Other Pension Benefits definition

Other Pension Benefits means any benefits the Participant is entitled to receive or has received from any defined benefit plan as defined in Code Section 414(j) which met the qualification requirements of 401(a) of the Code, and is maintained by any former employer of the Participant, other than the predecessor to People’s Bank which maintained the ERP. Such benefits shall exclude benefits payable pursuant to any plan which the Committee or its delegee finds has been funded primarily by contributions of the Participant, provided that such benefits did not accrue under a plan maintained by the Bank or any corporate predecessor of the Bank. Any such benefit shall be converted to a monthly benefit payable in the form of a single life annuity payable at age sixty-five (65) (unless such benefit is actually paid in such form) using the actuarial factors of the former employer’s plan or, if unavailable, the actuarial factors of the ERP and if applicable, shall include the value of the Participant’s benefit assigned under any qualified domestic relations order described in Code Section 414(p).
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Other Pension Benefits means benefits paid or payable to a Participant from the Company’s Pension Plan, the Company’s Restoration of Retirement Income Plan, the qualified or nonqualified pension plans of any prior employer unrelated to the Company, or any governmental or church pension plan as defined in Sections 3(32) and 3(33) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); excluding, however, any portion of such benefits attributable to the Participant’s own contributions as determined by the plan’s administrator or other responsible agent. Regardless of the form, amount or timing of payment, “Other Pension Benefits” shall be calculated, based on applicable actuarial assumptions (including assumptions as to mortality and interest rates) used under the Company’s Pension Plan, by the Company’s actuary as of the Participant’s commencement of benefits under this Plan on the basis of a 100% joint and survivor annuity, payable monthly, for married Participants, and on the basis of a 10-year certain and life annuity, payable monthly, for unmarried Participants.
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Other Pension Benefits means the sum of the annual amounts payable to the Participant as of the Date of Determination under the Pension Plan and the Supplemental Pension Benefit, both expressed in the Normal Form of Benefit.
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Examples of Other Pension Benefits in a sentence

  • The actuarial equivalent of the Participant’s actual benefit (paid or payable), if any, under the Retirement Plan, the Nonqualified Plan and Other Pension Benefits as of the Date of Termination (utilizing the rate used to determine lump sums and, to the extent applicable, other actuarial assumptions no less favorable to the Participant than those in effect under the Retirement Plan immediately prior to the effective date of the Change in Control).

  • The normal retirement benefit shall be equal to the difference, if any, between (i) the Participant's Total Benefit, and (ii) the Participant's Other Pension Benefits.

  • Other Pension Benefits Retiree Benefits ---------------- ---------------- Years Ended June 30 ----------------------------------- 1998 1997 1998 1997 ========================================================================== WEIGHTED AVERAGE ASSUMPTIONS Discount rate 7.0% 7.2% 6.8% 7.5% Expected return on plan assets 9% 9% 9% 9% Rate of compensation increase 5% 5% - - Initial health care cost trend rate* - - 8% 9% *Assumed to decrease gradually to 5% in 2006 and remain at that level thereafter.

  • Other Pension Benefits Postretirement Benefits ------------------------------------------------------------------------------ Assumptions as of year-end: 2002 2001 2002 2001 ------------------------------------------------------------------------------ Discount rate 6.75% 7.25% 6.75% 7.25% Rate of compensation increase 4.00% 4.00% -- -- The expected long-term rates of investment return were assumed to be 9.00% for the pension plan covering unionized hourly employees for both years.

  • Benefit payments which have commenced under the terms of this Plan shall not be affected by any subsequent change in Other Pension Benefits under a plan of the Company.

  • The following sets forth the funded status of the plans and amounts recognized on FirstEnergy's Consolidated Balance Sheets as of December 31: Other Pension Benefits Postretirement Benefits ---------------- ----------------------- 2002 2001 2002 2001 ---------------------------------------------------------------------------------------------- (In millions) Change in benefit obligation: Benefit obligation as of January 1.......

  • A Participant’s “Target Amount” shall mean one-twelfth of the excess if any, of (a) fifty percent (50%) of such Participant’s Final Average Salary computed as hereinafter provided over (b) the monthly amount of the Participant’s Other Pension Benefits.

  • The following sets forth the funded status of the plans and amounts recognized on FirstEnergy's Consolidated Balance Sheets as of December 31: Other Pension Benefits Postretirement Benefits ---------------- ----------------------- 2002 2001 2002 2001 -------------------------------------------------------------------------------------------------------- (In millions) Change in benefit obligation: Benefit obligation as of January 1...............

  • The following sets forth the funded status of the plans and amounts recognized on FirstEnergy's Consolidated Balance Sheets as of December 31: Other Pension Benefits Postretirement Benefits ---------------- ----------------------- 2002 2001 2002 2001 ---------------------------------------------------------------------------------------------- (In millions) Change in benefit obligation: Benefit obligation as of January 1 .......

Related to Other Pension Benefits

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

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • 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;

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • Pension Benefits Act means The Pension Benefits Act of Ontario and regulations thereunder as amended from time to time.

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

  • 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.

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

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

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • 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.

  • Employment benefits means all benefits provided or made

  • 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.

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

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

  • Canadian Defined Benefit Pension Plan means a Canadian Pension Plan that contains or has ever contained a “defined benefit provision” as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

  • Multiemployer Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any member of the Controlled Group may have any liability.

  • Foreign Benefit Law means any applicable statute, law, ordinance, code, rule, regulation, order or decree of any foreign nation or any province, state, territory, protectorate or other political subdivision thereof regulating, relating to, or imposing liability or standards of conduct concerning, any Employee Benefit Plan.

  • Additional Benefits means those benefits in addition to the rights and remedies available under the Australian Consumer Law.