Yearly Benefit Amount definition

Yearly Benefit Amount means an annual supplemental retirement benefit in an amount determined by: 1.18.1 multiplying (i) the Benefit Percentage times (ii) the Executive’s Final Average Compensation (determined as of the date of Separation from Service); and 1.18.2 then, multiplying such result by the Vested Percentage.
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Yearly Benefit Amount means an amount payable as a fixed annual payment for fifteen (15) years.
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Yearly Benefit Amount means the annual amount contingently payable as an Annuity Benefit. The Yearly Benefit Amount shall be equal to the percentage of the Executive's Final Average Compensation set forth in the Executive's Participation Agreement.
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Examples of Yearly Benefit Amount in a sentence

  • The Retirement Benefit payment shall be a lump sum payment that is the Actuarial Equivalent of a twenty year stream of annual payments, each payment equal to the Yearly Benefit Amount.

  • This Plan may be amended or modified at any time, provided, however, that no such amendment may serve to reduce the vested portion of the Yearly Benefit Amount of any Executive, and provided further, that no amendment or modification shall be valid if it violates Code Section 409A, as in effect at the time of such amendment or modification.

  • If Executive has a voluntary or involuntary Separation from Service, including a resignation for Good Reason, prior to the attainment of the Executive’s Benefit Age, Executive shall be entitled to the Yearly Benefit Amount multiplied by the applicable vesting percentage.

  • The Supplemental Benefit shall be determined as an Annuity Benefit equal to the Yearly Benefit Amount multiplied by the Prorate Fraction.

  • If Executive has a Separation from Service on or after Benefit Age, Executive shall be entitled to the Yearly Benefit Amount specified in the Participation Agreement.

  • The Yearly Benefit Amount shall commence on Executive’s Normal Benefit Date and shall be payable in the Normal Benefit Form, unless Executive has made a timely election to receive installment payments, in which case, the Executive’s election shall control.

  • In the event of a Change in Control, the Bank shall transfer to the rabbi trust within thirty (30) days prior to such Change in Control, the present value (applying the Interest Factor applicable to a Change in Control) of an amount sufficient to fully fund the Yearly Benefit Amount for each Executive covered by this Plan.

  • The annual benefit under this Section 2.1 ----------------- is the Yearly Benefit Amount.

  • Beginning with the month immediately ------------------ following the month in which the Executive's Disability or death occurs, the Bank shall pay the Yearly Benefit Amount to the Executive (or his Beneficiary) in equal monthly installments on the first day of each month.

  • The annual benefit under this Section 2.3 ----------------- is the Yearly Benefit Amount determined as of the date of the Executive's Disability or death.


More Definitions of Yearly Benefit Amount

Yearly Benefit Amount means an amount calculated as of the first date the Executive becomes entitled to receive a payment under this Plan following his Separation from Service (i) on or after attaining Normal Retirement Age, (ii) by reason of his Disability or (iii) following a Change in Control, by:
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Yearly Benefit Amount means the annual amount contingently payable as an Annuity Benefit. The Yearly Benefit Amount is equal to the percentage of the Executive’s Final Average Compensation set forth in the Executive’s Participation Agreement, multiplied by the Prorate Fraction, and is subject to reduction for early retirement under Section 3.2.
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Related to Yearly Benefit Amount

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Accrued Benefit have the meanings specified in ERISA.

  • SERP Benefit means the benefit described in Section 5.1.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Capacity Benefit Margin or “CBM” shall mean the amount of firm transmission transfer capability preserved by the transmission provider for Load-Serving Entities (“LSEs”), whose loads are located on that Transmission Service Provider’s system, to enable access by the LSEs to generation from interconnected systems to meet generation reliability requirements. Preservation of CBM for an LSE allows that entity to reduce its installed generating capacity below that which may otherwise have been necessary without interconnections to meet its generation reliability requirements. The transmission transfer capability preserved as CBM is intended to be used by the LSE only in times of emergency generation deficiencies.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Benefit year means the period of twelve consecutive months, July 1 through June 30, as established by an employer in which an employee shall accrue and use earned sick leave as provided pursuant to N.J.S.A. 34:11D-2, provided that once the starting date of the benefit year is established by the employer it shall not be changed unless the employer notifies the Commissioner of Labor and Workforce Development of the change in accordance with regulations promulgated pursuant to the Act. The Commissioner shall impose a benefit year on any employer the Commissioner determines is changing the benefit year at times or in ways that prevent the accrual or use of earned sick leave by an employee.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Benefit Distribution Date means the date upon which all or an objectively determinable portion of a Participant’s vested benefits will become eligible for distribution. Except as otherwise provided in the Plan, a Participant’s Benefit Distribution Date shall be determined based on the earliest to occur of an event or scheduled date set forth in Articles 4 through 9, as applicable.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Extended benefit period means a period which:

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Title Benefit Amount has the meaning set forth in Section 6.2(d).

  • Termination Benefit means the benefit set forth in Article 7.

  • Company Contribution Amount means, for any one Plan Year, the amount determined in accordance with Section 3.5.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.