Optional Benefit Form definition

Optional Benefit Form means any form of benefit available under the Plan, other than the Normal Benefit Form.
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Examples of Optional Benefit Form in a sentence

  • If an Optional Benefit Form provides benefits to a Beneficiary, election of the Optional Benefit Form shall not be effective unless the Beneficiary is alive on the date of the Participant's Retirement.

  • The Normal Retirement Benefit shall be paid to the Executive in 180 substantially equal monthly payments unless the Executive requests and the Committee approves an Optional Benefit Form in accordance with Section 2.03 hereof.

  • Instead of receiving a benefit in the Normal Benefit Form, a Participant may elect to receive payments in an Optional Benefit Form.

  • If an Optional Benefit Form provides benefits to a Beneficiary, election of the Optional Benefit Form shall not be effective unless the Beneficiary is alive on the date of the Participant’s Retirement.

  • Subject to Section 6.1, instead of receiving a benefit in the Normal Benefit Form, a Participant may elect to receive payments in an Optional Benefit Form.

  • If a Participant terminates employment with the Bank after attaining age 65, on the first working day of the next calendar month the Bank shall commence paying the Participant a benefit in the Normal Benefit Form or the Equivalent in an Optional Benefit Form (see Section 3.8).

  • The form of benefit will be determined as follows:(a)A Participant who is not married on his Annuity Starting Date will be provided a Qualified Life Annuity unless he elects the Normal Benefit Form or an Optional Benefit Form in writing within the 90-day period which ends on his Annuity Starting Date.

  • If a Participant terminates employment with the Bank after attaining age 55 and after completing 25 Years of Service, the sum of the number of such Years of Service and the Participant's age is at least 80, on the first working day of the next calendar month the Bank shall commence paying the Participant a benefit in the Normal Benefit Form in the amount determined under Section 3.1, or the Equivalent of that amount if the Participant's benefit is payable in an Optional Benefit Form (see Section 3.8).

  • The Surviving Spouse may elect to receive the Actuarial Equivalent of the Qualified Preretirement Survivor Annuity in any Optional Benefit Form which is available under section 3.07.

  • A Participant's benefit shall be subject to the following offsets (each to be expressed as an Equivalent amount commencing at the Participant's Normal Retirement Age in an Optional Benefit Form).

Related to Optional Benefit Form

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • 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.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

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

  • 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.

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

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

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

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is fifty percent (50%) of the amount of the annuity which is payable during the joint lives of the Participant and the Spouse and which is the amount of benefit which can be purchased with the Participant's Vested Account Balance.

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

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

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

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

  • 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).

  • 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.

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

  • 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;

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

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

  • Actuarial equivalent means a benefit of equal value when

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

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