Maximum Permissible Benefit definition

Maximum Permissible Benefit means the maximum Annual Benefit to which a Participant is entitled in accordance with the following provisions:

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Maximum Permissible Benefit means an annual benefit of $160,000, automatically adjusted under section 415(d) of the Internal Revenue Code for each limitation year ending after December 31, 2001, payable in the form of a single life annuity. The new limitation shall apply to limitation years ending with or within the calendar year of the date of the adjustment, but a member's benefits shall not reflect the adjusted limit prior to January 1 of that calendar year. The maximum permissible benefit amount shall be further adjusted as follows:

Maximum Permissible Benefit means the lesser of the Defined Benefit Dollar Limitation or the Defined Benefit Compensation Limitation (both adjusted where required as provided below).

Examples of Maximum Permissible Benefit in a sentence

In such case, the annual benefits (as defined in Section 415 of the Code) payable to the Participant under this Plan and such other plan(s) shall be reduced proportionately so that the total annual benefits payable to the Participant under this Plan (if a Qualified Defined Benefit Plan) and such other plan(s) do not exceed the Maximum Permissible Benefit.
Notwithstanding the above, if the Plan is a multi-Employer Plan, then for Limitation Years beginning before January 1, 2002, the Maximum Permissible Benefit will not exceed the Defined Benefit Compensation Limitation.
In accordance with the benefit limitations of Section 415 of the Internal Revenue Code, each Participant's Annual Benefit shall be limited so that the specified Maximum Permissible Benefit, as defined herein, is not exceeded.
If the benefit the Participant would otherwise accrue in a Limitation Year would produce an Annual Benefit in excess of the Maximum Permissible Benefit, then either such benefit will be limited or the rate of accrual will be reduced so that the Annual Benefit does not exceed the Maximum Permissible Benefit.
The Maximum Permissible Benefit for a Participant who has not attained Normal Retirement Age will be applied to the Actuarial Equivalent of either (A) the Participant's Accrued Benefit otherwise payable under the Plan at Normal Retirement Age (or current age, if later), based on the Participant's applicable completed years of benefit service to date; or (B) the Participant's Projected Annual Benefit to which the Participant would be entitled at Normal Retirement Age (or current age, if later).

More Definitions of Maximum Permissible Benefit

Maximum Permissible Benefit means the lesser of the Defined Benefit Dollar Limitation or the Defined Benefit Compensation Limitation (both adjusted where required, as provided in (a) and, if applicable, in (b) or (c) below).

Maximum Permissible Benefit means the defined benefit dollar limitation (adjusted where required, as provided below).

Maximum Permissible Benefit means, effective for Limitation Years ending after December 31, 2001, $160,000, automatically adjusted under Code Section 415(d), effective January 1 of each year, as published in the Internal Revenue Bulletin, and payable in the form of a Straight Life Annuity. The new limitation shall apply to Limitation Years ending with or within the calendar year of the date of the adjustment, but a member’s benefits shall not reflect the adjusted limit prior to January 1 of that calendar year.

Maximum Permissible Benefit means, effective for Limitation Years ending after December 31, 2001 (except as provided in any paragraph below), the lesser of the Defined Benefit Dollar Limitation or the Defined Benefit Compensation Limitation with both adjusted where required, as provided below:

Maximum Permissible Benefit means $160,000 multiplied by the Cost of Living Factor, and further multiplied by a fraction (not to exceed 1), the numerator of which is the Participant's Years of Participation, and the denominator of which is 10 (the "Defined Benefit Dollar Limitation"). The fractional reduction of the maximum amount shall not be applied to a Participant's benefit that becomes payable due to death or the Participant becoming Disabled.

Maximum Permissible Benefit means, effective for Limitation Years ending after December