BRP Benefits definition
Examples of BRP Benefits in a sentence
In the event a Participant receives distribution of his BRP Benefits pursuant to Section 3.03(a) and 3.03(b)(1), any future benefits payable under this Plan to the Participant shall be actuarially adjusted to reflect the benefits paid under such provisions.
The Committee shall adopt such policies and procedures as it deems necessary or appropriate to calculate BRP Benefits.
Notwithstanding the foregoing, in the event that a Change of Control occurs prior to a Participant’s Benefit Commencement Date, which does not give rise to a change in the “ownership or effective control” or in the “ownership of a substantial portion of the assets” under Section 409A of the Code and the rulings and regulations issued thereunder, a Participant’s BRP Benefits shall be calculated in accordance with Section 3.02 and distributed in accordance with Article IV without regard to Section 4.06.
Distribution of BRP Benefits for which the Benefit Commencement Date occurs on or prior to December 31, 2007 shall be paid in the same manner, form, and subject to the same conditions as the benefits under the Retirement Plan.
Payments made pursuant to this Section 4.03 shall be a lump sum payment equal to the Actuarial Equivalent of the Participant’s vested BRP Benefits.
The amount of BRP Benefits determined hereunder shall be subject to adjustments to reflect any changes in the application of the limitations imposed by Sections 401(a)(17) and 415 of the Code or any other Code requirement with respect to the computations of benefits under the Retirement Plan.
In the event of a Change of Control prior to commencement of payment of BRP Benefits in accordance with any other section of this Article IV, a Participant shall receive an immediate cash lump sum payment in the amount calculated pursuant to Section 3.03(a) herein.
If the Participant is not survived by an Eligible Spouse, no BRP Benefits shall be payable from the Plan.
If BRP Benefits to a Participant are delayed in order to comply with this Section 4.09, any payments which would have otherwise been made to the Participant during such 6 month period shall be paid on the first day following the 6 month anniversary of the Participant’s Separation from Service, without interest.
The Committee shall determine the amount of any BRP Benefits hereunder in accordance with such rules and procedures as it may adopt, from time to time; any such determination shall be conclusive and binding on all Participants hereunder.