Flat Benefit definition
Examples of Flat Benefit in a sentence
To be a design-based safe harbor plan under the Code §401(a)(4) Regulations, if a fractional accrual method is used with a Flat Benefit formula, option i.1. above must be selected with a reduction for Credited Service less than 25.
To be a design-based safe harbor plan under the Code §401(a)(4) Regulations, if a fractional accrual method is used with a Flat Benefit formula, option f.1. above must be selected with a reduction for Credited Service less than 35.
Therefore, to be a design-based safe harbor plan using a Flat Benefit formula with a fractional accrual method, Question 20.i.1. must be completed with an insertion of no less than 25 years of Credited Service.
In addition to the current Flat Benefit Plan as noted above, a mandatory Money Purchase Plan will be introduced and will be applicable to all employees after one (1) year of service.
A Participant’s Stated Benefit determined under the Flat Benefit formula will be reduced pro rata if the Participant’s projected Years of Participation are less than 25 Years of Participation.
A Nonintegrated Benefit Formula may provide for a Flat Benefit or a Unit Benefit.
Replace the existing Basic and Supplemental Plans with a Flat Benefit Plan having a pension benefit rate as determined from the following table.
Alternate Formula Credited Service Multiplied by Flat Benefit Rate (currently $46) Divided by 12 Credited Service Your total employment service, including an eligible period of temporary absence.
The Employer may elect under Part 4, #13.a.(1) of the Agreement to apply a Flat Benefit formula that provides a Stated Benefit equal to a specified percentage of Average Compensation.
If a fractional accrual method is used with a Flat Benefit formula, option b.1. above must be selected with a reduction for Credited Service less than 35.