Benefit Enhancement definition

Benefit Enhancement means the crediting of deemed additional years of age or service, the use of a different definition of any factor used to calculate benefits, different eligibility provisions, or any other provision that enhances the benefit that would otherwise be payable under the Retirement Plan as provided in a Benefit Agreement.
Sample 1Sample 2Sample 3
Benefit Enhancement means any change to the current benefit policy for retired, active, vested, and non-vested members of the System which increases the actuarially determined contribution rate, increases the amortization period, or decreases the funded ratio of the System. Examples include but are not limited to benefit formula multiplier increases, reductions in eligibility for benefits, cost of living adjustments, or lump-sum additional benefit payments to retired members or beneficiaries.
Sample 1Sample 2Sample 3
Benefit Enhancement means any change to the current benefit policy for a retired, active, or inactive member of the Arkansas Teacher Retirement System or T-DROP participant that increases the amortization period by one (1) year or more.
Sample 1

Examples of Benefit Enhancement in a sentence

  • The fund was established in 2002 and credited with excess assets equivalent to member contributions for fis- cal years 2000 and 2001 by transferring reserves in the Contingent Reserve Fund to the Benefit Enhancement Fund.

  • The State will be required to make contributions to the Benefit Enhancement Fund on behalf of State and local employers if excess valuation assets are not available.

  • Accordingly, no Member shall become entitled to a Benefit Enhancement with respect to a calendar year until it is determined, following the close of such year, that the Member was not a U.S. Person with respect to such year.

  • In other cases, the Member’s benefit will commence under this Plan without any Benefit Enhancement related to the calendar year of commencement, and appropriate adjustments will be made to the Member’s benefit in the following year if it is determined that the Member was not a U.S. Person in such calendar year of commencement.

  • Notwithstanding the preceding sentence, in the calendar year a Member’s benefit under this Plan is scheduled to commence, the Vice President may authorize a Benefit Enhancement for the calendar year of benefit commencement to the extent the Vice President determines satisfactorily that the Member will not be a U.S. Person for such year.

  • The Death Benefit Enhancement terminates upon the Latest Annuity Date.

  • The 2005 Agreement required that Southern California implement the Attendance Program, including the Time-Off Benefit Enhancement, no later than January 1, 2006, with other regions implementing throughout the course of 2006 in accordance with a schedule developed under the direction of the Strategy Group.

  • The fund was established in 2002 and credited with excess assets equivalent to member contributions for fiscal years 2000 and 2001 by transferring reserves in the Contingent Reserve Fund to the Benefit Enhancement Fund.

  • The fund was established in 2003 and credited with excess assets equivalent to member contributions for fiscal years 2000 and 2001 by transferring reserves in the Contingent Reserve Fund to the Benefit Enhancement Fund.

  • A detailed summary of the membership data used in this valuation is provided in Section 3 and Appendix B.Valuation InputAsset Data Inputs Membership Data Asset Data Benefit Provisions AssumptionsFunding Methodology↓Results Actuarial Value of Assets Actuarial Accrued Liability Net Actuarial Gain or LossFunded Ratio Employer Contributions Benefit Enhancement Additional Disclosures ProjectionsThe table below provides details of the Market Value of Assets for the current and prior year’s valuations.

Related to Benefit Enhancement

  • Credit Enhancement Agreements means, collectively, any documents, instruments, guarantees or agreements entered into by the Company, any of its Restricted Subsidiaries, or any Receivables Entity for the purpose of providing credit support for one or more Receivables Entities or any of their respective securities, debt instruments, obligations or other Indebtedness.

  • Qualified Plan means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC.

  • Pension Plan means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.