Examples of Statutory Benefit in a sentence
The amount of such Supplemental Allowance to be determined by multiplying the Supplemental Benefit Rate as set forth in the Pension Benefit Rates according to Article XV by the number of years of credited service up to a maximum of thirty years of service less the amount of any Statutory Benefit to which the may be or becomes eligible for prior to his Old Age Security Date, excluding any reduced regular benefit the may be in receipt of.
Notwithstanding the foregoing, the Supplemental Pension shall not be reduced by the amount of Statutory Benefit which the Member may be eligible to or become eligible to receive in a reduced amount, at his option, prior to the normal earliest date of eligibility for such Statutory Benefit.
The Supplemental Benefit Rate shall depend on the Member's Date of Determination and shall be as follows: Date of Supplemental Determination Benefit Rate On or after June 1, 1996 $9.50 The Supplemental Pension shall be reduced by the amount of Statutory Benefit to which the Member may be or becomes eligible for prior to his Old Age Security Date.
Pension Benefit 1/1/14 1/1/15 1/1/16 Basic Benefit: Production Employees $61.00 $61.00 $61.00 Trades Employees $63.00 $63.00 $63.00 Supplemental Benefit $19.00 $19.00 $19.00 *Total Monthly Allowance Production Employees $2940.00 $2940.00 $2940.00 Trades Employees $3020.00 $3020.00 $3020.00 * For Early Retirement of a member who has completed 30 or more years of credited service and includes a Special Early Retirement Allowance, Basic Benefit, Supplemental Benefit and any Statutory Benefit.
For accidents occurring on or after July 1, 1992, CSEA employees covered under the Statutory Benefit Program will continue on VRWS until the first day they are placed on workers' compensation disability leave, at which time they will have their VRWS agreement suspended.