Present Value of Accrued Benefit definition

Present Value of Accrued Benefit means the Actuarial Equivalent lump-sum amount of a Participant's Accrued Benefit at date of valuation. Notwithstanding the foregoing, the Present Value of Accrued Benefit for the determination of Top-Heavy Plan status shall be made exclusively pursuant to the provisions of Plan Section 9.2.

Present Value of Accrued Benefit means, in the case of a defined benefit plan, the present value of an accrued benefit, as determined under the provisions of the applicable defined benefit plan and in compliance with Treasury Regulations Section 1.416-l(T-25 and T-26).

Present Value of Accrued Benefit means the present value of the -------------------------------- accrued benefit of a participant under a defined benefit plan using the actuarial assumptions of each such plan.

Examples of Present Value of Accrued Benefit in a sentence

• The Single Sum Benefit for any Participant in a defined benefit pension plan will be equal to his Present Value of Accrued Benefit.

• If any Participant is a Non-Key Employee for any Plan Year, but such Participant was a Key Employee for any prior Plan Year, such Participant's Present Value of Accrued Benefit and/or Aggregate Account balance shall not be taken into account for purposes of determining whether this Plan is a Top Heavy or Super Top Heavy Plan (or whether any Aggregation Group which includes this Plan is a Top Heavy Group).

• In the event the provision is not treated as effective, or if elected in the Adoption Agreement, excess assets shall be reallocated to the Participants on the basis of their Present Value of Accrued Benefit, or if this is an integrated Plan, in a nondiscriminatory manner.

• In the case of a defined benefit plan, the Present Value of Accrued Benefit for a Participant other than a Key Employee, shall be as determined using the single accrual method used for all plans of the Employer and Affiliated Employers, or if no such single method exists, using a method which results in benefits accruing not more rapidly than the slowest accrual rate permitted under Code Section 411(b)(1)(C).

• The transfer of any Participant from or to an Employer participating in this Plan, whether an Employee of the Employer or a Participating Employer, shall not affect such Participant's rights under the Plan, and the Participant's Present Value of Accrued Benefit as well as accumulated service time with the transferor or predecessor and length of participation in the Plan, shall continue to be taken into account.

More Definitions of Present Value of Accrued Benefit

Present Value of Accrued Benefit. In the case of a defined benefit plan, a Participant's Present Value of Accrued Benefit shall be as determined under the provisions of the applicable defined benefit plan.

Present Value of Accrued Benefit means, in the case of a defined benefit plan, the present value of the accrued benefit for a Participant other than a Key Employee, determined using the single accrual method used for all plans of the Employer and Affiliated Employers, or, if no such single method exists, using a method which results in benefits accruing not more rapidly than the slowest accrual rate permitted under Code section 411(b)(1)(C). The present value of the accrued benefit shall be determined as of the most recent Valuation Date that falls within or ends with the 12-month period ending on the Determination Date, except as provided in Code section 416 and the Regulations thereunder for the first and second plan years of a defined benefit plan.

Present Value of Accrued Benefit means, in the case of this Plan or another defined benefit plan maintained by the Employer, the present value of an Employee's accrued benefit under this Plan or such other plan, as determined in accordance with the requirements of Treas. Reg. Sec. 1.416-1, T-25 to T-28 and as hereinafter provided. The actuarial assumptions set forth in Section 2.17 shall be used in determining benefit values for these purposes, and the same actuarial assumptions shall apply in determining benefit values under this Plan and each other defined benefit plan taken into consideration for top heavy purposes. The Present Value of Accrued Benefit as of a Determination Date in the case of this Plan, or as of a determination date (within the meaning of section 416(g)(4)(C) of the Code) in the case of another plan, shall be determined as of the most recent valuation date for this Plan, or such other plan, within the 12 month period ending on the Determination Date or determination date, as applicable. Such valuation date shall be the same date used by this Plan, or such other plan, for computing Plan costs for minimum funding, regardless of whether a valuation is actually performed. The Present Value of Accrued Benefit shall be determined for each Non-Key Employee under the uniform method of benefit accrual used by all qualified defined benefit plans of the Employer, or, if there is no such method, as if benefits accrued not more rapidly than under the slowest accrual rate permitted under section 411(b)(1)(C) of the Code.

Present Value of Accrued Benefit means, in the case of a defined benefit plan, the present value of an accrued benefit, as determined under the provisions of the applicable defined benefit plan and in compliance with Treasury Regulations Section 1.416-1(T-25 and T-26). For this purpose the accrued benefit of any Employee (other than a Key Employee) shall be determined--

Present Value of Accrued Benefit means, in the case of a Defined Benefit Plan, the Present Value of Accrued Benefits for a Participant other than a Key Employee, determined using the single accrual method used for all plans of the Company and Affiliated Employers, or, if no such single method exists, using a method which results in benefits accruing not more rapidly than the slowest accrual rate permitted under Code section 411(b)(1)(C).

Present Value of Accrued Benefit means, in determining the value of any individual’s account or the present value of his or her accrued pension under this Plan or any other plan in the Aggregation Group:

Present Value of Accrued Benefit means the Member’s present value of accrued benefit, if any, as determined under the provisions of the applicable defined benefit plan as of the most recent actuarial valuation date occurring within the twelve (12)-month period ending on the Determination Date except as provided in Code Section 416 and the regulations thereunder for the first and second plan years of a defined benefit plan. The Present Value of Accrued Benefit of a Member other than a Key Employee shall be determined under the single method, if any, that uniformly applies for accrual purposes under all defined benefit plans maintained by the Employer and Affiliated Employers or, if there is no such uniform method, as if such benefit accrued not more rapidly than at the slowest accrual rate permitted under the fractional rule of Code Section 4I1(b)(1)(C). The Present Value of Accrued is increased for any distribution of an accrued benefit made in the five (5)-year period ending on the Determination Date. Effective for Plan Years beginning after December 31, 2001, “one (1)-year period” shall be substituted for the term “five (5)-year period” in the preceding sentence; provided, however, that the Present Value of Accrued Benefit shall be increased for any distribution of an accrued benefit that is made in the five (5)-year period ending on the Determination Date for any reason other than separation from service, death, or disability.