Frozen Accrued Benefit definition

Frozen Accrued Benefit means the benefit as defined in Section 5.8 of the Plan.
Sample 1Sample 2Sample 3
Frozen Accrued Benefit means a Participant's Accrued Benefit under the Plan determined as if the Participant terminated employment with the Employer as of the latest Fresh-Start Date, (or the date the Participant actually terminated employment with the Employer, if earlier), without regard to any amendment made to the Plan after that date other than amendments recognized as effective as of or before the date under Code §401(b) or Regulations §1.401(a)(4)-11(g). If the Participant has not had a Fresh-Start Date, the Participant's Frozen Accrued Benefit shall be zero.
Sample 1Sample 2Sample 3
Frozen Accrued Benefit means a Participant’s accrued benefit under the Plan as of March 31, 2012, determined as provided under Section 4.1
Sample 1Sample 2Sample 3

Examples of Frozen Accrued Benefit in a sentence

  • If, as of the Participant's latest Fresh-Start Date, the amount of a Participant's Frozen Accrued Benefit was limited by the application of section 415 of the Code, the Participant's Frozen Accrued Benefit will be increased for years after the latest Fresh-Start Date to the extent permitted under section 415(d)(l) of the Code.

  • In addition, the Frozen Accrued Benefit of a Participant whose Frozen Accrued Benefit includes the Top-Heavy minimum benefits provided in section 15.3 of the Plan, will be increased to the extent necessary to comply with the average compensation requirement of section 416(c)(l)(D)(i) of the Code.

  • In lieu of applying the old compensation fraction or new compensation fraction described in section 5.9(l), if the Employer elects, a Participant's adjusted Accrued Benefit will be determined by substituting the Participant's Compensation (as defined in section of the Plan) for the current Plan Year determined under the same Compensation formula and underlying definition of Compensation used to determine the Frozen Accrued Benefit of each Participant in the Fresh-Start group.

  • If the Participant has not had a Fresh-Start Date, the Participant's Frozen Accrued Benefit will be zero.

  • If elected by the Employer below, each Participant's Frozen Accrued Benefit will be adjusted in accordance with the following fraction: [ ] Old Compensation fraction [ ] New Compensation fraction [ ] Reconstructed Compensation Fraction (may be selected only if the latest Fresh-Start Date is before the first day of the first Plan Year beginning after January 1, 1994).

  • However, if under the Adoption Agreement the Fresh-Start group is limited to an acquired group of employees, or a group of employees with a Frozen Accrued Benefit attributable to assets and liabilities transferred to the Plan, the Fresh Start Date will be the date designated in the Adoption Agreement.

  • If the Plan provides a new optional form of benefit with respect to a Participant's Frozen Accrued Benefit, such new optional form of benefit will be provided with respect to each Participant's entire Accrued Benefit (i.e., Accrued both before and after the Fresh-Start Date).

  • The Opening Balance of a Cash Balance Participant who was an Active Participant in the Plan on January 1, 2002 and was an active Employee on April 1, 2002 is the Actuarially Equivalent present value of his Frozen Accrued Benefit determined as of January 1, 2002.

  • For purposes of determining the present value of a Cash Balance Participant's Frozen Accrued Benefit or a Grandfathered Participant's Accrued Benefit, present value for a Participant who has reached Normal Retirement Date shall be calculated based on the immediate annuity payable to the Participant as of his Annuity Starting Date.

  • If the Member was a Member of the Prior Plan, the accrued benefit under the Prior Plan of such Member shall be calculated as of December 31, 1996, and shall be the Member’s Frozen Accrued Benefit.


More Definitions of Frozen Accrued Benefit

Frozen Accrued Benefit means the annual retirement benefit accrued by a Participant as of December 31, 2010 (or earlier as provided herein) under Section 4.01 of this Plan as in effect on December 31, 2010.
Sample 1Sample 2
Frozen Accrued Benefit means a participant's accrued benefit under the Plan determined as of the latest Fresh-Start Date as if the participant terminated employment with the Employer on that date and without regard to any amendment to the Plan adopted after that date, other than amendments recognized as effective as of or before that date under Code Section 401(b) or Regulation Section 1.401(a)(4)-11(g).
Sample 1Sample 2
Frozen Accrued Benefit means the amount of the Participant’s Accrued Benefit as of the latest Fresh-Start Date determined in accordance with the provisions of Subparagraph R-3 of this Article III.
Sample 1
Frozen Accrued Benefit means a Participant's Accrued Benefit under the Plan determined as of the latest Fresh-Start Date as if the
Sample 1
Frozen Accrued Benefit means the Participant’s accrued benefit under the Plan, determined as of December 31, 2016. Consistent with the methodology of the Plan, the Frozen Accrued Benefit shall be determined by multiplying the Participant’s Normal Retirement Benefit by a fraction, the numerator of which is equal to the Participant’s years of credited service with the Bank as of December 31, 2016 and the denominator of which is the number of years of credit service the Participant would have with the Bank assuming he remains continuously employed until age 65. The Participant’s Frozen Accrued Benefit shall be subject to further reduction as described in paragraphs (a) and/or (b) below of this Section 1.34 as follows (to the extent applicable to the Participant):
Sample 1

Related to Frozen Accrued Benefit

  • 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.

  • 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 Company and its Affiliates 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, 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; 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 as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer'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.

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

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.

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

  • 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

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

  • 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;

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • 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.

  • Retirement Eligible means that the Participant has either attained age 55 and completed ten (10) years of Service as an Employee or attained age 60 and completed five (5) years of Service as an Employee.

  • Termination Benefits means the benefits described in Section 4.1(b).

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

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

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

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Retirement Eligibility means attainment of age 60 and completion of at least five (5) years of continuous service with the Company.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

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

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • 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).

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