RSSERP Benefit definition

RSSERP Benefit means the Participant’s benefit described in Subsection 4.1.
Sample 1Sample 2Sample 3

Examples of RSSERP Benefit in a sentence

  • If the Committee, in its discretion, decides to offer a 2008 Special Election, then the “2008 Special Election” shall mean a Participant’s valid election, made prior to December 31, 2008 in accordance with rules and procedures established by the Committee, to receive his or her RSSERP Benefit and/or Pension SERP Benefit at a time and in a form specified in Subparagraphs 4.4(a)(iii) and 4.4(b)(iv), respectively.

  • If the Participant made a valid 2006 Special Election and does not make an election described in Subparagraph (B), his or her RSSERP Benefit shall be paid in accordance with such 2006 Special Election commencing as soon as administratively practicable following the Participant’s Default Payment Date.

  • If the Participant dies before complete payment of his or her vested RSSERP Benefit under Subparagraph 4.4(a), payment of his or her remaining RSSERP Benefit shall be made to his or her RSSERP Beneficiary in a lump sum as soon as practicable following the date of the Participant’s death (but in no event later than the end of the calendar year following the calendar year of his or her death).

  • Subject to Subparagraph (B) below, the Participant’s RSSERP Benefit shall be paid in a lump sum on or as soon as practicable after the Default Payment Date, but in no event later than the end of the calendar year after the calendar year of the Participant’s Determination Date.

  • For purposes of the RSSERP Benefit, “Determination Date” means the date on which the Committee or its delegate receives notification of a Participant’s Separation from Service.

  • A Participant’s RSSERP Benefit shall become nonforfeitable on the same basis and at the same time as his or her employer contributions become nonforfeitable under the Retirement Savings Plan provided, however, that an individual who had a Matching Credit balance under the Sara Lee SERP on December 31, 2002 shall be fully vested in his or her RSSERP Benefit on and after January 1, 2003.

  • If the value of the Participant’s vested RSSERP Benefit (determined without regard to any Residual Credit) is $50,000 or more on the Participant’s Separation from Service, the Participant’s vested RSSERP Benefit shall be paid in a lump sum in the seventh month following the Participant’s Separation from Service, unless the Participant made a valid election under Subparagraph (iii) or (iv) below, in which case the Participant’s RSSERP Benefit shall be paid in accordance with the applicable election.

  • If the value of the Participant’s vested RSSERP Benefit (determined without regard to any Residual Credit) is less than $50,000 as of the Participant’s Separation from Service, then any election made by the Participant under Subparagraph (iii) or (iv) below shall be void, and the Participant’s vested RSSERP Benefit shall be paid in a lump sum in the seventh month following the Participant’s Separation from Service.

  • For this purpose, a Participant’s RSSERP Benefit as of December 31, 2008 shall include his or her RSSERP Credits for the 2008 Plan Year; the lump sum paid in 2009 shall include gains/losses credited to the Participant’s RSSERP Account through February 28, 2009; and the lump sum paid in 2010 shall include gains/losses credited to the Participant’s RSSERP Account through December 31, 2009.

  • Notwithstanding the foregoing, an active Participant may elect to receive distribution of his or her RSSERP Benefit determined as of December 31, 2008, with such amount paid to the Participant in a lump sum in 2009 or 2010, as elected by the Participant.

Related to RSSERP Benefit

  • 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.

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

  • Retirement Benefit means the benefit set forth in Article 5.

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

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

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

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

  • 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.

  • 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;

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

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

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

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

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

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

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • 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).

  • Change in Control Benefit means the benefit described in Section 2.4.

  • 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.

  • Service benefit means the credit toward retirement benefits as determined by the

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Actuarial equivalent means a benefit of equal value when

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

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

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.