Benefit Credit definition

Benefit Credit means the amount credited to a Participant’s HRA Account for the provision of benefits under the Plan as provided in Section 4.2.
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Benefit Credit means the amount credited to an Employee’s HRA Account for the provision of benefits under the Plan.
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Benefit Credit means the amount deemed credited to a Participant’s HRA Account for the provision of benefits under the Plan as provided in Section 4.2.
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Examples of Benefit Credit in a sentence

  • As of the first day of each Plan Year, for so long as the Employee is entitled to future Installment Payments, and to the extent the Benefit Credit Balance is less than the future benefits payable under this Agreement, the Bank shall credit to a book reserve account maintained for the Employee an amount equal to the Annual Benefit Credit.

  • The Annual Benefit Credit shall be an amount equal to the quotient of (1) the difference between (a) the Annual Earnings on Bank-Owned Life Insurance, minus (b) the Annual After-Tax Cost-of-Funds; divided by (2) the After-Tax Factor.

  • Notwithstanding the provisions of subsections 3(a), 3(c), and 3(d), in the event the Benefit Credit Balance is less than an Installment Payment to be paid, the Installment Payment shall not be made.

  • To the extent that Installment Payments are suspended under this section, such suspended Installment Payments (without interest) shall be paid as soon as the Benefit Credit Balance is greater than or equal to the suspended Installment Payment or Installment Payments.

  • For employees eligible for vacation under Section 14:04 with three or more years of service, two percent (2.0%) of the employee’s base annual pay (i.e. the value of one week’s vacation) has been added to their Flex Benefit Credit Formula and the employee may elect to convert their Flex Credits into one (1) to five (5) additional vacation days.

  • The Sponsors shall credit the HRA Account of each Participant with a Benefit Credit in the amount of $1800 on the first day of each Plan Year.

  • The Flexible Benefit Credit may be divided among Dental Premiums, Flexible Spending Accounts, and Taxable Cash Option.

  • For employees eligible for vacation under Section 14:03 with three or more years of service, two percent (2.0%) of the employee’s base annual pay (i.e. the value of one week’s vacation) has been added to their Flex Benefit Credit Formula and the employee may elect to convert their Flex Credits into one (1) to five (5) additional vacation days.

  • For employees eligible for vacation under Section 16.01 A (b), (c), (d), (e), and 16.01 B (b), (c), (d), (e), two percent (2.0%) of the employee’s base annual pay (the value of one week’s vacation) will be added to their Flex Benefit Credit Formula and the employee may elect to convert their Flex Credits into one (1) to five (5) additional vacation days.

  • The Benefit Credit to be made on behalf of a Participant who is an Eligible Dependent shall be made to the combined HRA Account of the Eligible Dependent and his or her Eligible Retiree.


More Definitions of Benefit Credit

Benefit Credit means the amount determined under clause 16AA;
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Related to Benefit Credit

  • pension credit ; means the means-tested Guarantee or Savings Credit administered by the Department for Work and Pensions under the State Pension Credit Regulations 2002;

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

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

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