Crown Pension definition

Crown Pension means the annual amount or amounts payable to the Participant under the basic pension benefit portion of the Salaried Pension Plan or the basic pension benefit portion of any other tax-qualified employee defined benefit pension plan maintained by the Employer, as a single life annuity beginning at or after retirement age 65.
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Crown Pension means the annual amount or amounts payable to the Participant under the basic pension benefit portion of the Pension Plan or the basic pension benefit portion of any other tax-qualified employee defined benefit pension plan maintained by the Employer (including, without limitation, any defined benefit pension plan sponsored or maintained by the Employer in order to comply with the laws of any foreign jurisdiction) and that are attributable to employer contributions made to such plan by the Company, any other Employer while it is a member of the Company’s controlled group or any acquired company, aswhere the basic pension is determined by computing the equivalent actuarial value of the Plan’s employer-provided normal retirement benefit to a single life annuity beginning at or after age 65.age 65 or attained age, if later, without any future cost of living adjustments. In the case of the Pension Plan, the supplemental portion is considered to be fully employee-provided. The equivalent actuarial value shall be based upon (i) the annual rate of interest on 30-year Treasury securities as of any determination date, (ii) the 1983 Group Annuity Mortality Table for males and (iii) a real rate of return on Treasury indexed securities as of any determination date.
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Examples of Crown Pension in a sentence

  • Following the Closing Date, Crown shall continue to permit Former Constar Employees (and Active Constar Employees, who subsequently become eligible and elect to do so), to pay their portion of the cost of retiree medical benefits through a voluntary deduction from their benefit payments under the applicable Crown Pension Plan.

  • Following the Closing Date, and notwithstanding Section 2.2, the Crown Pension Plan shall retain all liabilities and assets related to benefits earned prior to the Closing Date by Active Constar Employees (compensated on a salaried basis) and the Former Constar Employees (compensated on a salaried basis) who are not listed on Appendix G.

  • Except as specifically provided in this Section 3.2(c), effective as of the Closing Date, the Active Constar Employees (compensated on a salaried basis) shall cease to accrue benefits under the Crown Pension Plan.

  • For purposes of benefit accrual, all compensation recognized under the Crown Pension Plan shall, be recognized and taken into account under the Constar Pension Plan.

  • B = Participant’s Average Annual Compensation; C = Participant’s Crown Pension; D = Participant’s Crown Thrift Amount; E = Participant’s Primary Insurance Amount Offset; and F = Participant’s Grandfathered Benefit.

  • The Constar Retirement Plans will provide benefits for a period of one year after the Closing Date that are at least substantially equivalent in all Material Features (except for the Supplemental Pension Plan provisions of the Crown Pension Plan) to those provided under the corresponding Crown Retirement Plans immediately before the Closing Date.

  • For purposes of eligibility (including early retirement eligibility), vesting and benefit accrual, all service recognized under the Crown Pension Plan (for periods immediately before the Closing Date) shall, as of immediately after the Closing Date be recognized and taken into account under the Constar Pension Plan.

  • Notwithstanding the preceding sentence, for purposes of early retirement eligibility and vesting, all service recognized under the Constar Pension Plan for periods following the Closing Date shall be recognized and taken into account under the Crown Pension Plan.

  • Notwithstanding the preceding sentence, pension eligible compensation (subject to a maximum increase of 3.5% per calendar year) earned by Active Constar Employees from the Constar Group on or after the Closing Date shall be recognized under the applicable Crown Pension Plan for benefit accrual purposes; provided, however, that this sentence shall be applicable only for such period that Crown owns a 25 percent or greater interest in Constar.

  • Following the Closing Date, and notwithstanding Section 2.2, the Crown Pension Plans shall retain all liabilities and assets related to Active Constar Employees and Former Constar Employees earned prior to the Closing Date.