Traditional Formula Participant definition

Traditional Formula Participant means a Participant who is entitled to receive a Traditional Formula Pension Benefit under the Qualified Retirement Plan.
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Traditional Formula Participant means a Participant who is subject to the “Final Average Salary” or “Total Salary” formula under the Retirement Plan.
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Traditional Formula Participant means any Participant who is participating in the traditional pension formula under the Qualified Retirement Plan.
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Examples of Traditional Formula Participant in a sentence

  • In the case of a Traditional Formula Participant, the Participant is survived by a Spouse to whom the Participant was married throughout the one year period preceding death, or a Certified Domestic Partner with respect to whom an affidavit of domestic partner status has been continuously on file with ADM throughout the one year period preceding death.

  • In the case of a Traditional Formula Participant, the actuarial equivalent of the single life annuity starting on the same date as the joint and survivor annuity, which is the single life annuity determined under Sec.

  • In the case of a Traditional Formula Participant, the present value of the single life annuity that would be payable to the Participant starting as of the Benefit Commencement Date, which is the single life annuity determined under Sec.

  • With respect to a Traditional Formula Participant who has attained 75 Points, such Participant shall only be entitled to receive his or her Benefit in a Joint and 50% Survivor Annuity or a Single Life Annuity (as applicable).

  • The determination under Sections 2.02(a) and (b) shall be made as of the Participant’s Benefit Commencement Date, with any adjustment for commencement before or after the Participant’s Normal Retirement Date made using the applicable actuarial adjustment factors under the Retirement Plan and, for a Traditional Formula Participant who has a Domestic Partner, shall take into account any actuarial reductions that are required under the terms of the Retirement Plan for any survivor benefit coverage.

  • In the case of a Benefit payable to a Surviving Spouse or Domestic Partner of a Traditional Formula Participant in an Annuity Payment Form, the Surviving Spouse or Domestic Partner Benefit shall be deemed to have commenced payment on the earlier of the (i) date that the Surviving Spouse’s or Domestic Partner’s Benefit commenced to be paid or (ii) Participant’s Benefit Commencement Date.

  • In the case of a Benefit payable to a Surviving Spouse of a Traditional Formula Participant in an Annuity Payment Form, the Surviving Spouse Benefit shall be deemed to have commenced payment on the earlier of the (i) date that the Surviving Spouse’s Benefit commenced to be paid or (ii) Participant’s Benefit Commencement Date.

  • However, in the case of a Traditional Formula Participant in the Prior Plan immediately prior to January 1, 2005, such Employee will be required to enroll in this Plan (by filing a distribution election form) to continue as an Active Participant on and after January 1, 2005.

  • In the case of a Traditional Formula Participant (or, for purposes of Sec.

  • With respect to a Traditional Formula Participant who has not attained 75 Points, such Participant shall only be permitted to elect (A) a Cash Out, or (B) a Joint and 50% Survivor Annuity or a Single Life Annuity (as applicable); provided, however, that upon the date that a Traditional Formula Participant attains 75 Points, he or she shall no longer be entitled to receive a Cash Out and instead shall be entitled to receive the Default Payment Form (as applicable).

Related to Traditional Formula Participant

  • Retired Participant means a person who has been a Participant, but who has become entitled to retirement benefits under the Plan.

  • Program participant means an individual certified by the secretary as a program participant under Iowa Code section 9E.3.

  • Disabled Participant with respect to a loan if it has no right to exercise any voting or other control rights with respect to such loan (other than the right to approve amendments to the material economic terms of such loan).

  • Plan Participant means a person who is eligible to receive, and is receiving, a pension benefit from the Plan.

  • Active Participant means, with respect to any day or date, a Participant who is in Service on such day or date; provided, that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or (ii) at the end of the Plan Year that the Committee determines the Participant no longer meets the eligibility requirements of the Plan.

  • Participant has the meaning specified in Section 10.06(d).

  • Designated Participant means a key Employee of the Company or any other Participating Company who is designated by the Committee in writing to participate in the Program.

  • Inactive Participant means each Participant (other than a Retired Participant, Deceased Participant or Disabled Participant) who is not in active service as an Outside Director and is not actively employed by a Participating Company.

  • Qualified Participant means a Participant who has attained age 55 and who has completed at least 10 years of participation in the Plan.

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

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

  • Eligible employer means any municipality with a municipal

  • Loan Participant means each Purchaser and its respective successors and registered assigns, including any Certificate Holder.

  • Section 162(m) Participant means any key Employee designated by the Administrator as a key Employee whose compensation for the fiscal year in which the key Employee is so designated or a future fiscal year may be subject to the limit on deductible compensation imposed by Section 162(m) of the Code.

  • Eligible Retirement Plan means an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the Distributee's Eligible Rollover Distribution. However, in the case of an Eligible Rollover Distribution to the surviving Spouse, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.

  • Non-Highly Compensated Participant means any Participant who is neither a Highly Compensated Employee nor a Family Member.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Participating employee means an employee whose election to participate in a Plan has been approved by the employer.

  • Eligible Employee means full-time and part-time employees in the bargaining unit who have completed four hundred and fifty (450) hours of service and who are not prohibited from contributing to the Plan by legislation or the Plan rules because of their age or because they are in receipt of a pension from the Plan.

  • Highly Compensated Participant means any Highly Compensated Employee who is eligible to participate in the Plan.

  • L/C Participant shall have the meaning provided in Section 3.3(a).

  • A Participant or beneficiary ("claimant") who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows:

  • Terminated Participant means a person who has been a Participant, but whose employment has been terminated other than by death, Total and Permanent Disability or retirement.

  • CDS Participant means a broker, dealer, bank or other financial institution or other person for whom, from time to time, CDS effects book entries for the Units deposited with CDS.