Primary Social Security Benefit

Primary Social Security Benefit. Means, for retirements on or after the Normal Retirement Date, the estimated primary insurance amount that would commence immediately under the Federal Social Security Act in effect on the retirement date assuming that the Participant's earnings for Social Security purposes are equal to the benefit base as determined under Section 230 of the Federal Social Security Act from the date the Participant attained age 21 until the Participant's retirement date. For purposes of determining the Accrued... Benefit prior to a Participant's Normal Retirement Date, the Primary Social Security Benefit means: (i) An amount determined as described above assuming that the Participant retires on his or her Normal Retirement Date and that the Social Security Act and benefit base remain unchanged in the future, multiplied by (ii) The ratio of the Participant's Credited Service as of the date of determination to the lesser of thirty (30) years or the Participant's Credited Service had the Participant remained an active Participant until his or her Normal Retirement Date. View More

Primary Social Security Benefit. The monthly old-age benefit to which the Former FT Participant would be entitled under the Federal Social Security Act under the following rules: (i) The Primary Social Security Benefit as herein defined shall be the amount payable at age 65 under the Social Security Act. (ii) The Primary Social Security Benefit shall be the amount estimated to be payable excluding any family benefits. (iii) The amount of Primary Social Security Benefit shall be estimated on the basis of tables approved... by the Committee, taking into account the Employee's actual compensation in the calendar year prior to termination of service and assuming that compensation increased prior thereto at the rate of increase in average wages as determined by Social Security Administration. (iv) A written notice shall be provided to each terminating Participant which shall indicate that the amount of Primary Social Security Benefit is estimated and that, in the event the Participant obtains a documented record of his earnings history, then the amount of Primary Social Security Benefit based on such record of actual earnings shall be used if the amount of estimated Primary Social Security Benefit is lower than the amount determined using the above described table; provided, however, that such record of Social Security earnings shall be utilized only if such record is submitted to 131 the Committee by the Participant no later than 120 days following the later of the date of the Participant's termination of service and the time the Participant receives written notice of the benefit to which he is entitled. (v) In the event that the Primary Social Security Benefit is being determined as of a date prior to the Participant's Normal Retirement Date, the amount of such Primary Social Security Benefit shall be based upon the assumption that the Participant will continue to receive until age 65 compensation which would be treated as wages for purposes of such Social Security Act at the same rate as he received such compensation at the time of his Severance from Service Date. (vi) Notwithstanding the foregoing, if a Participant receives Years of Benefit Accrual Period of Service during a period in which he was covered or entitled to be covered by a foreign social security system (other that a period in which he elected United States Social Security coverage in lieu thereof), his Primary Social Security Benefit shall include the amount of old-age benefits to which the Participant would be entitled under the applicable foreign social security system as determined, in a non-discriminatory manner, by the Committee with the advice of the Actuary. The determination of the amount of the foreign social security benefit by the Committee shall be conclusive and binding on all parties; provided such determination shall be made in a manner which satisfies all applicable regulations and filings of the Internal Revenue Service concerning the integration of pension plans with social security benefit. View More