Limitation on Benefits definition

Limitation on Benefits means the statutory limitation on the maximum benefit that may be payable to participants under a Pension Plan due to the application of certain provisions contained in the Code.
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Limitation on Benefits means the limitation on the "annual benefit" payable to Participants under the Retirement Plan in accordance with Section 415 of the Code.
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Examples of Limitation on Benefits in a sentence

  • Notwithstanding any other provision of this Plan, no amount shall be payable under this Article IV unless the Participant's monthly benefit paid under the applicable Pension Plan is actually reduced because of application of the Limitation on Benefits.

  • In the event a change in law or regulation liberalizes the limitations applicable to determining the Limitation on Benefits such that a Participant may receive additional benefits under the applicable Pension Plan, and the applicable Pension Plan provides for the payment of such additional benefits to the Participant, the amount payable under this Article IV shall be reduced by a corresponding amount.

  • Benefits under this Article IV shall be payable only to those Participants whose benefits, under a Pension Plan under which they otherwise participate, are reduced or limited by reason of the Limitation on Benefits.

  • The Company and you agree that the provisions of Section 6 of the Change in Control Agreement relating to Limitation on Benefits and Sections 12.2 through 12.4 related to tax compliance shall each apply to any compensation and benefits pursuant to this letter agreement as though the provisions were contained herein.

  • TAIHO and Arcus shall reasonably cooperate to minimize any such withholding, including by Arcus providing a Certification of U.S. Tax Residency on Form 6166, an Application Form for Income Tax Convention (Form 3) and an Attachment Form for Limitation on Benefits Article (US) (Form 17).

  • Section 4.4 is hereby amended effective January 1, 1998, to provide as follows: 4.4 Limitation on Benefits.

  • Notwithstanding any provision of the Plan to the contrary, any notice required to be distributed to Participants, Beneficiaries, and alternate payees pursuant to the terms of the Plan may, at the direction of the Retirement Committee, be transmitted electronically to the extent permitted by, and in accordance with any procedures set forth in, applicable law and regulations.7.8 Limitation on Benefits in the Event of a Liquidity Shortfall.

  • These Participants whose benefits, under a Pension Plan under which they otherwise participate, are reduced or limited by reason of the Limitation on Benefits as of December 31, 2009.

  • Notwithstanding any provision of the Plan to the contrary, the following shall apply: Limitation on Benefits.

  • For this purpose, if such other plan has as its purpose the intent to recompense its eligible participants for amounts affected by the Limitation on Benefits, the Limitation on Contributions, or the Limitation on Compensation, it will be deemed an excess benefit plan regardless of the terminology employed.

Related to Limitation on Benefits

  • Separation Benefits has the meaning accorded such term in Section 3.04.

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

  • 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;

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Pension Benefits Act means The Pension Benefits Act of Ontario and regulations thereunder as amended from time to time.

  • Coordination of Benefits or “COB” means a provision establishing an order in which plans pay their claims, and permitting secondary plans to reduce their benefits so that the combined benefits of all plans do not exceed total allowable expenses.

  • Change in Control Benefits means the following benefits:

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Additional Benefits means those benefits in addition to the rights and remedies available under the Australian Consumer Law.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Employment benefits means all benefits provided or made

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

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

  • 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 benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

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

  • Compensation and Benefits Programs means all compensation and benefit plans, policies, and programs of the Debtors, and all amendments and modifications thereto, applicable to the Debtors’ employees, former employees, retirees, and non-employee directors and the employees, former employees and retirees of their subsidiaries, including all savings plans, retirement plans, health care plans, disability plans, and incentive plans, deferred compensation plans, and life, accidental death, and dismemberment insurance plans.

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

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

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