Lump Sum Equivalent definition

Lump Sum Equivalent means a single lump sum payment that is actuarially determined as the amount required to provide an after-tax monthly payment equal to one-twelfth of the after-tax amount of the Annual Benefit. Effective for distributions occurring on or after January 1, 2007 and on or before December 31, 2009, unless otherwise determined by the Administrative Benefit Committee, the actuarial discount rate for determinations of the Lump Sum Equivalent shall be 4 percent (4%). Beginning January 1, 2010, the actuarial discount rate shall be determined by the Administrative Benefit Committee. The actuarial determination shall be computed using any other actuarial or other factors as determined by the Administrative Benefit Committee. The after-tax amounts shall be based on Federal income and FICA tax rates and the state income tax rate for the residence of the Participant at the date of the payment, as determined by the Administrative Benefit Committee.
Lump Sum Equivalent means with respect to any benefit hereunder, a lump-sum payment equal in value at date of determination to such benefit when determined actuarially, based upon the mortality table set forth in the Applicable Retirement Plan and the interest rate equal to the yield on a new 7-12 year AA-rated general obligation tax-exempt bond as determined by Merrill Lynch & Co. (or its affiliates) and published in The Wall Street Journal. An annual interest rate is to be determined as the average of the daily yields for November of the Plan Year preceding the Plan Year in which occurs the proposed date of payment; in such case, the stability period for such applicable interest rate shall be the Plan Year. In the event that age is increased by a salary continuation period or an Additional Service Period (“imputed years”), the lump sum payment will be discounted by the number of imputed years (including partial years) from the date of determination to the date of payment using interest only at the interest rate specified in the foregoing provisions of this definition. For purposes of Section 3.3(f) herein, the date of determination is the day after the end of the Additional Service Period. Further, (i) in the event an Eligible Participant is under age 55 on the date of determination, the Lump-Sum Equivalent shall be based on the present value of the Normal Retirement Benefit and (ii) in the event an Eligible Participant is age 55 or older at the date of determination, the Lump-Sum Equivalent shall be based on the present value of an immediate benefit.
Lump Sum Equivalent means a single-sum amount that is equivalent in value to the Survivor Income Benefit Equalization Allowance or other benefit otherwise identified under the Plan based on the actuarial principles and assumptions set forth in Exhibit A to the Benefit Equalization Plan.

Examples of Lump Sum Equivalent in a sentence

  • The Lump Sum Equivalent shall be distributed to the Participant as soon as administratively practicable after the date which is six months after the Participant’s Separation from Service, but not later than 90 days after such date.

  • If a Participant entitled to a benefit under Section 3.1 dies following a Separation from Service but before he or she has received payment of his or her Lump Sum Equivalent benefit pursuant to Section 3.3, payment of the Lump Sum Equivalent benefit shall be made to the Participant’s Beneficiary.

  • A final decision shall have been issued in any arbitration proceeding commenced for the purpose of determining the Lump Sum Equivalent Amount of any settlement entered into by the Company in connection with the Specified Litigation that is not a Lump Sum Settlement, or any Final Judgment entered by the court in connection with the Specified Litigation that is not a Lump Sum Judgment.

  • The Participant’s Monthly Benefit under this Plan based on the form of benefit under Section 3.1(b) shall be paid in the form of the Lump Sum Equivalent.

  • In addition, periodic payments are to be paid from the Date of Entry on the outstanding Lump Sum Equivalent.

  • The annual amount payable over a 15 year ------------------------- period from the Lump Sum Equivalent of any Qualified Retirement Plan of the Bank at the Participant's Retirement assuming the Interest Rate Offset If the Bank should Terminate its Qualified Plan prior to the Participant's Retirement the definition of Lump Sum shall be the Lump Sum Equivalent at Termination Increased Annually by the Interest Rate Offset on January 1st of each year.

  • The Company will provide an income statement for the Don Valley facility business to the Union Executive by October for the nine-month period ending September The Company will pay the Lump Sum Equivalent of the pay continuance pension benefit as set out in Schedule “2” within one month of the date of transfer of the assets of the facility.

