Prior Employer Benefit definition

Prior Employer Benefit means the amount of any benefit payable at Normal Retirement Age from any qualified or nonqualified retirement plan or profit sharing plan to which a Participant is entitled as a result of prior employment with any employer other than the Company. In the event such amount is payable in any manner other than a monthly straight-life annuity, such amount will be converted to a monthly straight-life annuity, using acceptable actuarial assumptions, as determined by the Administrator and consistent with the procedures of the Qualified Salaried Plan.
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Prior Employer Benefit means, as determined by the Board of Directors, part or all of the monthly amounts payable to the Officer or the Officer’s Surviving Spouse from any of the Officer’s prior employers’ qualified or non-qualified defined benefit pension or similar type of plans, which are attributable to the prior employers’ contributions to such plans.
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Prior Employer Benefit means any benefit paid or payable by any prior employer of the participant.
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Examples of Prior Employer Benefit in a sentence

  • Except as otherwise provided in the following sentence with respect to certain Participants, any Prior Employer Benefit plus other payments, if specifically designated by the Administrative Committee to be deducted, which are made pursuant to an individual employee contract to provide retirement income or deferred compensation, regardless of whether the contract is made by the Company, a Subsidiary, or any other employer.

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  • Notwithstanding the preceding sentence, the benefit described in this subparagraph (b) of this Section 5.3 shall not be reduced by any Prior Employer Benefit payable with respect to a Participant whose Retirement Date occurs on or after March 1, 2002.

  • The amount of such benefit shall be equal to the amount otherwise payable under Section 3.1 based on the Participant's Final Average Compensation, Credited Service, Qualified Plan Benefit, Social Security Benefit and Prior Employer Benefit determined as of the Participant's Deferred Retirement Date.

  • The Compensation Committee, or its delegates, shall determine for each Prior Employer Benefit a monthly offset amount based on a -26- 31 single life annuity form equivalent to the Prior Employer Benefit (assuming the same commencement date as the Participant's Enhanced Retirement Benefit).

  • To the extent the Projected Prior Employer Benefit includes a defined contribution plan benefit, projected future contributions to such plan shall be assumed to earn the same rate of return utilized in Section 2(x) (iii).

  • The Compensation Committee, or its delegates, shall determine for each Prior Employer Benefit a monthly offset amount based on a single life annuity form equivalent to the Prior Employer Benefit (assuming the same commencement date as the Participant's Enhanced Retirement Benefit).

  • Notwithstanding the preceding sentence, the benefit described in this subparagraph (d) of this Section 5.3 shall be reduced by any Prior Employer Benefit payable with respect to a Participant whose Retirement Date occurs on or after March 1, 2002.

  • Notwithstanding the preceding sentence, upon a specific designation by the Administrative Committee, in its discretion, the benefit described in this subparagraph (b) of this Section 5.3 shall not be reduced by any Prior Employer Benefit payable with respect to a Participant whose Retirement Date occurs on or after March 1, 2002.

  • The Early Retirement Reduction Factor LESS Any Prior Employer Benefit plus other payments, if specifically designated by the Administrative Committee to be deducted, which are made pursuant to an individual employee contract to provide retirement income, regardless of whether the contract is made by the Company, a Subsidiary, or any other employer.


