Social Security Offset definition
Social Security Offset means an amount equal to one-half (1/2) of the amount, if any, of the Federal primary Social Security benefit (primary old age insurance benefit) to which it is estimated that an Employee will become entitled in accordance with the Social Security Act in force as provided in subparagraphs (a) through (e) below which shall exceed $168 per month on and after January 1, 1989, and $250 per month, on and after January 1, 1991, multiplied by a fraction not greater than one, the numerator of which shall be the Employee's total Accredited Service, and the denominator of which shall be such total Accredited Service plus the Accredited Service the Employee could have accumulated if he had continued his employment from the date he terminates service with his Employer or any Affiliated Employer until his Normal Retirement Date. For purposes of determining the estimated Federal primary Social Security benefit used in the Social Security Offset, an Employee shall be deemed to be entitled to receive Federal primary Social Security benefits after retirement or death, if earlier, regardless of the fact that he may have disqualified himself to receive payment thereof. In addition to the foregoing, the calculation of the Social Security benefit shall be based on the salary history of the Employee as provided in Section 5.4(b) and shall be determined pursuant to the following, as applicable:
Social Security Offset means a reduction of permanent total disability benefits or fatal benefits based upon the amount of federal social security disability benefits received by a worker or surviving spouse.
Social Security Offset shall be 50% of the single life annual retirement benefit which the Executive is entitled to receive at age 62, or at the time of Retirement, if later. In the event the amount the Executive is entitled to receive as a single life retirement benefit from the Social Security Administration changes from the amount included in the initial or any succeeding calculation of the Social Security Offset, the Social Security Offset shall be recalculated using the new amount.
Examples of Social Security Offset in a sentence
Employees on the payroll as of October 13, 2000 were grandfathered into the previous pension plan with the formula of 1.5% of Final Average Pay multiplied by all years of Credited Service with no Social Security Offset.
There shall be zero percent (0%) Social Security Offset for Officers who retire under the terms of this Agreement.
Line 8: $ Tax Advantaged IRS Section 125 Plans (Dependent Care FSA, Health Care FSA, etc.) Line 9: $ EXCESS Social Security Offset (above 7.65% of Lines 6) See Line 11 first.
Line 11: $ Social Security Offset (at or below 7.65% of the Total of Lines 6 + 18) Line 12: $ Business Travel/Automobile Auto miles vouchered at the current IRS mileage rate.
Employees on the payroll as of the date of ratification (October 13, 2000) were grandfathered into the previous pension plan with the formula of 1.5% of Final Average Pay multiplied by all years of Credited Service with no Social Security Offset.
More Definitions of Social Security Offset
Social Security Offset means the primary benefit amount, commencing at the Participant’s Normal Retirement Date, that would be calculated under the Social Security Act as in effect at the time of the Participant’s Separation from Service. In the event of an Unapproved Termination, the calculation shall be made assuming that the Participant continued to earn covered compensation until the Participant’s Normal Retirement Date at a rate equal to the maximum taxable wage base. In the event of an Approved Termination, the calculation shall be made assuming no further compensation is earned. The Board or its designee may, in its sole discretion, waive all or part of the Social Security Offset for any Participant.
Social Security Offset. One half (1/2) the employee’s monthly social security retirement income calculated as of the first day of the first month after his or her retirement from employment with the Company for purposes of item 2(a), above;
Social Security Offset means if payment of benefits commences prior to the date a Participant attains sixty two (62) years of age, fifty percent (50%) of the estimated monthly old age benefit for a Participant, exclusive of benefits for relatives or dependents, that would be or would have been available from time to time from and after his attainment of sixty two (62) years of age under the then current provisions of the Social Security Act (including increases or decreases in such benefits caused by changes in the law or otherwise) determined without regard as to whether such benefit would be delayed, suspended, reduced or forfeited because of failure to apply, continued employment, the Participant's death or any other reason. However, the Social Security Offset shall not be applicable until the date a Participant attains or would have attained sixty two (62) years of age. If payment of benefits commences on or after the date a Participant attains sixty two (62) years of age, the Social Security Offset shall be computed in the same manner as described in the first sentence of this Section 2.1.30 except the age to be used shall be the actual age when payment of benefits commences. In determining the Social Security Offset for a Participant who dies prior to the time payment of benefits commences, it will be assumed that his earnings for the calendar year of his death and all future years equal the then current Social Security Taxable Wage Base.
Social Security Offset means the product of (i) total Years of Service multiplied by two and one-half percent (2.5%) of the ASERP Participant’s annual Social Security benefit. If an ASERP Participant is not eligible to receive Social Security benefits at the time benefits are payable under the ASERP but later becomes entitled to receive Social Security benefits, the amount of the Social Security Offset will be calculated when Social Security benefits begin. Once Social Security benefits have become payable, however, subsequent increases in Social Security benefits shall not cause the amount of the Social Security Offset to be recalculated to reduce the benefits payable under the ASERP. If Social Security benefits are decreased because of a change in dependent status, or if Social Security benefits cease because of a failure to meet Social Security benefit guidelines, the Social Security Offset under the ASERP will be recalculated to reflect those changes assuming entitlement to benefits under this ASERP continues.
Social Security Offset means fifty percent (50%) of the annual primary Social Security benefit the Executive is entitled, or upon application, would be entitled, to receive under the Social Security Act as of the Executive’s Retirement Date , and which Social Security benefit the Executive does, or would, assuming proper and timely application therefor were made, in fact receive for such year pursuant to the payment procedures of the Social Security Administration then in effect. The amount of such Social Security Benefit shall be determined as of the Retirement Date under the provisions of the Social Security Act in effect at that time by assuming that (i) the Executive receives no earnings covered by the Social Security Act in any year following the Retirement Date, and (ii) the Executive received wages in excess of the Social Security taxable wage base for each year preceding the Retirement Date.
Social Security Offset means the Participant's unreduced primary insurance amount payable at the Participant's normal retirement age, as provided under section 202 of the Social Security Act as in effect at the time the Social Security Offset is determined.
Social Security Offset means the Actuarial Equivalent of a Participant's Primary Insurance Amount determined as of the date of the calculation.