Normal Plan Benefit definition

Normal Plan Benefit means the Plan Benefit payable monthly to a Participant pursuant to Section 4.1 of the Plan.
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Normal Plan Benefit means lifetime monthly payments of $2,500.
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Normal Plan Benefit means, monthly, one-twelfth of an amount equal to seventy percent (70%) of the average Annual Director Fee Amount paid to a Director during the 3 consecutive Calendar Years immediately prior to the Calendar Year in which the Director ceases to serve as a Director, to be paid for 120 months. If an Inside Director becomes a Director and receives an Annual Director Fee Amount for less than 3 consecutive calendar years, the Normal Plan Benefit shall be based on the average annualized fees paid during the consecutive calendar months immediately prior to the month in which the Director ceases to serve as a Director, provided, however, an Inside Director who becomes a Director must serve as a Director for twelve (12) consecutive months in order to be eligible to receive a Normal Plan Benefit.
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Examples of Normal Plan Benefit in a sentence

  • A Participant who retires at or after attaining his/her Normal Retirement Age, shall be eligible to receive monthly a Normal Plan Benefit under the Plan.

  • The three (3) additional years of Credited Service described in Section 4.1(b) shall be reduced by one year for each year of service (or part thereof) that the Participant works beyond age sixty-two (62) years, provided however, that a Participant who commences participation in the Plan at age sixty-one (61) or later shall accrue a monthly Normal Plan Benefit in the amount provided in Section 4.1(b) for two (2) years before such reductions take effect.

  • Monthly Normal Plan Benefit payments for Participants who retire and elect to receive payments shall begin as of the Participant's Normal Retirement Date.

  • Except to the extent set forth in this Section 3, a Director who commenced service prior to the 2009 Calendar Year and who Retires after the Full-Vesting Date and on or after attainment of age 65 but prior to age 70, will receive 50% of the Normal Plan Benefit.

  • Notwithstanding the foregoing, a Director who is entitled to a benefit under Section 3(b)(v) shall be entitled to the Reduced Plan Benefit or Normal Plan Benefit commencing on the later of attainment of age 65 or 90 days after the date on which the Director has a Termination of Service.

  • A Director who Retires after the Full-Vesting Date will receive the Normal Plan Benefit.

  • If a Director is entitled to either the Normal Plan Benefit or Reduced Plan Benefit, payments will commence within thirty (30) days following the date on which the Director has a Termination of Service.

  • A Director who commences service in or after the 2009 Calendar Year shall be entitled to a Reduced Plan Benefit equal to 50% of the Normal Plan Benefit if such Director Retires after five (5) Years of Service as a Director.

  • If a Director is entitled to all or a portion of the Normal Plan Benefit or Reduced Plan Benefit in accordance with Section 3(b) above, such benefit shall be payable, except as specified below, commencing within ninety (90) days after the date on which the Director has a Termination of Service.

  • If a Director dies while serving as a Director, his Beneficiary, determined pursuant to Section 5 hereof, will receive a lump sum amount equal to the Present Value of the Normal Plan Benefit.

Related to Normal Plan Benefit

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

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

  • Accrued Benefit have the meanings specified in ERISA.

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

  • SERP Benefit means the benefit described in Section 5.1.

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

  • 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;

  • 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.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Disability Benefit means the benefit set forth in Article 8.

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

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • 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).

  • Retirement allowance means the retirement payments to which a member is entitled.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

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

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

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

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

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

  • Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

  • Basic Plan means as to any Member or Vested Former Member the defined benefit pension plan of the Company or an Affiliated Employer intended to meet the requirements of Code Section 401(a) pursuant to which retirement benefits are payable to such Member or Vested Former Member or to the Surviving Spouse or designated beneficiary of a deceased Member or Vested Former Member.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.