For schemes where members pay the premium, individual members will have an option to take Earning Spouse or Earning Guardian Cover.
Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).
SERP Benefit means the benefit described in Section 5.1.
Accrued Benefit have the meanings specified in ERISA.
Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).
Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.
Eligible Spouse means a spouse of an Eligible Retiree who satisfies the requirements for eligibility described in the Eligibility section of this document, or an ex-spouse who is an Eligible Spouse with rights to coverage as an Eligible Spouse pursuant to a court order recognized by SHARP. A Spouse must be married to retiree at least one year prior to the effective date of retirement. A Spouse married after the retiree’s effective retirement date is considered a non-eligible spouse for purposes of the Plan. [See “Spouse”]
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
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.
Qualified Participant means an individual who is a participant of Tier 2 and who meets 1 of the following requirements:
Covered Participant means a Participant who is a “covered employee” as defined in Section 162(m)(3) of the Code, and the regulations promulgated thereunder, and any individual the Committee determines should be treated as such a covered employee.
Retirement Benefit means the benefit set forth in Article 5.
Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;
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).
Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:
Eligible Participant means an employee, officer, consultant or director of the Company or any Affiliate.
Disability Benefit means the benefit set forth in Article 8.
Retired Participant means a person who has been a Participant, but who has become entitled to retirement benefits under the Plan.
Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.
Annuity Benefit means a benefit payable by us as described in Part VII.
Plan Year means the calendar year.
Normal Retirement Benefit means the benefit described in Section 2.1.
Early Retirement Benefit means the retirement benefit payable to a member following early
life annuity means “life annuity contract” as defined in Pension Legislation that conforms with the Act and Pension Legislation;
Eligible Employee means full-time and part-time employees in the bargaining unit who have completed four hundred and fifty (450) hours of service and who are not prohibited from contributing to the Plan by legislation or the Plan rules because of their age or because they are in receipt of a pension from the Plan.
Active Participant means, with respect to any day or date, a Participant who is in Service on such day or date; provided, that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or (ii) at the end of the Plan Year that the Committee determines the Participant no longer meets the eligibility requirements of the Plan.
Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.