Lifetime Pension definition

Lifetime Pension means the pension determined in accordance with the provisions of Article 8.
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Lifetime Pension means the pension payable for the lifetime of a Member, calculated under section 7.02 and does not include the Bridge Pension.
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Examples of Lifetime Pension in a sentence

  • A number of bills have been introduced in Congress, which are designed to provide tax incentives to save for retirement through annuities (e.g., Lifetime Pension Annuity for You Act, Retirement Security for Life Act).

  • Where required by the Pension Benefits Act, such transferred amount shall be administered only for the provision of a Lifetime Pension Benefit for the Member or for the provision of Pension Benefits or lump-sum refunds, as applicable, in the event of the death of the Member.

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  • The Surviving Spouse of a Vested Participant who dies before his Pension Effective Date is eligible for a BeforeRetirement Spouse Lifetime Pension.

  • The Surviving Spouse of a Vested Participant who dies before his Normal Retirement Date is eligible to elect a Spouse Pension Effective Date for her Before Retirement Spouse Lifetime Pension.

  • The Surviving Spouse of a Plan Member who dies on or after his Latest Retirement Date (see Article 20.40) is not eligible for a Before Retirement Spouse Lifetime Pension.

  • An Immediate Spouse Lifetime Pension is payable if either of the following conditions is met: • The Vested Participant dies on or after his Earliest Retirement Date.

  • The Plan provides two types of Spouse Lifetime Pensions: • The Before Retirement Spouse Lifetime Pension (Immediate or Deferred) • The After Retirement Spouse Lifetime Pension 11.2 Before Retirement Spouse Lifetime Pension.

  • Except as otherwise required in any applicable law, no amendment will reduce any Normal Retirement Benefit accrued under the Plan before the amendment is adopted, or adversely affect any Retirement Benefit being paid to any Pensioner, any Spouse Lifetime Pension being paid to any Spouse or Surviving Spouse, any Survivor Benefit, some portion of which is being paid, or any Lump Sum Death Benefit payable because of a Plan Member’s death before the amendment.

  • Lifetime Pension Benefit Relative to Accumulated Contribution, By Rate of Earnings Growth, 4-Percent Discount Rate3.342.952.602.292.033.5 3.0 2.5 2.0 1.52 3 4 5 6Wage Growth Rate Figure 2.

Related to Lifetime Pension

  • 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.

  • war pension means a war disablement pension, a war widow’s pension or a war widower’s pension;

  • state pension credit means state pension credit under the State Pension Credit Act 2002;

  • qualifying age for state pension credit means (in accordance with section 1(2)(b) and (6) of the State Pension Credit Act 2002)—

  • Employee Pension Benefit Plan has the meaning set forth in ERISA Section 3(2).

  • Accrued Benefit have the meanings specified in ERISA.

  • Employee Pension Plan means any Employee Plan for the provision of retirement income to employees or which results in the deferral of income by employees extending to the termination of covered employment or beyond as defined in Section 3(2) of ERISA.

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;

  • 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.

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Annual Addition The sum of the following amounts allocated on behalf of a Participant for a Limitation Year, of (i) all Employer contributions; (ii) all forfeitures; and (iii) all Employee contributions. Except to the extent provided in Treasury regulations, Annual Additions include excess contributions described in Code Section 401(k), excess aggregate contributions described in Code Section 401(m) and excess deferrals described in Code Section 402(g), irrespective of whether the plan distributes or forfeits such excess amounts. Annual Additions also include Excess Amounts reapplied to reduce Employer contributions under Section 3.10. Amounts allocated after March 31, 1984, to an individual medical account (as defined in Code Section 415(l)(2)) included as part of a defined benefit plan maintained by the Employer are Annual Additions. Furthermore, Annual Additions include contributions paid or accrued after December 31, 1985, for taxable years ending after December 31, 1985, attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code Section 419A(d)(3)) under a welfare benefit fund (as defined in Code Section 419(e)) maintained by the Employer.

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

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Foreign Pension Plan means any plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States of America by the Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

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

  • SERP Benefit means the benefit described in Section 5.1.

  • occupational pension means any pension or other periodical payment under an occupational pension scheme but does not include any discretionary payment out of a fund established for relieving hardship in particular cases;

  • Foreign Benefit Law means any applicable statute, law, ordinance, code, rule, regulation, order or decree of any foreign nation or any province, state, territory, protectorate or other political subdivision thereof regulating, relating to, or imposing liability or standards of conduct concerning, any Employee Benefit Plan.

  • Annual Additions means the sum credited to a Participant's Accounts for any Limitation Year of (a) "employer" contributions, (b) Employee contributions (except as provided below), (c) Forfeitures, (d) amounts allocated to an individual medical benefit account, as defined in Code §415(l)(2), which is part of a pension or annuity plan maintained by the "employer," (e) amounts derived from contributions paid or accrued which are attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code §419A(d)(3)) under a welfare benefit fund (as defined in Code §419(e)) maintained by the "employer" and (f) allocations under a simplified employee pension. Except, however, the Compensation percentage limitation referred to in paragraph (e)(5)(ii) below shall not apply to: (1) any contribution for medical benefits (within the meaning of Code §419A(f)(2)) after separation from service which is otherwise treated as an "annual addition," or (2) any amount otherwise treated as an "annual addition" under Code §415(l)(1).

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

  • Plan approved domestic relations order means a judgment, decree, or order (including the approval of a settlement agreement) which is:

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

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

  • Actuarial equivalent means a benefit of equal value when