Severance Pay Limit

Example Definitions of "Severance Pay Limit"
Severance Pay Limit. An amount equal to the lesser of (i) the frozen benefit under the Severance Pay PRP, or (ii) twice the Participant's Annual Compensation for the year immediately preceding the year in which the earlier of the Participant's termination of employment with the Cooperative less the amount of any other severance pay benefits paid by the Cooperative to the Participant. The Cooperative shall have the sole responsibility for determining the maximum amount of benefit attributable to the Severance Pay... PRP and informing NRECA of that determination. In the event a Participant's Deferred Compensation PRP benefit vests before the Severance Pay PRP benefit is payable, for purposes of calculating the Deferred Compensation PRP benefit, the Severance Pay Limit shall be determined as of the date the Deferred Compensation PRP benefit substantial risk of forfeiture lapses. Such determination shall be based on the applicable actuarial assumption and methodologies used by the RS Plan View More
All Definitions