Standard Form of Retirement Income definition

Standard Form of Retirement Income means a benefit payable in accordance with the terms of the Adoption Agreement, beginning as of the Participant's actual retirement date. The Standard Form of Retirement Income of each Participant shall not be less than the largest periodic benefit that would have been payable to the Participant upon separation from Service at or prior to the Normal Retirement Date under the Plan exclusive of social security supplements, premiums on disability or term insurance, and the value of disability benefits not in excess of the Standard Form of Retirement Income. For purposes of comparing periodic benefits in the same form, commencing prior to and at the Normal Retirement Date, the greater benefit is determined by converting the benefit payable at the Normal Retirement Date and comparing the amount of such annuity payments.
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Examples of Standard Form of Retirement Income in a sentence

  • The annual factor is the factor derived from the applicable in table(s) below based on the Normal Retirement Age under the Plan, as specified in the Adoption Agreement (determined without regard to any years of Participation requirement), and the Standard Form of Retirement Income, as specified in the Adoption Agreement.

  • A Participant shall be entitled to receive as of his Normal Retirement Date a monthly Standard Form of Retirement Income equal to one-twelfth (1/12th) of the annual retirement benefit determined in accordance with the benefit formula elected by the Employer in the Adoption agreement.

  • The Standard Form of Retirement Income shall be the applicable form of Automatic Annuity under Section 9.2. In lieu of the Automatic Annuity, a Participant or Beneficiary may elect any one of the optional forms of distribution set forth below or specified in the Adoption Agreement, subject to the provisions of Section 9.5. Each optional form of distribution shall be the Actuarial Equivalent of the Participant's Standard Form of Retirement income.

  • If the Plan's Standard Form of Retirement Income, as specified below, is other than a life annuity, the factor determined from the appropriate table below must be multiplied by the following adjustment factor: life annuity, 10 years guaranteed -- .90; life annuity and 50% survivor benefit -- .80; life annuity and 100% survivor benefit -- .666.

  • If benefits commence to a Participant at a time other than Normal Retirement Age, the Participant's Accrued Benefit will be multiplied by a fraction, the numerator of which is the annual factor that corresponds to the age at which benefits commence to the Participant in the Standard Form of Retirement Income, and the denominator of which is the annual factor that corresponds to the Normal Retirement Age under the Plan in the Standard Form of Retirement Income.

  • If benefits commence to the Participant in a form other than the Standard Form of Retirement Income, the product in the preceding paragraph will be actuarially adjusted in accordance with the provisions of section 1.2 of the Plan.

Related to Standard Form of Retirement Income

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Victim of sexual assault means an individual against whom a sexual offense has been committed as described in ORS 163.467 or 163.525; or any other individual designated as a victim of sexual assault by rule adopted under ORS 659A.805.

  • Pension Benefits Act means The Pension Benefits Act of Ontario and regulations thereunder as amended from time to time.

  • Retirement system means a retirement plan or system that is established by or pursuant to title 38.

  • Basic health benefit plan means any plan offered to an individual, a small group,

  • Disability retirement for plan 1 members, means the period

  • Social Security Retirement Age means the age used as the retirement age under Section 216(l) of the Social Security Act, applied without regard to the age increase factor and as if the early retirement age under Section 216(l)(2) of such Act were 62.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

  • Retirement program means a program of rights and obligations which a county, city, village, or township establishes, maintains, or participates in and which, by its express terms or as a result of surrounding circumstances, does 1 or more of the following:

  • Medical leave means leave from work taken by a covered individual that is made neces-

  • Medical Benefits Schedule means the Medicare Schedule of Benefits produced by the Department of Health to which all fees and benefits relate for inpatient hospital services.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Department of Revenue means the Department of Revenue of

  • Group health benefit plan means any health care plan, subscription contract, evidence of

  • Basic Conditions of Employment Act means the Basic Conditions of Employment Act, 1997 (Act No. 75 of 1997);

  • Health benefits plan means a benefits plan which pays or

  • Change in Control Protection Period means the period commencing on the date a Change in Control occurs and ending on the first anniversary of such date.

  • Special Retirement means an Optionee’s termination of employment or service with the Employers and Affiliates on or after the later of (i) the Optionee’s attainment of age 62 and (ii) the Optionee’s Early Retirement Date or Normal Retirement Date, as such terms are defined in the Telephone and Data Systems, Inc. Pension Plan.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Public employees retirement system means the retirement plan and program

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Contractor Selection of Leave Trees means crop and leave trees are unmarked and will be selected by the Contractor.

  • housing benefit means housing benefit under Part 7 of the SSCBA;

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Budget-related Policy means a policy of a municipality affecting or affected by the annual budget of the municipality, including-