Prescribed Reduction definition

Prescribed Reduction means a reduction required by the Income Tax Act to a Member’s Pension payable at her Normal Retirement Date. The reduction shall be at least ¼ of 1% for each complete month by which the Pension commencement date precedes the earliest of
Sample 1Sample 2Sample 3
Prescribed Reduction means the reduction in the amount of normal retirement date pension of at least ¼ of 1% for each complete month by which the early pension commencement date precedes the earliest of:
Sample 1
Prescribed Reduction means 100% less ¼ of 1% for each complete month by which the early pension commencement date precedes the earliest of:
Sample 1

Examples of Prescribed Reduction in a sentence

  • Two provisos apply: the resulting Pension shall be at least the Actuarial Equivalent of the Deferred Pension under Section 6.03(2) and shall not be greater than the Pension payable at the Normal Retirement Date, reduced by the Prescribed Reduction.

  • The local Council Tax Reduction Scheme (CTRS) for working age claimants will include annual uprating changes to allowances and benefits.2. The mechanism to uprate allowances and benefits for the local CTRS should be the Prescribed Reduction Scheme* (PRS) annual uprating document (for the relevant year**).

  • Notwithstanding this Section B3.02, where the conditions for the application of the Prescribed Reduction, as defined in the Master Text and as described therein apply, the early retirement pension paid under this Section B3.02 shall be reduced by the Prescribed Reduction.

  • Notwithstanding the above, the amount by which the pension is reduced under this section shall be at least equal to the applicable Prescribed Reduction.

  • If a Member dies while an Employee and after having completed at least 2 years of Eligibility Service, and is survived by an Eligible Spouse, then the Eligible Spouse shall receive a lifetime pension each month equal to 50% of the pension calculated in accordance with the formula contained in subsections (1) and (6) of Section 6 but with a Prescribed Reduction of 100% in respect of the Member's Earnings and Credited Service up to the date of the Member's death.

  • Provided however, that the pension payable under Section 7.02 (1) or 7.02 (2) shall not be greater than the pension calculated in accordance with Section 7.01 reduced by the Prescribed Reduction.

Related to Prescribed Reduction

  • extended reduction means a reduction under this scheme for which a person is eligible under Part 12 (extended reductions);

  • extended reduction period means the period for which a person is in receipt of an extended reduction in accordance with paragraph 89, 96 or 101;

  • Aggregate Reduction has the meaning specified in Section 1.3.

  • Proposed Reduction Date has the meaning set forth in Section 1.3.

  • Waste reduction , or “pollution prevention” means the practice of minimizing the generation of waste at the source and, when wastes cannot be prevented, utilizing environmentally sound on-site or off-site reuse and recycling. The term includes equipment or technology modifications, process or procedure modifications, product reformulation or redesign, and raw material substitutions. Waste treatment, control, management, and disposal are not considered pollution prevention, per the definitions under Part 143, Waste Minimization, of the Natural Resources and Environmental Protection Act (NREPA), 1994 PA 451, as amended.

  • Relief Act Reduction With respect to any Mortgage Loan as to which there has been a reduction in the amount of the interest collectible thereon as a result of the application of the Servicemembers Civil Relief Act, any amount by which interest collectible on such Mortgage Loan for the Due Date in the related Due Period is less than the interest accrued thereon for the applicable one-month period at the Mortgage Interest Rate without giving effect to such reduction.

  • Source reduction means any practice that reduces the amount of any hazardous substance, pollutant, or contaminant entering any waste stream or otherwise released into the environment prior to recycling, energy recovery, treatment, or disposal.

  • Relief Act Reductions With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Relief Act, the amount, if any, by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.

  • Reduction in Force means abolition of positions in an agency or part of an agency and the corresponding nondisciplinary removal of affected employees from such positions through separation from employment or through displacement to other positions.

  • Load Reduction Event means a reduction in demand by a Member or Special Member for the purpose of participating in the PJM Interchange Energy Market.

  • Salary Reduction means the amount by which the Participant's Compensation is reduced and applied by the Employer under this Plan to pay for one or more of the Benefits, as permitted for the applicable Component, before any applicable state and/or federal taxes have been deducted from the Participant's Compensation (i.e., on a pre-tax basis).

  • reduction week means a period of seven consecutive days beginning with a Monday and ending with a Sunday;

  • Reduction means measures designed to reduce or eliminate human exposure to lead-based paint hazards through methods including interim controls and abatement.

  • Debt Service Reduction With respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of competent jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction resulting from a Deficient Valuation.

  • Reduction Date has the meaning set forth in Section 20.1B.

  • Potential Change in Control Period shall commence upon the occurrence of a Potential Change in Control and shall lapse upon the occurrence of a Change in Control or, if earlier (i) with respect to a Potential Change in Control occurring pursuant to Section 16.20(A), immediately upon the abandonment or termination of the applicable agreement, (ii) with respect to a Potential Change in Control occurring pursuant to Section 16.20(B), immediately upon a public announcement by the applicable party that such party has abandoned its intention to take or consider taking actions which if consummated would result in a Change in Control, or (iii) with respect to a Potential Change in Control occurring pursuant to Section 16.20(C) or (D), upon the one year anniversary of the occurrence of a Potential Change in Control (or such earlier date as may be determined by the Board).

  • Salary reduction plan means a benefit plan whereby state and

  • Reduction Percentage means the percentage rate by which the Initial Per Certificate Entitlement will reduce on a daily basis on the assumption that the daily rate will be theper annum rate specified in the Final Terms divided by 365 and applied accordingly. B.26 Investment managementNot applicable - there is no active management of the assets of the Issuer. B.27 Further issuances backed by same pool of assetsNot applicable – the Issuer will not issue further securities backed by the same pool of assets. B.29 Description of the flow of fundsSave to the extent that the Authorised Participant as subscribed for the issue of Certificates in whole or in part by the physical delivery of the relevant Precious Metal in respect of the Series (the "Underlying Precious Metal"), the net proceeds from each issue of Certificates will be used (a) to purchase the Underlying Precious Metal and (b) to pay any listing fees incurred in connection with the listing of the Certificates. The Certificates will not bear interest. On redemption, a Certificateholder will, in respect of a Certificate, receive on a date on or before the third business day following the relevant Eligible Redemption Valuation Date(being any business day) (in each case the "Settlement Date"):

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))

  • alternative maximum council tax reduction means the amount determined in accordance with paragraph 31 and Schedule 4;

  • Special Reimbursement Date means, the special payment date established in connection with a Reimbursement under Special Circumstances as described hereunder “Extraordinary Events and Special Circumstances – Reimbursement Under Special Circumstances and Payment”.

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Base Pay means the Executive’s annual base salary from the Company at the rate in effect immediately prior to a Change in Control or at the time Notice of Termination is given, whichever is greater. Base Pay includes only regular cash salary (plus the amount of any automobile allowance paid to the Executive or any automobile lease payments made by the Company on behalf of the Executive) and is determined before any reduction for deferrals pursuant to any nonqualified deferred compensation plan or arrangement, qualified cash or deferred arrangement or cafeteria plan.

  • maximum council tax reduction amount means the amount determined in accordance with paragraph 29;

  • Voluntary Withdrawal means a Member’s dissociation with the Company by means other than by a Transfer or an Involuntary Withdrawal.