Benefit Factor Clause Samples

Benefit Factor. The factor used to determine an equivalent benefit rate to convert a defined contribution allocation rate to a defined benefit accrual rate for cross testing purposes. Standard mortality and interest rates as defined under Treas. Reg. Section 1.401(a)(4)-12 will apply. Normal Retirement Age as defined in Section 1.67.
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Benefit Factor. 3.04(B)(5)(a) Break in Service. 1.31(A)(3)(i), 2.03(A), 5.06(A) Cash or Deferred Arrangement (CODA). 3.02(C) Cash-Out Distribution. 5.04(A)(1) Catch-Up Deferral. 1.20(D), 3.02(D)(2). Catch-Up Eligible Participant. 3.02(D)(1) Client Organization ("CO"). 12.02(D)(1)
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Benefit Factor. Benefit factor is a percentage of pay to which one is entitled for each year of service. It is determined by one’s age at retirement and the retirement formula. The benefit factor increases with each quarter of year of attained age between ages 50 and 55 except for employees subject to PEPRA. The formulas are 2.7% @ age 55 for employees hired prior to June 9, 2012; 2.5% @ age 55 for employees hired on or after June 9, 2012; or 2.0% @ age 62 for new members hired on or after January 1, 2013 subject to PEPRA.
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Related to Benefit Factor

  • Benefit Level The primary care clinics available through each plan administrator are assigned a Benefit Level. The Benefit Levels are outlined in the benefit chart below. Primary care clinics may be in different Benefit Levels for different plan administrators. Family members may be enrolled in clinics that are in different Benefits Levels. Employees and their dependents may change to clinics in different Benefit Levels during the annual open enrollment. Employees and their dependents may also elect to move to a clinic in a different Benefit Level within the same plan administrator up to two (2) additional times during the plan year. Unless the individual has a referral from his/her primary care clinic, there are no benefits for services received from providers in Benefit Levels that are different from that of the primary care clinic in which the individual has enrolled.

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Target Bonus “Target Bonus” shall mean Employee’s annual bonus, assuming 100% “on target” satisfaction of any objective or subjective performance milestones.

  • Change of Control Benefit Upon a Change of Control, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement.