Benefit Credit. If the Executive incurs a Qualifying Termination,
(a) the Executive shall receive service credit, for the purpose of receiving benefits and for vesting, retirement eligibility, benefit accrual, and all other purposes, under all employee benefit plans sponsored by the Company (including, but not limited to, health, life insurance, pension, savings, stock, and stock ownership plans, but excluding the Company's short-term and long-term disability plans) in which he participated immediately before the Change in Control, for 24 months;
(b) for purposes of determining the Executive's benefits under all defined benefit pension plans maintained by the Company, including the GTE Service Corporation Supplemental Executive Retirement Plan ("SERP"), the Executive's compensation shall include the amount payable to the Executive pursuant to Section 2.1 hereof, and for purposes of this subsection (b), the Executive shall be deemed to have received such amount in monthly installments, each equal to 1/24th of the amount payable to the Executive pursuant to Section 2.1 hereof; and
(c) the Executive shall be considered to have not less than 76 points and 15 years of Accredited Service for purposes of determining his eligibility for early retirement benefits under the Company's defined benefit pension plans (including, but not limited to, the SERP) and for purposes of determining his eligibility for benefits under the GTE Executive Retired Life Insurance Plan (or any predecessor or successor thereto). Notwithstanding the service credit granted under subsection (a) of this Section 2.5 and the compensation recognized under subsection (b) of this Section 2.5, nothing in this Section 2.5 shall prevent the Executive from receiving any benefits to which the Executive is entitled under any defined benefit or defined contribution pension plan maintained by the Company, including the SERP (as such benefits are modified by this Agreement) in any form permitted by such plans (including but not limited to a lump-sum distribution) immediately following the Executive's Qualifying Termination. To the extent that the Company's tax-qualified retirement plans cannot provide the benefits specified by this Section 2.5 without jeopardizing the tax qualification of such plans, the Company shall provide such benefits under the SERP.
Benefit Credit. (1) Each Participant shall receive service credit, for the purpose of receiving benefits and for vesting, retirement eligibility, benefit accrual, and all other purposes, under all employee benefit plans sponsored by the Company (including, but not limited to, health, life insurance, pension, savings, stock, and stock ownership plans, but excluding the Company's short-term and long-term disability plans) in which he participated on June 30, 2000, for 24 months.
(2) For purposes of determining the Participant's benefits under all defined benefit pension plans maintained by the Company, including the GTE Excess Pension Plan and the GTE Supplemental Executive Retirement Plan (collectively "SERP")--
(A) The Participant's compensation shall include the greater of--
(i) the initial balance in his Special Retention Account as determined under Section 3.02, above (without any earnings), and
(ii) 100 percent of the Participant's base salary and the Average Percentage (as defined in Section 6.01(b)(4), below) of his maximum short-term bonus opportunity (both base salary and maximum short-term bonus as in effect immediately before his employment is terminated), for two years; provided that, for purposes of this Section 6.01(b)(2)(A), the Participant shall be deemed to have received the greater of the amounts set forth in Section 6.01(b)(2)(A)(i) or Section 6.01(b)(2)(A)(ii) in monthly installments over the 24 months following the Participant's termination of employment, each equal to 1/24th of the amount payable pursuant to this Section 6.01(b)(2)(A);
(B) The Participant's compensation in his final year of service shall be equal to the greater of (i) one-half of the initial balance in his Special Retention Account (as determined under Section 3.02, above), or (ii) the Participant's actual compensation in his final year of service.
(3) The Participant shall be considered to have not less than 76 points and 15 years of Accredited Service for purposes of determining (i) his eligibility for early retirement benefits under the Company's defined benefit pension plans (including, but not limited to, the SERP), and (ii) his eligibility for benefits under the GTE Executive Retired Life Insurance Plan (or any predecessor or successor thereto).
