Pension SERP Benefit definition

Pension SERP Benefit means a Participant’s benefit described in Subsection 4.2.
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Examples of Pension SERP Benefit in a sentence

  • Subject to Subsection 4.3, a Transferred Participant’s Pension SERP Benefit shall be equal to the Transferred Participant’s Sara Lee Pension SERP Benefit determined under the Sara Lee SERP, if any, determined as of the Effective Date.

  • A Participant’s Pension SERP Benefit shall become nonforfeitable on the same basis and at the same time as his or her benefit under the Pension Plan.

  • If the Committee, in its discretion, decides to offer a 2008 Special Election, then the “2008 Special Election” shall mean a Participant’s valid election, made prior to December 31, 2008 in accordance with rules and procedures established by the Committee, to receive his or her RSSERP Benefit and/or Pension SERP Benefit at a time and in a form specified in Subparagraphs 4.4(a)(iii) and 4.4(b)(iv), respectively.

  • If the Participant dies after commencement of his or her Pension SERP Benefit payments, the Present Value of the unpaid portion of his or her Pension SERP Benefit shall be paid to his or her Pension SERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event following the later of the end of the calendar year following the calendar year of his or her death).

  • Notwithstanding anything contained in the Plan to the contrary, an initial Pension SERP Benefit payment may, in the discretion of the Committee, be made on behalf of the Participant in the amount of the Federal Insurance Contributions Act (“FICA”) tax due from the Participant on his or her Pension SERP Benefit, determined as of the date such FICA tax is due.

  • If such initial Pension SERP Benefit payment is made, then all later calculations and payments related to the Participant’s Pension SERP Benefit shall be adjusted to reflect the initial payment.

  • Notwithstanding Subparagraph (i) above, if a Participant qualifies as a Totally Disabled Participant, then the Present Value of the Participant’s vested Pension SERP Benefit (determined as if the Participant were a Retired Participant) shall be paid in a lump sum on the Totally Disabled Participant’s 65th birthday.

  • However, if the Present Value of the Participant’s Pension SERP Benefit is $50,000 or more and the Participant made a 2008 Special Election or an election under Subparagraph (v) below, the Present Value of the Participant’s Pension SERP Benefit shall be paid in accordance with the applicable election.

  • If the Participant dies after commencement of his or her Pension SERP Benefit payments, the Present Value of any unpaid portion of his or her Pension SERP Benefit shall be paid to his or her Pension SERP Beneficiary in a lump sum in the fourth month following the Participant’s death.

  • For purposes of this Subparagraph 4.4(b)(vi), Present Value shall be based on the Participant’s age at January 1 of the selected distribution year, the Participant’s Pension SERP Benefit payable at age 65, and an interest rate of 5.25%; provided that any lump sum cashout paid under this Subparagraph after a Participant’s Separation from Service shall include any early retirement subsidy to which the Participant is entitled as of his or her Separation from Service.

Related to Pension SERP Benefit

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

  • SERP Benefit means the benefit described in Section 5.1.

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

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

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

  • Accrued Benefit have the meanings specified in ERISA.

  • 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.

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

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

  • 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 Benefit means the benefit set forth in Article 7.

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

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

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

  • pension credit ; means the means-tested Guarantee or Savings Credit administered by the Department for Work and Pensions under the State Pension Credit Regulations 2002;

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

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

  • Actuarial equivalent means a benefit of equal value when

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

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

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

  • 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.

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

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

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;