Benefit Formula definition

Benefit Formula means the formula used in determining the Accrued Benefit of the Participant as designated in Section 4.2 of the Adoption Agreement.

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Benefit Formula. Any employee who is permanently incapacitated and has at least fifteen (15) years of service will be retired on a pension rate of five hundred dollars ($500.00). Permanently disabled employee with service greater than five years but less than fifteen (15) years will be retired on a pension at the rate of eight dollars ($8.00) per month for each year of service. Pension accrued for service to date of disability payment thereof to commence upon termination of A&H benefits, unless A&H benefits are waived. In order to be eligible for disability benefits an employee must apply for such benefits within sixty (60) days after the determination of disability is made.

Benefit Formula. Annual retirement benefit equal to 60% of Base Compensation (defined below) at Normal Retirement Age

Examples of Benefit Formula in a sentence

• The Employer’s annual contribution to a Target Benefit Plan shall be determined by a Stated Benefit Formula and corresponding factor tables contained in the Adoption Agreement and shall be allocated to Participants as provided in paragraph 5.3. This notwithstanding, the Employer’s contribution for any Plan Year shall be subject to the limitations on allocations contained in Article X and shall not be less than the minimum contribution required at Article XIV for Top-Heavy Plans.

• An employee who is a member of the plan may become eligible for not more than the maximum Monthly benefit amount, calculated in accordance with the applicable Benefit Formula which is indicated below: Effective no later than days from the date of ratification of this agreement, of the employee's basic monthly earnings, to a monthly benefit maximum.

• Periodontics 80% Endodontics 80% Denture Repairs 80% Dental Deductible $50 per calendar year Life Benefit Formula $50,000 The Employer shall provide these benefits and shall be consistent with the current provisions.

• An employee who is a member of the plan may become eligible for not more than the maximum Monthly benefit amount, calculated in accordance with the applicable Benefit Formula which is indicated below: Effective no later than 45 days from the date of ratification of this agreement, 75% of the employee's basic monthly earnings, to a $5,500 monthly benefit maximum.

• Class of Members Benefit Formula Maximum Benefit Union Employees 70% of earnings $7,500 - during the qualifying period and the 24 month period after it, unable to do own job - after the 24 month period, unable to do any job.

• The Employer shall provide to all eligible employees hired after the ratification of this Agreement, the Retirement Plan of the Catholic Health System Personal Retirement Account (“PRA”) Benefit Formula, at no cost to the employee.

• For purposes of applying an Integrated Benefit Formula, a Participant’s Covered Compensation for the Plan Year is the average of the Taxable Wage Bases in effect for each calendar year during the 35-year period ending on the last day of the calendar year in which the Participant attains (or will attain) his/her Social Security Retirement Age.

• A Nonintegrated Benefit Formula under Part 4 of the target benefit plan Agreement that provides for a Stated Benefit equal to a specified percentage of Average Compensation.

• An Employer may not elect an Integrated Benefit Formula under the Plan if another qualified plan of the Employer, which covers any of the same Employees, uses permitted disparity (or imputes permitted disparity) in determining the allocation of contributions or accrual of benefits under the plan.

• Benefit Formula - 66% of monthly earnings to a maximum monthly benefit of $4,000 Waiting Period - 17 weeks Benefit Period - The date of recovery or age 65 Offsets - LTD is directly co-coordinated with CPP benefits for the employee, and Workplace Safety and Insurance Board payments.

More Definitions of Benefit Formula

Benefit Formula means the method set forth in the Qualified Plan to calculate the amount of benefit payable to a participant thereunder at the time such benefit commences to be paid, including all actuarially equivalent factors utilized under the Qualified Plan, and excluding any actuarial adjustment for the postponement of the commencement of Retirement Benefits payable to any Participant after his or her 70th birthday. The Benefit Formula shall include all applicable actuarial reductions, and all offsets and deductions, required by the Qualified Plan for payments available from Federal Social Security, from Worker’s Compensation, and from other qualified plans, if any, but shall not reflect the application of Code Sections 401(a)(17) or 415.

Benefit Formula means the formula (if any) used to calculate the amount of Cover for an Insured Member as described in the relevant Schedule.

Benefit Formula means the Employer chosen method as agreed upon by the Company and the Policy Owner for determining the insurance cover for all Members of each category of that Corporate Participating Employer for each Cover Type.

Benefit Formula means the formula, including the Primary Social Security Benefit, used to compute benefits under the terms of the ANC Salaried Pension Plan as of the Separation Date.

Benefit Formula means the formula used for calculating the amount of cover for an Insured Member, as noted in

Benefit Formula. Annual retirement benefit equal to 60% of Base Compensation at Normal Retirement Age Base Compensation: Average base salary of Executive in 3 highest consecutive calendar years of service with HEALTHSOUTH Vesting: Fully vested at all times Normal Retirement Age: Age 60