Calculation of HCRA benefit Clause Samples

Calculation of HCRA benefit. (a) Total contributions are multiplied by the applicable percentage calculated in step 2 above. (b) From the amount in (a) the value of all prior Benefits received from the Active Plan are subtracted. For individuals who retire January 1, 2016 or later, SASMI benefits paid do not include Severance Benefits for which a Retiree is not eligible because of a transfer to a non-SASMI Local Union provided that the individual continued to accrue credit in a SMART local or national pension for at least five (5) years after the transfer and there was not a failure to timely apply. For example, if a Retiree loses eligibility for a Severance because of transfer to a Local Union that does not have a Contract requiring contributions to SASMI and continued to work in that Local for at least five years then that unavailable Severance Benefit will not be used when adjusting the HCRA benefit. A. Eligibility
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Calculation of HCRA benefit. (a) Total contributions are multiplied by the applicable percentage calculated in step 2 above. (b) From the amount in (a) the value of all prior Benefits received from the Active Plan are subtracted. Benefits paid include Severance Benefits for which an individual is eligible even if the benefit is not yet applied for or, if it is applied for, but the check is not cashed, as well as Severance Benefits which are lost based on a failure to timely apply. For individuals who retire January 1, 2016 or later, SASMI benefits paid do not include Severance Benefits which would have been paid but for which a Retiree is not eligible because of a transfer to a non-SASMI SMART local union provided that the individual continued to accrue credit in a SMART local or national pension for at least five (5) years after the transfer and there was not a failure to timely apply. For example, if a Retiree loses eligibility for a Severance because of transfer to a Local Union that does not have a Contract requiring contributions to SASMI and continued to work in that Local for at least five years then that unavailable Severance Benefit will not be used when adjusting the HCRA benefit. V. PLAN B HCRA (2017)
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Related to Calculation of HCRA benefit

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.