Protected Benefit definition

Protected Benefit means any accrued benefit described in Treas. Reg. §1.411(d)-4, including any optional form of benefit provided under the Plan which may not (except in accordance with such Regulations) be reduced, eliminated or made subject to Employer discretion.
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Protected Benefit means the certain federal benefit payments which are exempt from garnishment from a financial institution account. This includes:
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Protected Benefit means any accrued benefit described in Treas. Reg. § 1.411(d)-4, including any optional form of benefit provided under the Plan which may not (except in accordance with such Regulations) be reduced, eliminated or made subject to the Company’s discretion.
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Examples of Protected Benefit in a sentence

  • Your Death Benefit amount under this Rider is determined by comparing the Protected Benefit Account Value on the Payment Transaction Date to the Guaranteed Minimum Death Benefit on the date of death of the Owner.

  • Withdrawals from your Protected Benefit Account Value will cause an adjustment to your GMDB Benefit Base as described in Section II.

  • You must contribute or transfer amounts to the Protected Benefit Account to fund a GMDB Benefit Base in order to receive benefits under this Rider.

  • Your Death Benefit amount under the Rider is determined by comparing the Protected Benefit Account Value on the Payment Transaction Date to the Guaranteed Minimum Death Benefit on the date of death of the Owner.

  • This Section 9.05(D) does not apply if: (a) the Plan is an ERISA Plan and the Plan at termination provides an annuity option which is a Protected Benefit and which the Employer may not eliminate by Plan amendment; or (b) as of the period between the Plan termination date and the final distribution of assets, the Employer maintains any other 403(b) Plan.

  • SECTION 6.02 PAYMENT UPON DEATH The following is added at the end of the existing Section: (References in this Section to Protected Benefit Account (“PBA”) and Protected Benefit Account Value (“PBAV”) apply herein only if your Contract has been issued with a guaranteed benefit rider.) Payment upon death is subject to the “Required Minimum Distribution” rules of Sections 408(b) and 401(a)(9) of the Code.

  • Your initial benefit base is equal to your initial contribution or transfer to the Protected Benefit account variable investment options and amounts in a Special DCA program designated for transfers to the Protected Benefit account variable investment options.

  • For additional information about insurance company risks see “About the general account” in “More information” in the Prospectus.Investments We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options (including the Protected Benefit account variable investment options) and to limit the number of variable investment options which you may select.

  • Withdrawals from your Protected Benefit Account Value will cause an adjustment to your GMDB Benefit Base as described in Section IV.

  • If you have one or more Guaranteed benefits (which are also known as optional benefits) and we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract and/or contributions and/ or transfers into the Protected Benefit account variable investment options, you may no longer be able to fund your Guaranteed benefit(s).


More Definitions of Protected Benefit

Protected Benefit means the investment incentives provided to investors and/or qualified investments through legislative amendments contained in the Second Schedule of this Act as well as all investment incentives listed in the Third Schedule of this Act;
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Protected Benefit means, as of any date of determination, the Accrued Benefit of a Participant and
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Protected Benefit means, as of any date of determination,
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Protected Benefit means, as of any date of determination, the Accrued Benefit of a Member and (a) any right of the Member under the terms of the Plan as of such date to have such Accrued Benefit commence on a date other than the Normal Retirement Date, (b) any right of the Member under the terms of the Plan as of such date to have such Accrued Benefit payable in an optional form of payment, and (c) the methodology under the terms of the Plan as of such date for determining the amount of benefit payable as a result of the exercise of any right of the Member expressed in paragraph (a) or (b) above. For the sole purposes of paragraph (c) above, any provision of the Plan that requires payment of a Member's Pension in a form other than that described in Section 5.01(a) shall be considered to be the exercise of a right by the Member therefor.
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Related to Protected Benefit

  • 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.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;