(4) For purposes of Section 6.01(b)(2)(A)(ii), the following definitions shall apply--
Benefit Credit. (1) Each Participant shall receive service credit, for the purpose of receiving benefits and for vesting, retirement eligibility, benefit accrual, and all other purposes, under all employee benefit plans sponsored by the Company (including, but not limited to, health, life insurance, pension, savings, stock, and stock ownership plans, but excluding the Company's short-term and long-term disability plans) in which he participated on June 30, 2000, for 24 months.
(2) Other than the benefit credit set forth in Section 6.01(b)(1), above, a Participant shall not receive any additional benefit credit under the Program. The benefit credit provided in accordance with Section 6.01(b) of the Program as in effect before January 1, 2002 (other than to the extent such provisions are preserved in Section 6.01(b)(1), above) was converted to a dollar amount that was reflected in each Participant's Account as of January 1, 2002, or has otherwise been provided to the Participant through another plan or program of the Company. Therefore, that benefit credit has already been provided and will not be credited again.
Benefit Credit. If the Executive incurs a Qualifying Termination,
(a) the Executive shall receive service credit, for the purpose of receiving benefits and for vesting, retirement eligibility, benefit accrual, and all other purposes, under all employee benefit plans sponsored by the Company (including, but not limited to, health, life insurance, pension, savings, stock, and stock ownership plans, but excluding the Company's short-term and long-term disability plans) in which he participated immediately before the Change in Control, for 24 months; (b) for purposes of determining the Executive's benefits under all defined benefit pension plans maintained by the Company, including the GTE Service Corporation Supplemental Executive Retirement Plan ("SERP"), the Executive's compensation shall include the amount payable to the Executive pursuant to Section 2.1 hereof, and for purposes of this subsection (b), the Executive shall be deemed to have received such amount in monthly installments, each equal to 1/24th of the amount payable to the Executive pursuant to Section 2.1 hereof; and
Benefit Credit. A Participant will be credited with Units of Benefit Credit for hours of service worked in a Plan Year as follows: 2500 or more 1.3 2300 - 2499 1.2 2100 - 2299 1.1 1900 - 2099 1.0 1700 - 1899 0.9 1500 - 1699 0.8 1300 - 1499 0.7 1100 - 1299 0.6 900 - 1099 0.5 700 - 899 0.4 500 - 699 0.3 Below 500 0.0 Units of Benefit Credit shall be accumulated by a Participant as a result of covered employment only for the period from and after October 1, 1978. Hours of Service shall be credited in accordance with Section 1.24. Former Participants who return to employment but did not have a nonforfeitable right to any portion of their Benefit Credits derived from Employer contributions at the time of termination shall receive credit for all Units of Benefit Credit earned prior to their break in service in accordance with Section 6.01 (Entry Dates and Participation).
Benefit Credit. The benefit credit is provided based on the first two pays paid in a calendar month. If there is a third pay paid in a month, there isn’t any benefit credit for that pay. The Benefit Credit is the maximum credit an employee can earn if the employee regularly works seventy-five (75) hours biweekly. It is $60 per pay period, or $120 per month. If you enroll in a benefit and the credit does not pay all of the cost of that benefit, the rest of the cost will be deducted from your pay. When you enroll in benefits, you will have to sign an authorization to allow the Employer to deduct these costs from your regular pay.
