Optional Pension definition

Optional Pension means a form of pension selected by the Participant under 4.7 in lieu of a Retirement Pension and all Survivor Pensions and other Survivor benefits.3
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Optional Pension means a form of pension selected by the Participant under 4.5 in lieu of a Retirement Pension and Permanent Survivor Pension.
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Optional Pension means a form of pension selected by theParticipant under 4.717 in lieu of a Retirement Pension andPermanent Survivor Pension.
Sample 1

Examples of Optional Pension in a sentence

  • Pretax Contribution Agreement (Optional Pension Payments)The pastor and the congregation may elect to enter into an agreement whereby additional contributions are made to the pastor’s pension plan.

  • Effective June 1, 1997 Eligibility: The Optional Pension Plan (OPP) and Employee Savings Plan (ESP) are part of the Savings Program.

  • To be eligible for the Optional Pension Plan, you must be a participant of the Retirement Plan.

  • Notwithstanding the foregoing, this form of Optional Pension shall not be available to a Participant who has a Spouse unless his Spouse shall have consented in writing to the selection of such Optional Pension on a form and in a manner satisfactory to the Board.

  • For this purpose, the congregation may want to establish a “Housing Equity Account.” It is helpful for the congregation to pay directly to a tax deferred plan which delays the income tax due until the funds are actually withdrawn for use; this can be done by making additional employer contributions to the ELCA Optional Pension Plan.

  • Rostered leaders may make salary-reduction contributions to their retirement accounts (formerly ELCA Optional Pension Plan).

  • Such plan will provide the following benefits: Life Insurance Accident Insurance Disability Insurance (Long Term) Disability Insurance (Short Term)(Optional) Supplementary/Extended Health Care Insurance (Optional) Dental Care Insurance (Optional) Pension Plan The Employer shall make such deductions pursuant to Clause 13.06.

  • The Board shall not approve any Optional Pension under which the actuarial value of benefits payable to Named Beneficiaries is greater than 50% of the value of all benefits under the Optional Pension.

  • Optional Pension Forms Subject to the Mandatory Pension Form described above, you may elect a Life annuity with 120 payments guaranteed or, if you have a spouse, elect a form of pension which provides a survivor benefit of either 50% or 100% of the amount you were receiving immediately prior to your death.

  • The election of an Optional Pension shall be null and void if the Participant or his Named Beneficiary under the optional form dies before the beginning of the Optional Pension, and the Retirement Pension and/or Survivor Pension otherwise payable under the Plan shall again become payable.

Related to Optional Pension

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

  • war pension means a war disablement pension, a war widow’s pension or a war widower’s pension;

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

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

  • SERP Benefit means the benefit described in Section 5.1.

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

  • Actuarial equivalent means a benefit of equal value when

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

  • occupational pension means any pension or other periodical payment under an occupational pension scheme but does not include any discretionary payment out of a fund established for relieving hardship in particular cases;

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

  • Accrued Benefit have the meanings specified in ERISA.

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

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

  • life annuity means “life annuity contract” as defined in Pension Legislation that conforms with the Act and Pension Legislation;

  • 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.

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

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

  • 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.

  • 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;

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

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

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • state pension credit means state pension credit under the State Pension Credit Act 2002;

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • 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.