Cost of Living Benefit definition

Cost of Living Benefit means a benefit under this policy which supplements this policy’s net monthly payments. It is not part of the gross monthly benefit. And, it is not subject to any income limit this policy has.
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Cost of Living Benefit means the amount determined by multiplying the Cost of Living Adjustment by the Monthly Disability Income Benefit.
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Examples of Cost of Living Benefit in a sentence

  • Cost of Living Benefit Increases – 2.55% per annum for State employees, teachers, judges and legislators; 3.12% for participating local districts.

  • If the Indexed Cost of Living Benefit Rider is part of the policy, the Recovery Benefit will be calculated based on the Adjusted Basic Monthly Benefit (instead of the Basic Monthly Benefit) last paid before you Recovered from your Disability.

  • The Employer shall pay the employer's share of premiums for health, dental and life insurance coverage for two (2) pay periods for any employee who elects this option.

  • The total pension liability in the June 30, 2016 actuarial valuation was determined using the following actuarial assumptions applied to all period included in the measurement:  Inflation2.75% Salary Increases2.75% to 14.50% Investment Rate of Return6.875% Cost of Living Benefit Increases2.20% For the School Department employees, the mortality rate is based on the RP2014 Total Dataset Mortality Tables for males and females.

  • The total pension liability in the June 30, 2016 actuarial valuation was determined using the following actuarial assumptions applied to all period included in the measurement: ⮚ Salary Increases and Inflation 2.75% to 9.00%⮚ Investment Rate of Return 6.875%⮚ Cost of Living Benefit Increases 2.20% For the District employees, the mortality rate is based on the RP2014 Total Dataset Mortality Tables for males and females.

  • The total pension liability in the June 30, 2020, actuarial valuation was determined using the following actuarial assumptions applied to all period included in the measurement: ⮚ Inflation 2.75%⮚ Salary Increases 2.75% Plus merit component⮚ Investment Rate of Return 6.75%⮚ Cost of Living Benefit Increases 1.91% For the Town employees, the mortality rate is based on the RP2014 Total Dataset Healthy Annuitant Mortality Table for males and females.

  • Cost of Living Benefit Increases – 3.75% per annum; changed from 4% used at June 30, 2005.

  • The Indexed Cost of Living Benefit Rider can increase the disability benefits an employee receives by up to 3 or 6% annually.

  • However, due to many reasons the committee could not establish a sustainable CPD program in the country.

  • The total pension liability in the June 30, 2015 actuarial valuation was determined using the following actuarial assumptions applied to all period included in the measurement:  Inflation3.50% Salary Increases3.5% to 13.50% Investment Rate of Return7.125% Cost of Living Benefit Increases2.55% For the School Department employees, the mortality rate is based on the RP2000 Combined Mortality Tables for males and females using Scale AA, with a two year setback for active members.

Related to Cost of Living Benefit

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

  • Density bonus means a floor area ratio bonus over the otherwise maximum allowable density permitted under the applicable zoning ordinance and land use elements of the general plan of a city, including a charter city, city and county, or county of:

  • Capacity Benefit Margin or “CBM” shall mean the amount of firm transmission transfer capability preserved by the transmission provider for Load-Serving Entities (“LSEs”), whose loads are located on that Transmission Service Provider’s system, to enable access by the LSEs to generation from interconnected systems to meet generation reliability requirements. Preservation of CBM for an LSE allows that entity to reduce its installed generating capacity below that which may otherwise have been necessary without interconnections to meet its generation reliability requirements. The transmission transfer capability preserved as CBM is intended to be used by the LSE only in times of emergency generation deficiencies.

  • disability living allowance means a disability living allowance under section 71 of the SSCBA;

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or qualified joint and survivor annuity) to which the Member would be entitled under the terms of the plan assuming:

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Average final compensation means the average annual creditable compensation of a member during

  • Working level month (WLM) means an exposure to 1 working level for 170 hours (2,000 working hours per year divided by 12 months per year is approximately equal to 170 hours per month).

  • housing benefit means housing benefit under Part 7 of the SSCBA;

  • Final average salary means whichever of the following is greater:

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • training allowance means an allowance (whether by way of periodical grants or otherwise) payable—

  • CPI Daily Inflation Reference Index means (A) in relation to the first day of any given month, the CPI Monthly Reference Index of the third month preceding such month, and (B) in relation to a day (D) (other than the first day) in any given month (M), the linear interpolation of the CPI Monthly Reference Index pertaining respectively to the third month preceding such month (M - 3) and the second month preceding such month (M - 2) calculated in accordance with the following formula:

  • Highest Average Compensation means the average Compensation for the three (3) consecutive years of Service with the Employer that produces the highest average. A Year of Service with the Employer is the twelve (12) consecutive month period identical to the Plan Year.

  • HICP Daily Inflation Reference Index means (A) in relation to the first day of any given month, the HICP Monthly Reference Index of the third month preceding such month, and (B) in relation to a day (D) (other than the first day) in any given month (M), the linear interpolation of the HICP Monthly Reference Index pertaining respectively to the third month preceding such month (M - 3) and the second month preceding such month (M - 2) calculated in accordance with the following formula:

  • Reduced leave schedule means a leave schedule that reduces the usual number of hours per workweek, or hours per workday, of an employee.

  • Average Monthly Limit means the maximum allowable "Average Monthly Concentration" as defined in Section 22a-430-3(a) of the RCSA when expressed as a concentration (e.g. mg/l); otherwise, it means "Average Monthly Discharge Limitation" as defined in Section 22a-430-3(a) of the RCSA.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Final Average Earnings means the earnings used to determine benefits under this Plan as further described in Article 7.

  • Hourly Rates means payment on the basis of time reasonably spent on a case (as opposed to payment by way of a Standard Fee) where payment is based on the rates set out in the Remuneration Regulations;

  • Hourly Rate means the proposed fully loaded maximum hourly rates that include travel, per diem, fringe benefits and any overhead costs for contractor personnel, as well as subcontractor personnel if appropriate.