Maximum Annual Benefit definition

Maximum Annual Benefit. Shall be defined as those benefits payable under this Agreement that have annual maximum limits for each Covered Person as shown in Exhibit .
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Maximum Annual Benefit means a maximum annual benefit amount of $36,000 per year for autism support program services for an eligible individual. For the purposes of this program, the annual benefit is calculated by using as a starting date the date the first service is reimbursed by the program and an ending date 12 months from the starting date. Expenditures included in the calculation of the maximum annual benefit include reimbursements to autism service providers for provision of applied behavioral analysis and reimbursements to integrated health homes for costs of care coordination. Cost-sharing paid by the eligible individual is not included in the calculation of the individual’s annual benefit.
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Maximum Annual Benefit means an amount calculated by subtracting from the Retirement Factor: (i) the annual accrued benefit as of the Qualifying Event (based on a monthly single life annuity) payable at normal retirement age (as defined in the Pension Plan); (ii) one-half of Executive's Social Security Benefit as of the Qualifying Event; and (iii) the annual single life annuity payable at age 65 based on the Actuarial Equivalent of Executive's account under the Savings Plan as of the Qualifying Event solely attributable to matching contributions made by the Company. Notwithstanding anything in this Section 1 (m) to the contrary, the calculation of the Maximum Annual Benefit shall be based solely on full and consecutive years of employment with the Company or an Affiliate and shall cease to accrue and vest after an Executive's date of termination with the Company or an Affiliate.
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Examples of Maximum Annual Benefit in a sentence

  • If a Participant who is covered under this Plan and under any Related Plan (as defined in subparagraph (f)(ii) below) is entitled to an aggregate Projected Annual Benefit under said plans in a Plan Year which exceeds his Maximum Annual Benefit, the aggregate Projected Annual Benefit shall be reduced to the extent necessary so that it shall not exceed his Maximum Annual Benefit.

  • Coverage Type Coverage Description In-Network Out-of-Network Annual Deductible A Preventative 100% 100% N/A B Basic Restorative 100% 80% $50 Individual/$100 Family C Major Restorative 50% 50% $50 Individual/$100 Family D Orthodontia 50%* 50%* N/A Maximum Annual Benefit $1,250** $1,000** * Orthodontia has a lifetime maximum benefit of $1,000 for dependents age 19 and under.

  • For Respite Care Benefit, this Rider provides for a Maximum Annual Benefit equal to the percentage of the Maximum Monthly Benefit shown on the Policy Schedule.

  • For Bed Reservation Benefit, this Rider provides for a Maximum Annual Benefit equal to the percentage of the Maximum Monthly Benefit shown on the Policy Schedule.

  • The RSP Employer Deferral for each Plan Year after 1990 and prior to 1994 shall be an amount equal to six percent (6%) of the Participant's Compensation, without regard to the Maximum Annual Benefit Limitation.

  • Anything to the contrary notwithstanding, the Projected Annual Benefit (as defined in subparagraph (f)(iii) below) payable with respect to a Participant for any Plan Year commencing on or after the Effective Date shall not exceed his Maximum Annual Benefit.

  • The monthly payment under the single life annuity to which the Participant would have been entitled to receive under the Pension Plan if there were no Maximum Annual Benefit Limitation and if Compensation (as defined under this Plan) was used to determine such monthly payment (rather than “compensation” as defined under the Pension Plan).

  • The Maximum Annual Benefit Limitation shall be 25% of a Participant’s Final Average Annual Pay.

  • A Participant’s Annual Plan Benefit is the product of (i) his Final Average Annual Pay, (ii) his Future Service period, (iii) the Annual Benefit Multiplier and (iv) his Vested Percentage; provided that, in no event, may the Participant’s Annual Plan Benefit exceed the Maximum Annual Benefit Limitation applicable to him.

  • The Maximum Annual Benefit Limitation shall be 25% of a Participant's Final Average Annual Pay.


More Definitions of Maximum Annual Benefit

Maximum Annual Benefit means an amount calculated by subtracting from the Retirement Factor: (i) the annual accrued benefit as of the Qualifying Event (based on a monthly single life annuity) payable at normal retirement age (as defined in the Pension Plan); (ii) one-half of Executive's Social Security Benefit as of the Qualifying Event; and (iii) the annual single life annuity payable at age 65 based on the Actuarial Equivalent of Executive's account under the Savings Plan as of the Qualifying Event solely attributable to matching contributions made by the Company.
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Maximum Annual Benefit means the total Salary Reduction Contributions a Covered Employee authorizes to his or her Health Care Flexible Spending Account, according to the election procedures of Section 7.1, for Qualifying Medical Expense reimbursement, which amount must be not more than an amount communicated annually by the Plan Administrator, which amount shall not exceed maximum amount allowed under Section 125 of the Code. Plan Plan means the PAREXEL International Corporation Combination Limited Purpose Health Care Flexible Spending Account Plan as herein set forth and as amended from time to time.
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Maximum Annual Benefit means a maximum annual benefit amount of $36,000 per year for autism support program services for an eligible individual. For the purposes of this program, the annual benefit is calculated by using as a starting date the date the first service is reimbursed by the program and an
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Maximum Annual Benefit means $150,000 per Plan Year for each Participant including all of the Participant’s Dependents combined.
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Related to Maximum Annual Benefit

  • 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).

  • Maximum Annual Debt Service means, as of the date of any calculation, the largest Annual Debt Service during the current or any future Bond Year.

  • Pro-rata Annual Bonus means the amount of Annual Bonus, multiplied by a fraction, the numerator of which is the number of days in such year during which the Executive was actually employed by the Company (or its predecessor) and the denominator of which is 365.

  • 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.

  • Target Annual Bonus has the meaning set forth in Subsection 3b.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Benefit year means the period of twelve consecutive months, July 1 through June 30, as established by an employer in which an employee shall accrue and use earned sick leave as provided pursuant to N.J.S.A. 34:11D-2, provided that once the starting date of the benefit year is established by the employer it shall not be changed unless the employer notifies the Commissioner of Labor and Workforce Development of the change in accordance with regulations promulgated pursuant to the Act. The Commissioner shall impose a benefit year on any employer the Commissioner determines is changing the benefit year at times or in ways that prevent the accrual or use of earned sick leave by an employee.

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

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.