Pension Offset definition
Pension Offset means the value of the Executive's then-existing aggregate vested account balance or any prior payment under any defined contribution plan maintained by the Company (exclusive of any account balance or payment derived from the Executive's elective deferral contributions under Code Section 401(k)) as of the Termination of Employment. For this purpose, any prior payment shall be equal to the amount of such payment without interest adjustment from the date of payment. The projected Pension Offset as of the Normal Retirement Date shall be determined based on factors as may be reasonably assumed by the Company based on existing facts and circumstances and as shall be set forth, and periodically updated at the Company's discretion, in Exhibit 3 as attached. Further, for purposes of determining the Pension Offset, the value described in this Section 1.11 shall be converted to the Actuarial Equivalent form of a monthly annuity payment to the Executive for life.
Pension Offset means the amount of the monthly Accrued Benefit payable as of the determination date (reduced to reflect commencement of the benefit payable hereunder prior to Normal Retirement Date) to the Participant under the Qualified Plan in the form of a Single Life Annuity, multiplied by twelve.
Pension Offset means the Executive’s aggregate annual accrued benefit under all qualified defined benefit plans maintained by the Bank payable in the form of a single life annuity.
Examples of Pension Offset in a sentence
The pension is based upon two (2) per cent of each employee's average of best sixty (60) months of pensionable earnings multiplied by their years of credited service (maximum thirty-five (35) years) reduced by approved past pension (i.e. Government Annuity) and Canada Pension Offset.
The Normal Retirement Benefit under this Section 2.1 is the following monthly amount payable for the life of the Executive: 65% of Final Monthly Compensation minus Social Security Benefit minus Pension Offset.
For purposes of determining the projected Pension Offset as of the Normal Retirement Date, the following assumptions shall apply: (a) an annual employer contribution rate of 3% of eligible compensation to the existing qualified 401(k) plan maintained by the Company; (b) an annual employer contribution rate of 1% of eligible compensation to the existing qualified employee stock ownership plan maintained by the Company; (c) 7% annual earnings under such plans; and (d) 4.5% annual salary increase.
The pension is based upon two (2) percent of the employee’s average of best sixty (60) months of pensionable earnings multiplied by their years of credited service (maximum thirty-five (35) years) reduced by approved past pension (i.e. Government Annuity) and Canada Pension Offset.
The Social Security Administration is responsible for applying the Government Pension Offset (GPO) as it applies to phased retirement.
More Definitions of Pension Offset
Pension Offset means the benefit payable as a lump sum under the Qualified Plan as of the determination date (reduced where applicable to reflect payment of the benefit prior to Normal Retirement Date). The benefit payable under the Qualified Plan shall not be less than the actuarial equivalent on the determination date of a Participant's accrued benefit as at December 31, 1998 under a Prior Plan. Pension Offset shall also include any other pension benefits, calculated in the same manner and form as stated above, required to be offset under the Qualified Plan.
Pension Offset means the value of the Executive’s then-existing aggregate vested account balance or accrued benefit or any prior payment under any defined contribution plan or defined benefit pension plan maintained by the Company (or any predecessor employer such as International Savings and Loan Association, Ltd.) (exclusive of any account balance or payment derived from the Executive’s elective deferral contributions under Code Section 401(k)) as of the Termination of Employment. For this purpose, any prior payment shall be equal to the amount of such payment without interest adjustment from the date of payment. The projected Pension Offset as of the Normal Retirement Date shall be determined based on factors as may be reasonably assumed by the Company based on existing facts and circumstances and as shall be set forth, and periodically updated at the Company’s discretion, in Exhibit 3 as attached. Further, for purposes of determining the Pension Offset, the value described in this Section 1.11 shall be converted to the Actuarial Equivalent form of a monthly annuity payment to the Executive for life.
Pension Offset means the amount of the monthly Accrued Benefit payable as of the determination date (reduced to reflect commencement of the benefit payable hereunder prior to Normal Retirement Date) to the Participant under the Qualified Plan in the form of a Single Life Annuity, multiplied by twelve. Pension Offset shall also include any other pension benefits, calculated in the same manner and form as stated above, required to be offset under the Qualified Plan.
Pension Offset means the monthly amount determined in accordance with Section 4.2.
Pension Offset means the annual amount of pension that a Participant is entitled to receive, in the form of a straight life annuity commencing at age 65, from the Smith Corona Retirement Plan or from any other tax-qualified pension or profit sharing plan of the Company or a division or subsidiary of the Company (other than the Smith Corona Retirement Savings and Investment Plan).
Pension Offset means a monthly amount payable for the affected Partner's life only that could be purchased as an annuity at the date of determination (or a date otherwise agreed to by the affected Partner and the Executive Committee) based on the balance of the affected Partner's Class Pension Offset Account ("CPOA"). Each Partner's CPOA. whether or not the affected Partner is eligible to participate in the Retirement Plan. shall consist of the deemed Partnership contributions pertaining to a hypothetical Partner (described below) that would be required of a Partner eligible to participate pursuant to the first two sentences of Section 6.04 and the deemed earnings, losses or gains credited thereto. Such amount shall be determined based on the value of the Partner's CPOA as of the valuation date immediately preceding the April 1 in regard to which the amount in question is being calculated. Except as otherwise specified to a Partner in writing by the Managing Partner. pursuant to action of the Executive Committee, each Partner shall be assigned a CPOA by the Executive Committee constructed based on a hypothetical partner of the same age who followed a normal educational path, &,he completed secondary school on a normal schedule, attended college the following fall and graduated with his class, entered law school the following fall and graduated with his class, came directly to work for the Partnership immediately thereafter, was admitted to the partnership on the then normal track, and received compensation thereafter each year equal to the maximum amount that could be taken into account under Section 401(a)(17) of the Internal Revenue Code of 1986,as amended (the "Code") under the Retirement Plan as of the time of the deemed contribution for such plan year based on the mandatory contribution provisions of Section 6.04. All such determinations, assumptions and calculations shall be made in a uniform and nondiscriminatory manner as determined from time to time by the Executive Committee in its sole discretion. The CPOA shall be maintained as a phantom account and taken into account in determining each Partner's Pension Offset. The earnings or losses credited to CPOAs shall be determined based on the actual returns of the investment fund managed at the direction of the Retirement Program Investment Committee or such other benchmarks as designated from time to time by the Retirement Program Investment Committee or the Executive Committee. Further, in calculating contribution...
Pension Offset means the annual amount of pension that a Participant is entitled to receive, in the form of straight life annuity determined at Normal Retirement Date, from the Qualified Plan.