Benefit Formulas Sample Clauses
Benefit Formulas. Each benefit formula alternative must provide meaningful benefits within the meaning of IRC 401(a)(26).
Benefit Formulas. Please contact Personnel or CalPERS to determine which one of the following benefit formulas apply to you. The benefit formulas are as follows:
Benefit Formulas. The Basic Normal Retirement Benefit shall be any one or combination of the following alternatives subject to the Limitations on Benefits provided at Section VIII of this Adoption Agreement. o
Benefit Formulas. Each benefit formula alternative must provide meaningful benefits within the meaning of Code section 401(a)(26).
☐ a. Fixed Benefit Excess SAMPLE
☐ b. Fixed Benefit Offset ☐ b.1. % (Offset Percentage) of the Participant's Final Average Compensation ☐ b.2. % of the Participant's Primary Insurance Amount (PIA) from Social Security
Benefit Formulas. A. Accelerated Benefit Formula A straight life annuity, payable in monthly installments commencing on Bernstock's Normal Retirement Date and with 60 monthly installments guaranteed, equal to the excess, if any, of (a) over (b) where:
(a) is the sum of:
(i) two and four-tenths percent (2.4%) of his Adjusted Final Pay up to the Social Security Covered Compensation multiplied by his Years of Service not in excess of five (5), plus one and two tenths percent (1.2%) of his Adjusted Final Pay up to the Social Security Covered Compensation multiplied by his Years of Service in excess of five (5) but not in excess of twenty (20), plus
(b) is the sum of:
(i) the straight life annuity payable to Bernstock in monthly installments, commencing on his Normal Retirement Date and with 60 monthly installments guaranteed, under the Qualified Plan;
(ii) the annual retirement benefit payable to Bernstock on a five-year certain and life annuity basis commencing on his Normal Retirement Date under the Nonqualified Plans; and
(iii) an imputed benefit calculated using a straight life annuity as if payable in monthly installments, commencing on Bernstock's Normal Retirement Date and with 60 monthly installments guaranteed, under the Qualified Plan based upon the following assumptions:
(A) Final Average Pay equals Bernstock's annual salary on the date he was employed by the Camp▇▇▇▇ ▇▇▇up, and
(B) Years of Service equal the number of whole years between Bernstock's age at date of hire by the Camp▇▇▇▇ ▇▇▇up and 32, but such imputed Years of Service shall be limited to the lesser of (1) actual Years of Service under the Qualified Plan or (2) 10 years. A straight life annuity, payable in monthly installments commencing on Bernstock's Normal Retirement Date and with 60 monthly installments guaranteed, equal to the excess, if any, of (a) over (b) where:
(a) equals 45% of Adjusted Final Pay reduced by one and eight tenths percent (1.8%) for each year Bernstock's age is below age 62 at date of retirement; and
(b) is the sum of
(i) the straight life annuity payable to Bernstock in monthly installments, commencing on his Normal Retirement Date and with 60 monthly installments guaranteed, under the Qualified Plan;
(ii) the annual retirement benefit payable to Bernstock on a five-year certain and life annuity basis commencing on his Normal Retirement Date under the Nonqualified Plans; and
(iii) an imputed benefit calculated using a straight life annuity as if payable in monthly installments, ...