Current benefit definition

Current benefit means the annual payment currently paid on behalf of a member. It includes, where applicable, the permanent benefit increase granted by Ordinance 99566 and Ordinance 104156. It takes into account any reductions based on options selected by the member under Section 4.36.260. It shall also mean payments of accumulated contributions made under Subsection 4.36.270 B, and payments received by a beneficiary as a result of an option selected under Section 4.36.260. It shall not include the cumulative cost of living adjustments provided for in Subsection 4.36.215 B1.
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Current benefit means the annual pay- ment currently paid on behalf of a member. It includes, where applicable, the permanent benefit increase granted by Ordinance 99566 and Ordi- nance 104156. It takes into account any reductions based on options selected by the member under Section 4.36.260. It shall also mean payments of accumulated contributions made under Section
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Current benefit means the benefit determined under the Retirement Plan's benefit formula, including any applicable Limitation on Benefits or Limitation on Compensation, which a person would be eligible to receive if he or she were to terminate employment on a specified date and elect to receive a benefit at the earliest date permitted under the provisions of the Retirement Plan.
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Examples of Current benefit in a sentence

  • The annual benefit under this Section 2.2 is equal to (a) the Current Benefit Level, determined as of the end of the Plan Year immediately preceding the Executive’s Early Termination, multiplied by (b) the applicable Performance Ratio multiplied by (c) the applicable Vesting Percentage.

  • The annual benefit under this Section 2.4 is equal to (a) One Hundred Percent (100%) of the Current Benefit Level, determined as of the end of the Plan Year immediately preceding the Executive’s Separation from Service, multiplied by (b) the applicable Performance Ratio.

  • Age at Initial Installment Date: 60 Attained Age: 70 Covered Fund Value = $120,000 Current Benefit Base = $125,000 Current XXX% before Ratchet Date: 4% Attained Age XXX% after Ratchet Date: 6% (Current XXX%) x (Current Benefit Base) = 4% x $125,000 = $5,000 (Attained Age XXX%) x (Covered Fund Value) = 6% x $120,000 = $7,200 Because the new XXX ($7,200) is greater than the current XXX ($5,000), there is a Reset.

  • However, the Current Benefit Charge will never exceed the charge then in effect for new issues of this same Rider.

  • Since the date of the latest Schedule B, there has been no material adverse change in the funding status or financial condition of any Current Benefit Plan relating to such Schedule B.

  • Schedule B to the most recent annual report filed with the IRS with respect to each Benefit Plan to which the Borrower or any ERISA Affiliate is currently obligated to contribute ("Current Benefit Plan") and furnished to the Lender is complete and accurate.

  • Except as waived by the Buyer, such New Insurance Policies must provide for coverages, benefits, exclusions, deductibles, co-payments, premium levels, employer costs, and other terms and conditions that are substantially the same as to those presently available to the Company, (the "Current Benefit Levels") and its employees (and their respective dependents, spouses, domestic partners, and beneficiaries) under the Seller-Sponsored Plans.

  • New XXX is $7,200 New Benefit Base is $120,000 New XXX% is 6% Numerical Example When Reset is NOT Beneficial: Age at Initial Installment Date: 60 Attained Age: 70 Covered Fund Value = $75,000 Current Benefit Base = $125,000 Current XXX% before Ratchet: 4% Attained Age XXX% after Ratchet Date: 6% (Current XXX%) x (Current Benefit Base) = 4% x $125,000 = $5,000 (Attained age withdrawal %) x (Covered Fund Value) = 6% x $75,000 = $4,500 Because $4,500 is less than current XXX of $5,000, there is no Reset.

  • New Benefit Base is $120,000 New XXX% is 6% Numerical Example When Reset is NOT Beneficial: Age at Initial Installment Date: 60 Attained Age: 70 Covered Fund Value = $75,000 Current Benefit Base = $125,000 Current XXX % before Ratchet: 4% Attained Age XXX% after Ratchet Date: 6% (Current XXX %) x (Current Benefit Base) = 4% x $125,000 = $5,000 (Attained age withdrawal %) x (Covered Fund Value) = 6% x $75,000 = $4,500 Because $4,500 is less than current XXX of $5,000, there is no Reset.

  • The annual benefit under this Section 2.3 is equal to (a) One Hundred Percent (100%) of the Current Benefit Level, determined as of the end of the Plan Year immediately preceding the Executive’s Separation from Service, multiplied by (b) the applicable Performance Ratio.


More Definitions of Current benefit

Current benefit means the annual payment currently paid on behalf of a member. It includes, where applicable, the permanent benefit increase granted by Ordinance 99566 and Ordinance 104156. It takes into account any reductions based on options selected by the member under Section
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Related to Current benefit

  • Retirement Benefit means the benefit set forth in Article 5.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Termination Benefit means the benefit set forth in Article 7.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • 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).

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

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

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial 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 Participant would be entitled under the terms of the Plan assuming:

  • 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.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • 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.

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

  • Service benefit means the credit toward retirement benefits as determined by the

  • Disability Benefit means the benefit set forth in Article 8.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • 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.

  • Actuarial equivalent means a benefit of equal value when

  • Relevant Benefits means any pension, annuity, lump sum, gratuity or other like benefit given or to be given on retirement or death, or in anticipation of retirement.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—