Projected Benefit Obligations Definition | Law Insider

Projected Benefit Obligations definitionProjected Benefit Obligations means, as of any date, the actuarial present value of Pension Plan benefits attributed to employee service to such date measured using assumptions as to future compensation levels.View SourceBased on 28 documents28Draft with AISplit ViewAI-Powered Contracts

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Get StartedBook a DemoProjected Benefit Obligations means, in respect of any employee as of a specified date, the aggregate of the obligations of a Company Group Entity or Seller Group Entity, as applicable, or of a fund that has recourse to a Company Group Entity or Seller Group Entity, for the benefits in respect of such employee, which benefits accrue during such employee’s period of service as determined based on a formula stipulated in employment regulations, employee contracts, the relevant Company Group Entity or Seller Group Entity employee pension fund or applicable Legal Requirement, and which are payable after termination of such employee’s employment on a voluntary or involuntary basis. The determination of Projected Benefit Obligations shall be based on certain assumptions that are consistent with assumptions used in the Company’s Audited Pro Forma Financial Statements for the fiscal year ended March 31, 2010, and consistent with the terms set forth in Annex I. For the avoidance of doubt, Projected Benefit Obligations do not include any additional liabilities that may arise in connection with layoffs or other terminations by a Company Group Entity or Seller Group Entity.View SourceBased on 1 documents1Draft with AI

Examples of Projected Benefit Obligations in a sentence

• Attached hereto as Schedule 4.12 is a list of all Foreign Plans, illustrating the Projected Benefit Obligations, Accumulated Benefit Obligations and assets as of December 31, 2008 for the Foreign Plans as reported under US GAAP annual pension accounting requirements.

• In the event that assets of the Trust exceed the Projected Benefit Obligations under the Plan and Contracts as of the last day of the preceding Plan Year, the Company shall retain a power of appointment exercisable by the Company to revert the excess assets to itself within 210 days after the end of such Plan Year or as soon thereafter as is practicable.

• None of the Employee Benefit Plans has any accumulated funding deficiency, and none of the Employee Benefit Plans has any accumulated funding deficiency on a Projected Benefit Obligations basis in accordance with applicable accounting principles.

• Contributions to the Trust made pursuant to this Section 2.6 shall be irrevocable to the extent the assets held in the Trust do not exceed the Projected Benefit Obligations under the Plan and Contracts as of the last day of the preceding Plan Year.

• Attached hereto as Schedule 3.12 is a list of all Foreign Plans, illustrating the Projected Benefit Obligations, Accumulated Benefit Obligations and assets as of December 31, 2009 for the Foreign Plans as reported under US GAAP annual pension accounting requirements.

• Projected Benefit Obligations shall be the actuarial present value as of a specified date of all benefits under the Plan and Contracts based on (a) service to the date of determination, (b) estimated future compensation levels and (c) the actuarial assumptions used under the Pension-Retirement Plan of The Pittston Company and Its Subsidiaries for funding purposes (including the interest rate, mortality table and projected salary increases used therein).

• Attached hereto as Schedule 4.12 is a list of all Foreign Plans, illustrating the Projected Benefit Obligations, Accumulated Benefit Obligations and assets as of December 31, 2014 for the Foreign Plans as reported under US GAAP annual pension accounting requirements.

• Attached hereto as Schedule 4.12 is a list of all Foreign Plans, illustrating the Projected Benefit Obligations, Accumulated Benefit Obligations and assets as of December 31, 2018 for the Foreign Plans as reported under US GAAP annual pension accounting requirements.

• Attached hereto as Schedule 4.12 is a list of all Foreign Plans, illustrating the Projected Benefit Obligations, Accumulated Benefit Obligations and assets as of December 31, 2010 for the Foreign Plans as reported under US GAAP annual pension accounting requirements.

Related to Projected Benefit Obligations

• Unfunded Benefit Liabilities means with respect to any Plan at any time, the amount (if any) by which (i) the present value of all benefit liabilities under such Plan as defined in Section 4001(a)(16) of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan (on the basis of assumptions prescribed by the PBGC for the purpose of Section 4044 of ERISA).

• Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

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Related Definitions

• Other Benefit Obligations
• Unfunded Benefit Liabilities
• Maximum Benefit Amount
• Accrued Benefit
• Benefit Amount