Primary Benefit definition

Primary Benefit means an annual benefit determined as follows:
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Primary Benefit means a benefit described in SECTION VII of the Plan.‌
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Primary Benefit means a benefit as referred to in sections 92 and 93, paid in full regardless of the amount of earnings-related pension and deducted from the benefits based on this Act;
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Examples of Primary Benefit in a sentence

  • If the interim benefit payments exceed the Primary Benefit, no payment shall be made.

  • If an Event of Insolvency occurs after the Retirement Benefit Commencement Date, then in lieu of any Retirement Benefit Payments due on, or payable after such Date, the Participant shall be entitled to (i) a Guaranteed Primary Benefit Payment for each month beginning on or after such Date and beginning on or before the earlier of the Causal Termination Date or the Guaranteed Full Payout Date; and (ii) an Insolvency Retirement Benefit Payment for the first month beginning after the close of each Plan Year.

  • Such date shall constitute the Member’s Primary Benefit Commencement Date.

  • A Participant who has remained an employee continuously from the date of the grant of the Performance Units for a Performance Cycle through the last day of such Performance Cycle shall be eligible to receive a benefit payment equal to the Adjusted Value, as provided for in Section 9.4(b), of the Performance Units (the "Primary Benefit") with respect to and as of the close of such Performance Cycle.

  • Notwithstanding the foregoing, in calculating the amount of the Primary Benefit, Final Average Monthly Compensation shall be computed in accordance with Subsection 1.22.

  • The subsequent Primary Benefit shall be recalculated as of the end of the calendar month in which the Member terminates employment or ceases to be a Worker based on Final Average Monthly Compensation, Creditable Service, and Covered Compensation in effect on that date.

  • The SERP Benefit payable to a Participant at Normal Retirement Age shall be an annuity for the life of the Participant equal to his Primary Benefit minus the sum of (i) his Retirement Plan Offset Amount and (ii) his Social Security Offset Amount.

  • However, the In-Service Benefit may continue to be paid in the same form of payment as the Primary Benefit was being paid.

  • Any amounts rolled over from the Concordia Retirement Savings Plan may be paid only in the same form of annuity in which the Member will be or is receiving the Member’s Primary Benefit (and/or Retirement Cash Account if applicable).

  • If a Member elects to receive a Retiree Medical Supplement in the form of an annuity, the Member may receive payment of the Retiree Medical Supplement only in the same form of annuity in which the Member will be or is receiving the Member’s Primary Benefit (and/or Retirement Cash Account, if applicable).


More Definitions of Primary Benefit

Primary Benefit shall have the meaning accorded thereto in Section 3(a).
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Primary Benefit means a monthly benefit equal to 1/12th of:
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Primary Benefit means a monthly benefit equal to the sum of the following:
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Primary Benefit means the Trust’s or the Executive’s rights to proceeds at the Executive’s death provided under the 1994 Agreement. If the policy subject to the 1994 Agreement lapses, the Primary Benefit shall he deemed to be one million dollars ($1,000,000).
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Related to Primary Benefit

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Pecuniary benefit means benefit in the form of money, property, commercial interests or anything else the primary significance of which is economic gain. Expenses associated with social occasions afforded public servants shall not be deemed a pecuniary benefit.

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

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Accrued Benefit have the meanings specified in ERISA.

  • SERP Benefit means the benefit described in Section 5.1.

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;

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

  • Annuity Benefit means a benefit payable by us as described in Part VII.

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

  • 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.

  • Eligible Spouse means a spouse of an Eligible Retiree who satisfies the requirements for eligibility described in the Eligibility section of this document, or an ex-spouse who is an Eligible Spouse with rights to coverage as an Eligible Spouse pursuant to a court order recognized by SHARP. A Spouse must be married to retiree at least one year prior to the effective date of retirement. A Spouse married after the retiree’s effective retirement date is considered a non-eligible spouse for purposes of the Plan. [See “Spouse”]

  • 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.

  • 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 Benefit means the benefit set forth in Article 5.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Actuarial equivalent means a benefit of equal value when

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

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

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

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

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

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.