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.

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.

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.

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.

• Yes, subject to your spouse's rights to survivor benefits, you may receive a portion of your income in a single sum after termination of employment if you choose the Retirement Transition Benefit option.

• This is a very substantial limitation to the Coastal Transition Benefit never to have been disclosed, explained or illustrated.

• The end of the five-year transition period for the Coastal Transition Benefit under the Seventh Amendment to the El Paso Plan was March 31, 2006.

• When El Paso adopted the 5-year Coastal Transition Benefit effective April 1, 2001, no examples were provided to the Coastal employees showing how the 5-year transition benefit would be decreased by the fractions Kinder Morgan now describes as “clear.” The fractions that Kinder Morgan says are “clear” would mean the additional 5 years of benefits is only worth 66-2/3% for an employee who commenced participation at age 20.

• The “without regard to the March 31, 2006 cutoff for Credited Service” clause in the Coastal Transition Benefit suggests that a second “without regard to” is not just to be implied into the denominator with no comparable expression.

• Pedersen asked for any and all documents, records and other information which relate to the statement that the pension estimates and estimation tool were an “error,” or to the statements in the August 31, 2000 letter that the Fall 2005 presentation on the Coastal Transition Benefit stating that benefits are “Unreduced at age 62 for ANR participants employed as of 12/1/86" was “not relevant” to the Coastal Transition Benefit.

• The Commissioners were identifiable (special logo on uniforms).25Conflict of interest document.

• The TransCanada USA Services Retirement Plan SPD also describes “Your Coastal Transition Benefit,” with illustrations on pages 8-12 and, on page 14, states that “You will receive this percentage of your benefit,” showing “100%” for a “Benefit Start Date” at Age 62, with the Coastal Transition Benefit reduced by “4% per year” only if “your benefit commencement date precedes ...

• Obtain spousal concurrence for the lump sum distribution of funds in excess of the 10% Retirement Transition Benefit.

More Definitions of Transition Benefit

Transition Benefit. (a) 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

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

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

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.