Unrestricted Benefit means the vested retirement benefit that would be payable from the Retirement Plan under either the Final Average Pay Formula or the Cash Balance Formula, as described in Article IV, assuming Sections 401(a)(17) (Compensation Limit) and 415 (Limitation on Benefits) of the Code are not applicable. The calculation of the Unrestricted Benefit also shall take into account other adjustments specified in an Employment Contract.
Unrestricted Benefit means the monthly pension a retiree or beneficiary would have been entitled to receive without giving effect to the limits imposed by section 415 of Title 26 of the United States Code.
Unrestricted Benefit means the monthly benefit a retiree or beneficiary would have been entitled to receive from the retirement system under Chapter 169, RSMo without giving effect to the restrictions of section 169.070.16, RSMo designed to con- form to section 415 of Title 26 of the United States Code.
Examples of Unrestricted Benefit in a sentence
No amendment or termination of this Plan shall directly or indirectly (a) deprive any current or former Participant or Beneficiary of all or any portion of any Supplemental Retirement Benefit which commenced prior to the effective date of such amendment or termination or (b) reduce any Participant’s Unrestricted Benefit that had accrued as of such effective date.
To the extent a Participant’s form of benefit under Article VI is an annuity, this calculation shall be based on the single life annuity of the Unrestricted Benefit and Maximum Benefit.
No Participant shall accrue any additional Maximum Benefit or Unrestricted Benefit under the Final Average Pay Formula after December 31, 2010.
To the extent a Participant’s form of benefit under Article VI is a lump sum or installments, this calculation shall be based on the lump sum of the Unrestricted Benefit and Maximum Benefit.
Upon the Normal Retirement of a Participant, as defined in the Pension Plan, a Participant shall be entitled to a monthly benefit under this Plan equal in amount to his or her Unrestricted Benefit minus (i) the Maximum Benefit and (ii) the Frozen Benefit.
More Definitions of Unrestricted Benefit
Unrestricted Benefit means the maximum monthly normal, early, or deferred vested (or disability) retirement benefit, whichever is applicable, which a Participant has earned, calculated in accordance with the benefit formula under the Pension Plan and determined without regard to any limitations imposed by the Code, including but not limited to limitations under Code Sections 401(a)(17) and 415. The amount of the Unrestricted Benefit shall be based on a Participant's Compensation as defined in this Plan.
Unrestricted Benefit means the monthly benefit a retiree or beneficiary would have been entitled to receive from MPERS under Chapter 104 RSMo., as if there were no restrictions under Section 104.010.2 RSMo., and designed to conform to Section 415 of the Internal Revenue Code.
Unrestricted Benefit means the monthly retirement benefit a member, or the spouse, child, or single dependent parent of a member, would have received under the terms of all qualified plans of the employer, except for the restrictions of R.S. 11:1458 and any similar provisions of any other qualified plans designed to conform to Section 415 of the Internal Revenue Code.
Unrestricted Benefit means the monthly retirement benefit a member or the member's spouse, dependent child, or dependent parent would have received under the terms of all qualified plans except for the restrictions of Section 5.10(a) of this Act and any similar provisions of any other qualified plans designed to conform to Section 415 of the code.
Unrestricted Benefit means whichever of the following is applicable: (I) the monthly retirement income benefit under the Pension Plan ("Retirement Income Benefit") and (ii) the benefit under the Cash Balance Account ("Cash Balance Benefit") of the Pension Plan, all determined under the Pension Plan without regard to the limitations imposed by Code Sections 401(a)(17) and 415.
Unrestricted Benefit means either (a) the monthly Normal, Early, or Deferred Vested retirement benefit payable to the Participant, whichever is applicable, or (b) the pre-retirement or post-retirement surviving spouse's benefit payable to the Participant's Surviving Spouse, whichever is applicable, determined under the provisions of the Retirement Plan without regard to the limitation imposed by the Code and based upon Participant earnings that, for each plan year, are the total of: (1) the Participant's Retirement Plan Earnings, (2) the Participant's contributions to the American Electric Power System Supplemental Savings Plan, (3) for Participants who terminate employment after December 31, 1995, Management Incentive Compensation Plan ("MICP") awards earned, but not necessarily paid, in the plan year, including MICP awards earned prior to January 1, 1996, and (4) Senior Officer Annual Incentive Compensation Plan awards earned, but not necessarily paid, in the plan year.
Unrestricted Benefit means the monthly normal, early, deferred vested, disability or preretirement survivor annuity benefit, as the case may be, which may be paid to or on behalf of a Participant in accordance with the terms of the Retirement Plan as in effect on the date of the determination, but determined with the following modifications: (i) the terms of the Retirement Plan included solely to comply with Sections 401(a)(17) and 415 of the Code shall be disregarded; and (ii) “Earnings” under the Retirement Plan (determined without regard to the terms of the Retirement Plan included solely to comply with Section 401(a)(17) of the Code) shall include amounts of compensation deferred under the Federal National Mortgage Association Career Deferred Compensation Plan and the Federal National Mortgage Association Elective Deferred Compensation Plan that would have seen included in Earnings had such amount not been deferred under such Plans.