  • For residents moving in (pre 1 July 2014 only), periodic interest income relates to income earned on the amount of "Lump Sum Equivalent", where a resident does not pay a lump sum accommodation bond.

  • The total Accommodation Bond is the sum of the lump sum payment plus the outstanding Lump Sum Equivalent.


More Definitions of Lump Sum Equivalent

Lump Sum Equivalent means the value of the Participant’s Qualified Plan Account as of the date of retirement.
Lump Sum Equivalent means a single lump sum payment that is actuarially determined as the amount required to purchase a commercial annuity that would provide an after-tax monthly payment equal to the after-tax amount of the Monthly Benefit. The actuarial determination shall be computed using actuarial and other factors, adjusted annually, as determined by the Administrative Benefit Committee. The after-tax amounts shall be based on Federal income and FICA tax rates and the state income tax rate for the residence of the Participant at the date of the payment, as determined by the Administrative Benefit Committee.
Lump Sum Equivalent means a single lump sum payment that is actuarially determined as the amount required to provide an after-tax monthly payment equal to the after-tax
Lump Sum Equivalent means with respect to any benefit hereunder, a lump-sum payment equal in value at date of determination to such benefit when determined
Lump Sum Equivalent means a single lump sum payment that is actuarially determined as the amount required to provide an after-tax monthly payment equal to the after-tax amount of the Monthly Benefit payable for the period determined under
Lump Sum Equivalent means, in relation to any portion of the Accommodation Bond which is to be paid by periodic payments, the amount of the lump sum that the Resident would have paid if the Resident had not paid, or agreed to pay, that portion of the Accommodation Bond by periodic payments;

Related to Lump Sum Equivalent

  • Actuarial equivalent means a benefit of equal value when

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Dose equivalent (HT) means the product of the absorbed dose in tissue, quality factor, and all other necessary modifying factors at the location of interest. The units of dose equivalent are the sievert (Sv) and rem.

  • Aluminum equivalent means the thickness of type 1100 aluminum alloy affording the same attenuation, under specified conditions, as the material in question.

  • Interest Equivalent means a yield on a 360-day basis of a discount basis security which is equal to the yield on an equivalent interest-bearing security.

  • Spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.

  • Lead equivalent means the thickness of lead affording the same attenuation, under specified conditions, as the material in question.

  • Lump Sum Payment means, collectively, the lump-sum payments that may be payable to Executive pursuant to the first sentence of Subsection 6(b)(iii) and pursuant to Subsection 6(c)(ii)(B).

  • Dose equivalent (HT means the product of the absorbed dose in tissue, quality factor, and all other necessary modifying factors at the location of interest. The units of dose equivalent are the sievert (Sv) and rem.

  • Therapeutically equivalent means a drug product with the same efficacy and toxicity when administered to an individual as the originally prescribed drug as provided for in Section 39‑24‑40.

  • Effective dose equivalent (HE), means the sum of the products of the dose equivalent to each organ or tissue (HT), and the weighting factor (wT,) applicable to each of the body organs or tissues that are irradiated.

  • Equivalent Amount of any currency with respect to any amount of Dollars at any date shall mean the equivalent in such currency of such amount of Dollars, calculated on the basis of the Exchange Rate for such other currency at 11:00 a.m., London time, on the date on or as of which such amount is to be determined.

  • SERP Benefit means the benefit described in Section 5.1.

  • Distribution Equivalent Right means an Award granted under Article XIII of the Plan which entitles the Holder to receive bookkeeping credits, cash payments and/or Share distributions equal in amount to the distributions that would have been made to the Holder had the Holder held a specified number of Shares during the period the Holder held the Distribution Equivalent Right.

  • Equivalent method means any method of sampling and analyzing for an air pollutant that has been demonstrated to the satisfaction of the commissioner and the U.S. EPA to have a consistent and quantitatively known relationship to the reference method under specific conditions.

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

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

  • Phantom Share means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value.

  • Accrued Benefit have the meanings specified in ERISA.

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Total effective dose equivalent (TEDE) means the sum of the deep dose equivalent for external exposures and the committed effective dose equivalent for internal exposures.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • 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.

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

  • Early Retirement Benefit means the retirement benefit payable to a member following early