Section 530.010.F. on the basis of the Member's Final Average Regular Salary, Final Average Regular Summer Appointment Salary, Service Credits and Summer Appointment Service Credits as of the date of such Member's death.

  • Furthermore, if a Qualified Member commenced a Basic Retirement Benefit under the Plan on or after December 8, 1989 and prior to September 1, 1990, such Member shall receive a Basic Regular Annual Salary Benefit for the period of such Member's retirement prior to September 1, 1990 under the terms ofsubparagraphs (a), (b) and (c) of this paragraph including any Derivative Benefits pursuant to Section 530.010.J.2. during such period.

  • Maria Astucias: Basic Retirement Benefit Years of Credited ServiceRetirement Age20 years65Highest Average Compensation$ 12,0001 $10,000 x 20 x 4.0% =Step$ 8,0002 $2,000 x 20 x 1.5% =$ 600Step Total Benefit: Step 1 + Step 2 =$ 8,600 Gallego: Basic Retirement Benefit Years of Credited ServiceRetirement Age23 years65Highest Average CompensationThe Rev.

  • Furthermore, any Member so electing to receive an adjusted Basic Retirement Benefit in accordance with paragraphs 2.

  • Qualified Members who terminated employment on or after December 8, 1989 and prior to September 1, 1990 shall have the option to elect that their Basic Retirement Benefit be adjusted effective September 1, 1990, in accordance with paragraphs 2.

  • Furthermore, if a Qualified Member commenced a Basic Retirement Benefit under the Plan on or after December 8, 1989 and prior to September 1, 1990, such Member shall receive a Basic Regular Annual Salary Benefit for the period of such Member's retirement prior to September 1, 1990 under the terms of subparagraphs (a), (b) and (c) of this paragraph including any Derivative Benefits pursuant to Section 530.010.J.2. during such period.

  • Basic Retirement Benefits For purposes of calculating a participant’s Basic Retirement Benefit under the EBRP, the offset for the hypothetical annuity benefit payable under the Retirement Share Plan is calculated by first determining the value of each share credited to the participant’s account as of the date it was credited, and then applying an annual rate of 12% to that value from the date the share was credited to the account to the date the participant’s EBRP benefit is scheduled to begin.


More Definitions of Basic Retirement Benefit

Basic Retirement Benefit means the benefit payable under the Retirement Plan to a SERP Member.
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Basic Retirement Benefit means the monthly normal retirement age benefit accrued under the Retirement Plan on the Closing Date based upon the employee's credited service under the Retirement Plan through the Closing Date, exclusive of the subsidized value of any early retirement benefit, early retirement supplements, pension enhancements related to Medicare eligibility, retiree benefit increases, or any other benefit, supplement or subsidy under the Retirement Plan that the employee would have earned in addition thereto had he continued employment with the Sellers.
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Related to Basic Retirement Benefit

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

  • Normal Retirement Benefit means the benefit described in Section 2.1.

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

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

  • SERP Benefit means the benefit described in Section 5.1.

  • Accrued Benefit have the meanings specified in ERISA.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • 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;

  • Termination Benefit means the benefit set forth in Article 7.

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

  • 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.

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

  • Disability Benefit means the benefit set forth in Article 8.

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

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • 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).

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Retirement Age means the earlier to occur of the Participant attaining: (i) age 65 or more; or (ii) age 60 or more with at least 15 years of continuous Service, provided that the Participant has continuously remained in Service from the Award Date until the earlier to occur of (i) or (ii).

  • Normal Retirement Age means the Executive's 65th birthday.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

  • 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.

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • Disability Retirement Date means the first day of the month following the last day of paid employment;