Actuarial Equivalent

Actuarial Equivalent. An amount equal to the amount expected to be received under Section 4a of Part II, based on the following actuarial assumptions: Interest - 6.5% or such other rate as the Board may from time to time prescribe by resolution Mortality - Joint Mortality Group Annuity Table 1983

Actuarial Equivalent. An amount is the Actuarial Equivalent of any other amount if the actuarial reserve required to provide the same is equal to the actuarial reserve required to provide such other amount. The parties acknowledge that, in selecting appropriate factors to determine actuarial equivalence, the immediate taxability of any amounts paid hereunder as well as the demographics of the covered group must be taken into account; otherwise, Key Employee will not receive the same value over time under this... Agreement as he or she would have had had the Restrictions not applied and all amounts payable to Key Employee been paid from a qualified plan. Therefore, it is not appropriate to use an interest rate benchmark or mortality table that does not sufficiently consider these factors. Unlike distributions from qualified plans, which can be tax deferred, amounts paid hereunder are taxable in the year paid; therefore the interest rate should reflect that immediate taxation. An accepted way of recognizing this distinction is to use a post tax interest benchmark. With respect to mortality, the parties acknowledge that the participants in the Plans consist solely of white collar employees and are relatively small in number. In such a case, it is appropriate to use a mortality table which reflects this demographic. Therefore, the factors to use to determine actuarially equivalence under this Agreement shall be: (a) interest: the rate equal to the then current effective yield of the Merrill Lynch AAA Rated Municipal Revenue Bond Index, Merrill Lynch Ticker: URA1 (or the yield of a similar index determined by the Committee), determined as of the date of retirement, termination of employment, or death, as the case may be; provided, however, that if such date falls on a day when the U.S. fixed income markets are closed or is a day on which the index is being rebalanced, determined on the next following business day, in each case with such rate reduced for any applicable state taxes; (b) mortality: the unisex mortality rate using the RP-2000 Mortality Table, with white collar adjustment applied and reflecting mortality improvements using Scale AA projected to the time the Actuarial Equivalent is being determined; and (c) joint and survivor benefit factor: if a benefit is payable in the form of a joint and 50% survivor annuity, use actual marital status and age of Spouse; provided, for this purpose, a Domestic Partner shall be treated as a Spouse. Other factors or assumptions, if any, necessary to determine the Actuarial Equivalent of an amount shall be determined by the Committee in its sole discretion. View More

Actuarial Equivalent. Means, with respect to a Plan Benefit, or any portion thereof, an amount of equivalent value determined on such actuarial basis as the Committee, in its sole discretion, shall determine is reasonable and appropriate and which shall be applied by the Committee in a uniform and consistent manner; provided, however, that the Committee shall apply such factors and assumptions as are necessary to ensure that the Optional Forms described in Section 6.C are actuarially equivalent life annuities for... purposes of Code Section 409A and Treas. Reg. § 1.409A-2(b)(2)(ii) (or any successor provision). View More

Actuarial Equivalent. A benefit of equivalent present value as of the date payment commences to a stated benefit value under the Plan, determined in accordance with Section 21 of the RS Plan (or successor provision)