Defined Benefit Option definition

Defined Benefit Option means the arrangement in the Plan under which a Member’s benefits are determined based on the Member’s years of Credited Service and Final Average Earnings in accordance with Paragraph 7.1.
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Defined Benefit Option means one of the two retirement packages under the Plan. The Defined Benefit Option is available only to (a) Administrative Personnel both participating in the Plan and employed by the City as of April 14, 1986, and (b) Union Employees both participating in the Plan and employed by the City as of December 1, 1986. Police Employees shall be eligible only for the Defined BenefitOption. The Defined Benefit Option consists of the provisions of this Plan as amended herein, excluding Article XV.
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Examples of Defined Benefit Option in a sentence

  • However, it is understood that the Liquid Carbonic service years are not used in the formula calculation for generating a pension under the Defined Benefit Option of Praxair’s Retirement Plan.

  • This Supplemental Employee Contribution shall be no more than 50% of the excess of such City contribution over 6.5% of such Earnings and shall be treated as a contribution to the Defined Benefit Option.

  • As of any July 1, if the City contribution to the Defined Benefit Option of the Plan exceeds 6.5% of the Earnings of the Employees who are participating under the Defined Benefit Option as of such July 1, the City, in its discretion, reserves the right to impose a “Supplemental Employee Contribution” for the applicable fiscal year.

  • From and after April 1, 1996, each eligible Administrative Employee who elects to participate in the Defined Benefit Option of the Plan, and who has not retired, shall make contributions under the Plan each pay period through payroll deductions at a rate equal to 5.2% of his/her biweekly earnings.

  • Police Employees--- Defined Benefit Option Only From and after May 1, 1993, each eligible Police Employee who participates in the Defined Benefit Option of the Plan, and who has not retired, shall make contributions under the Plan each pay period through payroll deductions at a rate equal to 8.5% of his/her biweekly earnings.

  • Except for Police Employees who transfer to the City on or after July 1, 1990, an Employee who transfers service credit shall receive the same amount of service credit under the Defined Benefit Option or the Defined Benefit Portion of the Thrift Plan Option of the Plan as had accumulated under the previous system, applicable both for the purposes of determining eligibility for retirement under the Plan andfor meeting vesting requirements.

  • Administrative Personnel---Defined Benefit OptionFor Administrative Personnel in the Defined Benefit Option, the annual amount of Normal Retirement Benefit payable to an Administrative Employee who retires on his/her Normal Retirement Date shall be equal to 1.8% of Final Average Earnings multiplied by years of Credited Service prior to April 1, 1996, plus 2.0% of Final Average Earnings multiplied by years of Credited Service on or after April 1, 1996.

  • Union Employees---Defined Benefit Option OnlyFrom and after July 1, 1975, each eligible Union Employee who elects to participate in the Defined Benefit Option of the Plan, and who has not retired, shall make contributions under the Plan each pay period through payroll deductions at a rate equal to 4.2% of his/her biweekly earnings.

  • Union Employees---Defined Benefit OptionFor Union Employees in the Defined Benefit Option, the annual amount of Normal Retirement Benefit payable to a Union Employee who retires on his/her Normal Retirement Date shall be equal to 1.8% of Final Average Earnings multiplied by years of Credited Service.

  • Other Findings and Recommendations We also note the following: ■ The shortfall limit of 98% remains appropriate and we recommend it be maintained at this level.■ The investment policy is to have the assets supporting the Plan’s liabilities (other than those to which Member Investment Choice applies) invested in the Plan’s Defined Benefit Option, with approximately 65% in growth assets such as shares and property, and 35% in defensive assets such as cash and bonds.

Related to Defined Benefit Option

  • Defined Benefit Fraction means a fraction, the numerator of which is the sum of the participant's projected annual benefits (as defined in Section 23.5.11) under all the defined benefit plans (whether or not terminated) maintained by the Employer, and the denominator of which is the lesser of 125% of the dollar limitation determined for the limitation year under Sections 415(b) and (d) of the Code or 140% of the highest average compensation (as defined in Section 23.5.8), including any adjustments under Section 415(b) of the Code. Notwithstanding the above, if the participant was a participant as of the first day of the first

  • Defined Benefit Plan means either a plan described in Section 3(35) of ERISA or a plan subject to the minimum funding standards set forth in Section 302 of ERISA and Section 412 of the Code.

  • Defined Benefit Plan Fraction means a fraction, the numerator of which is the projected annual benefit (determined as of the close of the relevant Plan Year) of the Participant under all Defined Benefit Plans maintained by one or more Related Companies, and the denominator of which is the lesser of (i) the product of 1.25 multiplied by the dollar limitation in effect under Section 415(b)(1)(A) of the Code for the Plan Year, or (ii) the product of 1.4 multiplied by the amount which may be taken into account under Section 415(b)(1)(B) of the Code with respect to the Participant for the Plan Year.

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan that contains or has ever contained a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

  • Qualified Benefit Plan has the meaning set forth in Section 3.20(c).

  • Canadian Defined Benefit Plan means a Canadian Pension Plan, which contains a “defined benefit provision,” as defined in subsection 147.1(1) of the ITA.

  • Accrued Benefit have the meanings specified in ERISA.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Nonqualified Deferred Compensation Rules means the limitations or requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

  • Nonqualified deferred compensation plan means a compensation plan described in Section 3121(v)(2)(C) of the Internal Revenue Code.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Health benefit plan means a policy, contract, certificate or agreement offered or issued by a health carrier to provide, deliver, arrange for, pay for or reimburse any of the costs of health care services.

  • Medical Benefits Schedule means the Medicare Schedule of Benefits produced by the Department of Health to which all fees and benefits relate for inpatient hospital services.

  • Retirement Savings Plan means the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or substitute plan.

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

  • Extended benefits means benefits, including benefits payable to federal civilian employees and to ex-servicemen under 5 U.S.C. Chapter 85, payable to an individual under the provisions of this section for weeks of unemployment in his eligibility period.

  • Lifetime Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder cumulatively since the inception of these Terms and Benefits, irrespective whether any limits of any benefit items stated in the Benefit Schedule have been reached or whether the Annual Benefit Limit in a Policy Year has been reached.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive’s employment for reasonable and necessary expenses incurred by the Executive on behalf of the Employer for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, but subject to any deferral election then in effect, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained at the target level (reduced, but not below zero, by amounts paid under all such contingent bonus or incentive compensation awards upon the Change in Control of the Company to the extent such amounts relate to the same period of time); and (v) all other payments and benefits to which the Executive (or in the event of the Executive’s death, the Executive’s surviving spouse or other beneficiary) may be entitled on the Termination Date as compensatory fringe benefits or under the terms of any benefit plan of the Employer, excluding severance payments under any Employer severance policy, practice or agreement in effect on the Termination Date. Payment of Accrued Benefits shall be made promptly in accordance with the Company’s prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits; provided that payments pursuant to clause (iv)(B) shall be paid on the first day of the seventh month following the month in which the Executive’s Separation from Service occurs, unless the Executive’s Separation from Service is due to death, in which event such payment shall be made within 90 days of the date of Executive’s death.

  • Extended benefit period means a period which:

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

  • Health benefits plan means a benefits plan which pays or

  • Profit Sharing Plan means a profit-sharing plan that is qualified pursuant to 26 U.S.C. § 401 of the Internal Revenue Code and subject to the Employee Retirement Income Security Act, and which provides for employer contributions in the form of cash, but not in the form of stock or other equity interests in a Medical Marijuana Business.