Unit benefit formula

(redirected from Unit Benefit)

Unit benefit formula

Method used to determine a participant's benefits in a defined benefit plan. Involves multiplying years of service by the percentage of salary.

Unit Benefit Formula

In a defined-benefit plan, a method used to determine how much money the beneficiary receives each month. A defined-benefit plan is a retirement plan or other annuity in which the annuitant knows in advance how much he/she will be entitled to when he/she begins receiving payments. The unit benefit formula is thus stated in the annuity contract and is usually some function of the amount the annuitant contributed combined with the number of years he/she contributed.
References in periodicals archive ?
Considering the expenditure side of the investment (insurance), expected (actuarial) present value of t period unit benefit (claim) payment, E[B], is defined in (5a) [15]:
The parent of Community Bank NA said in a press release that the transaction will be executed by its unit Benefit Plans Administrative Services Inc (BPAS), which operates through Benefit Plans Administrative Services LLC, Harbridge Consulting Group LLC and Hand Benefits & Trust Company.
The average per unit benefit to consumers will be around 35 paisa in the shape of reduction in power tariff.
As the hydel power generation improves, its fiscal benefits are passed on to the consumers, he said, citing, the PEPCO had passed on Rs 1.20 per unit benefit in their billing during last month.
Would the unit benefit from a dedicated examination of the problem and a neutral set of recommendations about it?
For active members covered under Social Security, the average unit benefit grew from 1.99 percent of FAS in 1996 to 2.02 percent in 1998.
The above formula shows the critical impact that the average annual salary, unit benefit percentage, and years of service have on the annual retirement benefit -- e.g., the higher the salary during the years used to calculate the average, usually the last three years of employment, the higher the annual benefit.
Although teachers' unit benefit formulas are usually less generous than those for general employees, any savings from slowing state employment may be offset by increases in added teacher employment.
For active members covered under Social Security, the average unit benefit grew from 1.94 percent of FAS in 1990 to 1.96 percent in 1991.
The unit benefit earned for each year of service ranged from less than 1.0 percent to 4.16 percent and averaged 2.05 percent.
"The unit is currently being fitted out by Crown Paints Limited with a view to opening imminently, so it will be another exciting addition to the ever expanding Vanguard Trade Park." The unit benefits from glazed frontages and a roller shutter loading door.