Credited Interest definition
Credited Interest means interest on Member contributions to the Plan compounded annually from the end of the Plan Year in which contributions were made to the first day of the calendar month in which a determination thereof is to be made. Provided however, that such compounding shall commence from May 1st, 1972 for determinations being made in respect to contributions made prior to that date. The rate of interest used in compounding Credited Interest in any Plan Year shall be the average of the rate in effect on the first day of each month during the previous Plan Year for non-checking savings accounts administered by the Bank with which the Company transacts the majority of its banking business. Effective January 1, 1988, Credited Interest in respect to a Member's required contributions to the Plan shall be calculated on the basis of the yields of five-year personal fixed term chartered bank deposit rates, as determined from CANSIM B14045, published monthly in the Bank of Canada Review, averaged over a reasonably recent period, such averaging period not to exceed twelve (12) months. Interest shall be credited at the end of each Plan Year. The method of crediting interest for each Plan Year shall be as follows:
(i) In respect of a Member's required contributions, together with Credited Interest, outstanding at January 1 of that Plan Year, the full applicable rate of interest described above; and
(ii) In respect of a Member's required contributions made during that Plan Year, one half of the applicable interest rate described above, multiplied by the fraction of the year (incompleted months) during which the contributions were made during such Plan Year and to amortize any initial unfunded liability or experience deficiency in accordance with the requirements of the Pension Benefits Act, after taking into account the assets of the Pension Fund, the earnings thereon, the contribution of Members during the year and all other relevant factors.
Credited Interest means interest utilized in determining the minimum death benefit specified in Section 6.02 of Part II of the Plan. Such interest shall be at the rate determined in accordance with the Group Annuity Contract, but not less than 3% per annum compounded annually from the January 1st next following the date such contributions were made to the first day of the month as of which the Credited Interest is being determined for periods prior to January 1, 1976, plus 5% per annum compounded annually for periods beginning on or after January 1, 1976 and prior to January 1, 1988, plus the greater of (i) 5% per annum compounded annually or (ii) the interest rate which would be credited under Part II of the Plan under Step (iv)(A) of Subsection 2.01(b) for periods beginning on or after January 1, 1988.
Credited Interest means the amount of interest determined in accordance with Article V which is credited to the contributions made by the Company on behalf of the Member.
Examples of Credited Interest in a sentence
If a Member dies while in the service of the Company prior to their retirement date and before they have completed two (2) years of Plan membership, their Beneficiary will receive a refund of the Member's contributions made to the Plan on and after January 1, 1987, if any, with Credited Interest thereon.
The net investment income shall be allocated periodically, but at least at the end of each Plan Year, to the contributions made by the Company, in the form of Credited Interest and in accordance with an equitable manner approved by the Company.
The Credited Interest Rate of this Deposit may be higher or lower than the Credited Interest Rate of any other Deposit.
Any change in the rate of Credited Interest will apply to interest allowed after the effective date of such change.
If an employee terminates prior to retirement, he shall be entitled to a refund of his own contributions accumulated with Credited Interest subject to any locking-in conditions imposed by legislation.
More Definitions of Credited Interest
Credited Interest means interest that is credited to active members’ and inactive members’, accu- mulated retirement contributions, and accumulated annuity deposit contributions at a rate set annually by the board as a plan amendment with respect to the Defined Benefit Program.
Credited Interest means interest on a Member’s contributions made to this Plan, calculated as follows:
Credited Interest means the interest that shall be credited with respect to Employee contributions and the Credited Interest thereon. On and after July 1, 1969, interest shall be credited as provided in the Group Annuity Contract.
Credited Interest means interest calculated and applied, for each Plan Year, in such a manner as to comply with Applicable Legislation.
Credited Interest means interest credited on Required Contributions calculated as set out in Bylaw 7.03(3).
Credited Interest means interest commencing January 1, 1987 in an amount based on a rate determined by the Administrator using the average yields of five year personal fixed-term chartered bank deposit rates, as reported over a reasonably recent period, the averaging period not to exceed 12 months, or an amount based on such other rate prescribed by Applicable Legislation;
Credited Interest means the interest to be applied in respect of Employee Contributions or Self-Payments.