Present Value. The actuarial equivalent of a Participant’s accrued benefit under a Defined Benefit Plan maintained by the Employer expressed in the form of a lump sum. Actuarial equivalence shall be based on reasonable interest and mortality assumptions determined in accordance with the Top-Heavy provisions of the respective plan. Present Value is used for the purposes of the Top-Heavy test and the determination with respect thereto.
Appears in 12 contracts
Sources: Defined Contribution Plan (ASB Bancorp Inc), Defined Contribution Plan (Fraternity Community Bancorp Inc), Savings and Investment Plan Document (Sterling Chemicals Inc)
Present Value. The actuarial equivalent of a Participant’s 's accrued benefit under a Defined Benefit Plan maintained by the Employer expressed in the form of a lump sum. Actuarial equivalence shall be based on reasonable interest and mortality assumptions determined in accordance with the Top-Heavy provisions of the respective plan. Present Value is used for the purposes of the Top-Heavy test and the determination with respect thereto.
Appears in 7 contracts
Sources: Defined Contribution Plan (1st Constitution Bancorp), Defined Contribution Plan (Wellesley Bancorp, Inc.), Defined Contribution Plan (Savannah Bancorp Inc)