Agmt04 Separation incentive SIP - Laserfiche WebLink

Browse Search

"Dermed Benefit Fraction" means for any Limitation Year: The Projected Annual Benefit of the Member under this Plan and any Related Plan determined as of the close of the Limitation Year, divided by the lesser of: (a) the product of 1.25, multiplied by the dollar limitation determined for the Limitation Year under Sections 415(b) and (d) of the Code and in accordance with Section A.2(b) in effect under Section 415(b)(1)(A) of the Code for the Limitation Year, or (b) the product of 1.4, multiplied by 100% of the Member's Average Section 415 Compensation, including any adjustments under Section 4l5(b) of the Code. If the Employee was a Member as of the first day of the first Limitation Year beginning after December 31, 1986, in one or more defined benefit plans maintained by the Employer which were in existence on May 6, 1986, the denominator of this fraction will not be less than 125% of the sum of the Annual Benefits under such plans which the Member had accrued as of the close of the last Limitation Year beginning before January 1, 1987, disregarding any changes in the term and conditions of the Plan after May 5, 1986. The preceding sentence applies only if the defined benefit plans individually and in the aggregate satisfied the requirements of Section 415 of the Code for all Limitation Years beginning before January 1, 1987. "Employer" means the Employer and any Affiliated Company that adopts this Plan. "Limitation Year" means a twelve-consecutive month period beginning on the Anniversary Date. If the Limitation Year is amended to a different 12-consecutive month period, the new Limitation Year must begin on a date within the Limitation Year in which the amendment is made. A-3 NBl:508358,9