More Definitions of Prior Employer Benefit

Prior Employer Benefit means a hypothetical retirement benefit designed to represent the lump-sum retirement benefit that a Participant would have received from a prior employer, as set forth in Appendix A and Appendix C.
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Prior Employer Benefit means the annual benefit, if any, to which a Participant is entitled from a Code Section 401(a) tax-qualified defined benefit plan (including, for this purpose, any cash balance or other hybrid plan treated as a defined benefit plan under the Code’s tax-qualification rules) maintained by the employer that, immediately prior to the Participant’s employment with the Company, employed the Participant, computed in the form of a single life annuity commencing upon the Participant’s attainment of age 62 (or the actuarial equivalent thereof, determined by the Company’s actuary pursuant to actuarial assumptions or factors used under the Qualified Plan, if a Participant’s Separation from Service occurs after age 62).
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Prior Employer Benefit means the benefit (or benefit equivalent) payable by each prior employer from which the Participant has received or is entitled to receive a vested benefit. The Prior Employer Benefit shall be expressed as a lifetime annuity commencing at age 62, and determined in accordance with the guidelines outlined below at the time participation in this Plan is extended to the Participant.Pension Plans. The pension benefit payable from a prior employer’s defined benefit pension plan is converted to a life annuity commencing at age 62, based upon the factors applicable to the prior employer’s plan or if none are available, factors from the Qualified Plan.Account Balance Plans. The balance from an account balance plan shall be converted to a lifetime benefit payable at age 62, using the following factors: •With respect to account balance plan balances maintained by any prior employer where such plans are the prior employer’s principal retirement plan, the account balance shall be measured as soon as is practicable after the date employment with such a prior employer is terminated. •An interest rate equal to the average 30-year Treasury rate for the month preceding the measurement date. •Mortality based upon the table prescribed by the IRS to calculate lump sum distributions from qualified pension plans. Other Arrangements. Other arrangements will be converted to a lifetime benefit commencing at age 62 using procedures and assumptions which are consistent with the procedures and assumptions outlined above.
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Prior Employer Benefit means an annual benefit, specified as a fixed dollar amount in the Participation Agreement.
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Prior Employer Benefit means the benefit (or benefit equivalent) payable by each prior employer from which the Participant has received or is entitled to receive a vested benefit. The Prior Employer Benefit shall be expressed as a lifetime annuity commencing at age 62, and determined in accordance with the guidelines outlined below at the time participation in this Plan is extended to the Participant.
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Related to Prior Employer Benefit

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Disability benefit recipient means a member who is receiving a disability benefit.

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Qualifying Employee means any employee of Managing Agent or Parent or any of their respective subsidiaries who is and has been an employee of Managing Agent or Parent or any of their respective subsidiaries for at least thirty-six (36) months.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • SERP Benefit means the benefit described in Section 5.1.

  • Newly hired employee or “New Hire” means any employee, whether permanent, full-time, or part-time, hired by the Office and who is still employed as of the date of new employee orientation. It also includes all employees who are or have been previously employed by the Office and whose current position has placed them in the bargaining unit represented by CSEA. For those latter employees, for purposes of this article only, the “date of hire” is the date upon which the employees’ employment status changed as such that the employee was placed in the CSEA unit.

  • Covered Compensation means any Incentive-Based Compensation granted, vested or paid to a person who served as an Executive Officer at any time during the performance period for the Incentive-Based Compensation and that was Received (i) on or after October 2, 2023 (the effective date of the Nasdaq listing standards), (ii) after the person became an Executive Officer, and (iii) at a time that the Company had a class of securities listed on a national securities exchange or a national securities association such as Nasdaq.

  • Employee Contribution means any contribution made to the Plan by or on behalf of a Participant that is included in the Participant's gross income in the year in which made and that is maintained under a separate account to which earnings and losses are allocated.

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

  • Seller Benefit Plan means each Benefit Plan sponsored, maintained or contributed to by Seller or any of its Subsidiaries or with respect to which Seller or any of its Subsidiaries is a party and in which any Employee is or becomes eligible to participate or derive a benefit.

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

  • Ongoing employee means an employee who has been employed for at least one complete standard measurement period.

  • Transferred Employee has the meaning set forth in Section 6.01(a).

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

  • 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;

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

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

  • Continuing Employee has the meaning set forth in Section 6.7(a).

  • Seller Benefit Plans shall have the meaning ascribed thereto in Section 4.11(a) hereof.

  • Hired Employee has the meaning set forth in Section 6.1.6.

  • Benefit Period means the period of time from the date of the Accident causing the Injury for which benefits are payable, as shown in the Schedule of Benefits, and the date after which no further benefits will be paid.

  • Buyer Benefit Plans has the meaning set forth in Section 6.10(f).

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).