Lump Sum Equivalent definition
Lump Sum Equivalent means a single lump sum payment that is actuarially determined as the amount required to provide an after-tax monthly payment equal to one-twelfth of the after-tax amount of the Annual Benefit. Effective for distributions occurring on or after January 1, 2007 and on or before December 31, 2009, unless otherwise determined by the Administrative Benefit Committee, the actuarial discount rate for determinations of the Lump Sum Equivalent shall be 4 percent (4%). Beginning January 1, 2010, the actuarial discount rate shall be determined by the Administrative Benefit Committee. The actuarial determination shall be computed using any other actuarial or other factors as determined by the Administrative Benefit Committee. The after-tax amounts shall be based on Federal income and FICA tax rates and the state income tax rate for the residence of the Participant at the date of the payment, as determined by the Administrative Benefit Committee.
Lump Sum Equivalent means with respect to any benefit hereunder, a lump-sum payment equal in value at date of determination to such benefit when determined actuarially, based upon the mortality table set forth in the Applicable Retirement Plan and the interest rate equal to the yield on a new 7-12 year AA-rated general obligation tax-exempt bond as determined by Merrill Lynch & Co. (or its affiliates) and published in The Wall Street Journal. An annual interest rate is to be determined as the average of the daily yields for November of the Plan Year preceding the Plan Year in which occurs the proposed date of payment; in such case, the stability period for such applicable interest rate shall be the Plan Year. In the event that age is increased by a salary continuation period or an Additional Service Period (“imputed years”), the lump sum payment will be discounted by the number of imputed years (including partial years) from the date of determination to the date of payment using interest only at the interest rate specified in the foregoing provisions of this definition. For purposes of Section 3.3(f) herein, the date of determination is the day after the end of the Additional Service Period. Further, (i) in the event an Eligible Participant is under age 55 on the date of determination, the Lump-Sum Equivalent shall be based on the present value of the Normal Retirement Benefit and (ii) in the event an Eligible Participant is age 55 or older at the date of determination, the Lump-Sum Equivalent shall be based on the present value of an immediate benefit.
Lump Sum Equivalent means the value of the Participant's Qualified Plan Account as of the date of retirement.
Examples of Lump Sum Equivalent in a sentence
A final decision shall have been issued in any arbitration proceeding commenced for the purpose of determining the Lump Sum Equivalent Amount of any settlement entered into by the Company in connection with the Specified Litigation that is not a Lump Sum Settlement, or any Final Judgment entered by the court in connection with the Specified Litigation that is not a Lump Sum Judgment.
In addition, periodic payments are to be paid from the Date of Entry on the outstanding Lump Sum Equivalent.
The Company will provide an income statement for the Don Valley facility business to the Union Executive by October for the nine-month period ending September The Company will pay the Lump Sum Equivalent of the pay continuance pension benefit as set out in Schedule “2” within one month of the date of transfer of the assets of the facility.
The total Accommodation Bond is the sum of the lump sum payment plus the outstanding Lump Sum Equivalent.
More Definitions of Lump Sum Equivalent
Lump Sum Equivalent means a single-sum amount that is equivalent in value to the Survivor Income Benefit Equalization Allowance or other benefit otherwise identified under the Plan based on the actuarial principles and assumptions set forth in Exhibit A to the Benefit Equalization Plan.
Lump Sum Equivalent means a single lump sum payment that is actuarially determined as the amount required to purchase a commercial annuity that would provide an after-tax monthly payment equal to the after-tax amount of the Monthly Benefit. The actuarial determination shall be computed using actuarial and other factors, adjusted annually, as determined by the Administrative Benefit Committee. The after-tax amounts shall be based on Federal income and FICA tax rates and the state income tax rate for the residence of the Participant at the date of the payment, as determined by the Administrative Benefit Committee.
Lump Sum Equivalent means a single lump sum payment that is actuarially determined as the amount required to provide an after-tax monthly payment equal to the after-tax
Lump Sum Equivalent means with respect to any benefit hereunder, a lump-sum payment equal in value at date of determination to such benefit when determined
Lump Sum Equivalent means a single lump sum payment that is actuarially determined as the amount required to provide an after-tax monthly payment equal to the after-tax amount of the Monthly Benefit payable for the period determined under
Lump Sum Equivalent means, in relation to any portion of the Accommodation Bond which is to be paid by periodic payments, the amount of the lump sum that the Resident would have paid if the Resident had not paid, or agreed to pay, that portion of the Accommodation Bond by periodic payments;