Transition Benefit definition

Transition Benefit means the amount that would be payable to or on behalf of a Transition Participant under the DEPP Component if the provisions of the DEPP providing for the limitation of benefits in accordance with sections 401(a)(17) and 415 of the Code were inapplicable, and if Transition Compensation were substituted for Compensation in the calculation thereof, minus the sum of (I) the benefit payable to or on behalf of the Transition Participant under the DEPP, (II) the benefit paid to the Transition Participant from the Excess Plan in connection with the change of control resulting from the Orion Merger, and (III) any other benefit paid to the Transition Participant under the Plan or the Excess Plan; provided, that no Participant shall accrue additional benefits under the Plan on or after January 1, 2024.

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Transition Benefit means the transition benefit provided by the Company or Related Company, as applicable, to a qualifying HRT Eligible Participant’s Account in accordance with Section 7.3(b) of the Plan.

Transition Benefit means the contribution made by the Company under the VIP that is identified as a Transition Benefit (or like term as used in the VIP) under Section 4.10 of the VIP.

Examples of Transition Benefit in a sentence

• The University agrees to make available to participants in the TIAA retirement program "The Retirement Transition Benefit" which permits an individual participant to receive a lump sum payment of up to 10% of his/her TIAA/CREF accumulation if the participant is 55 or older at time of retirement.

• The Transition Benefit in this case if reduced as per (e) (1) above, shall not be reduced below the sum of $475.00.

• Subject to the restriction set forth in Section 2.8 below, where the Separation From Service occurs within the two-year period following the date of the Change of Control, the payment of Transition Benefit shall be made to Executive within thirty (30) days after the Executive’s date of Separation From Service.

• Furthermore, VBC employees whose employment is terminated in connection with the Merger shall be eligible for severance benefits pursuant to the Transition Benefit Plan adopted by Oneida Savings, subject to the qualifications and limitations thereof, and the Transition Benefit Plan shall remain in effect for one year from the Merger Effective Date.

• However, to qualify for the Bridge Benefit, it is necessary that your Class "A" or Class “B” survivor has, at the date of your death, attained age 50, but has not attained age 60 and received 24 monthly Transition Benefit payments.

• During the period for which an employee is eligible to receive Plan benefits, participation will continue in the following Plans: Provincial Health Insurance Supplementary Hospital Health Care Dependent Life Retiring Allowance Plan Pension Group Life Insurance Parts I and Survivor Transition Benefit Coverage for Group Life Insurance Parts I and the Survivor Transition Benefit in effect at the date of disability will prevail during the for which an em- ployee is eligible to receive Plan benefits.

• Seller will remain liable for all eligible claims for benefits under the Employee Benefit Plans (other than the Transition Benefit Plans) that are incurred by the Transferred Staff Employees.

• The benefits set forth in Sections 2 and 3 (collectively, the "Transition Benefit") are conditioned upon you remaining employed by Gen through the Departure Date and will only be available to you after all of the following additional conditions are met: (1) your employment as the President of Gen has terminated; and (2) you have timely signed, dated, and returned this Agreement in accordance with its terms and Gen has received this Agreement bearing your signature.

• The Company will continue to provide a Survivor Transition Benefit Plan as in effect immediately prior to the term of the Agreement subject to paragraph 1.6.2.

• All costs of such Transition Benefit shall be the responsibility of Seller.

More Definitions of Transition Benefit

Transition Benefit means the benefit that is subject to Code Section 409A and that is due to a Participant under the terms of this Plan on account of the Participant’s entitlement to distribution under the terms of the Retirement Income Plan on or prior to December 31, 2008. Calculation and payment of a Transition Benefit are made under Appendix A.

Transition Benefit shall have the meaning specified in Section 4.04(a).

Transition Benefit. (i) the value of the "Accrued Benefit" each such employee would have had under the Niagara Mohawk Pension Plan cash balance formula had such employee remained employed by the Seller for five years after the Closing Date, assuming such employee had retained the same job with the Seller as such employee had immediately preceding the Closing Date and had the same "Compensation," "Interest Credit" (using an annual interest rate of 6.5 percent), and rate of "Pay-Based Credit" (as those terms are defined in the Niagara Mohawk Pension Plan) as such employee had immediately preceding the Closing Date; less (ii) the percent value of the "Accrued Benefit" such employee has under the Niagara Mohawk Pension Plan cash balance formula as of the Closing Date, plus the "Interest Credit" (as that term is defined in the Niagara Mohawk Pension Plan) that would have been received on the amount of such present value had it remained in the Niagara mohawk pension plan for five years after the closing Date (assuming the Interest Credit remained at an annual interest rate of 6.5 percent throughout that five year period). The Buyer shall provide the Transition Benefit for each eligible Non-Union Employee 49 in one or both of the following ways: (A) as vested accrued benefits for such employee under a qualified retirement plan (or qualified retirement plans) maintained by the Buyer, with such benefits accruing no later than the end of the five year period following the Closing Date ("Five Year Period"); and/or (B) as cash paid to such employee in a lump sum or in multiple payments (e.g., through a severance pay plan, a deferred compensation plan, or such other arrangement deemed appropriate to the Buyer), with such payment(s) to commence no later than the last day of the year in which such employee's employment with the Buyer terminates (or, if later, 90 days after such employment terminates). The present value of the vested accrued benefits described in (A), plus the present value of the cash payment(s) to be made pursuant to (B), must at least equal the total amount of the Transition Benefit for the applicable Non-Union Employee (present value, for purposes of this sentence, shall be computed in the same manner as the present value of an "Accrued Benefit" in the Niagara Mohawk Pension Plan is computed). Notwithstanding anything in this subsection (h) to the contrary, (1) if an eligible Non-Union Employee voluntarily terminates employment with the Buyer before the end of the Five Y...

Transition Benefit means the Employer contribution made in accordance with Sections 4.3 and 4.4 of the Plan.

Transition Benefit. No later than 10 days after the Company has received the Supplemental Release executed by Executive, the Company shall pay Executive, in a cash, a lump sum in the gross amount of $3,500,000; and