Benefit Credit. If the Executive incurs a Qualifying Termination,
(a) short-term and long-term disability plans) in which he participated immediately before the Change in Control, for 24 months;
(b) for purposes of determining the Executive's benefits under all defined benefit pension plans maintained by the Company, including the GTE Service Corporation Supplemental Executive Retirement Plan ("SERP"), the Executive's compensation shall include the amount payable to the Executive pursuant to Section 2.1 hereof, and for purposes of this subsection (b), the Executive shall be deemed to have received such amount in monthly installments, each equal to 1/24th of the amount payable to the Executive pursuant to Section 2.1 hereof;
(c) otherwise credited (without regard to Section 2.5(a) hereof) for vesting, retirement eligibility, benefit accrual, and all other purposes under the plan, under the SERP, and under the GTE Executive Retired Life Insurance Plan (or any predecessor or successor thereto) in accordance with the following table:
Benefit Credit. (a) Upon execution of the Agreement to which this Exhibit C is attached, you shall be credited with 8.5625 years of service as of June 30, 2000, and two years of service for each year from July 1, 2000, through November 30, 2003, for purposes of receiving benefits and for vesting, retirement eligibility, benefit accrual, and all other purposes, under all of the Company's benefit plans (including, but not limited to, health, life insurance, pension, savings, stock, and stock ownership plans, but excluding the Company's short-term and long-term disability plans) in which you participated on June 30, 2000. If you terminate your employment with the Company for any reason before November 30, 2003, you shall receive service credit pursuant to the immediately preceding sentence through November 30, 2003. Your credit for service after November 30, 2003, shall be determined in accordance with the Company's applicable service-crediting rules.
(b) For purposes of determining your benefits under all defined benefit pension plans maintained by the Company, including the GTE Excess Pension Plan and the GTE Supplemental Executive Retirement Plan (collectively "GTE SERP")--
(i) Your compensation shall include the greater of
(A) two times your June 30, 2000, salary (the "Extra Compensation"), or
(B) 100 percent of your base salary and the Average Percentage (as defined below) of your maximum short-term bonus opportunity (both as in effect immediately before your employment is terminated) for two years; provided that, for purposes of this paragraph (i), you shall be deemed to have received the greater of the amounts set forth in clause (i)(A) or clause (i)(B) in monthly installments over the 24 months following your termination of employment, each equal to 1/24th of the amount payable pursuant to this paragraph (i);
(ii) Your compensation in your final year of service shall be equal to the greater of (A) one-half of the Extra Compensation, or (B) your actual compensation in your final year of service.
(c) You shall be considered to have not less than 76 points and 15 years of Accredited Service for purposes of determining (i) your eligibility for early retirement benefits under the Company's defined benefit pension plans (including, but not limited to, the GTE SERP), and (ii) your eligibility for benefits under the GTE Executive Retired Life Insurance Plan ("ERLIP") (or any predecessor or successor thereto).
(d) For purposes of Section 2(b)(i)(B), the following definitions ...
Benefit Credit. If the Executive incurs a Qualifying Termination,
(a) the Executive shall receive service credit, for the purpose of receiving benefits and for vesting, retirement eligibility, benefit accrual, and all other purposes, under all employee benefit plans sponsored by the Company (including, but not limited to, health, life insurance, pension, savings, stock, and stock ownership plans, but excluding the Company's short-term and long-term disability plans) in which he participated immediately before the Change in Control, for 24 months;
(b) for purposes of determining the Executive's benefits under all defined benefit pension plans maintained by the Company, including the GTE Excess Pension Plan and the GTE Supplemental Executive Retirement Plan (collectively "SERP"), the Executive's compensation shall include the amount payable to the Executive pursuant to Section 2.1 hereof, and for purposes of this subsection (b), the Executive shall be deemed to have received such amount in monthly installments, each equal to 1/24th of the amount payable to the Executive pursuant to Section 2.1 hereof; and
(c) the Executive shall be considered to have not less than 76 points and 15 years of Accredited Service for purposes of determining (i) his eligibility for early retirement benefits under the Company's defined benefit pension plans (including, but not limited to, the SERP), and (ii) his eligibility for benefits under the GTE Executive Retired Life Insurance Plan (or any predecessor or successor thereto). [Note: This sentence superseded by the following provisions for Michxxx X. Xxxxx.] [Applicable to Michxxx X. Xxxxx XXXY: 11 -11-
Benefit Credit. (a) The benefit credit is provided based on the first two (2) pays paid in a calendar month. If there is a third (3rd) p for that pay.
(b) employee regularly works seventy-five (75) hours biweekly. It is sixty dollar ($60.00) per pay period.
(c) (Remember that the benefit credit is prorated based on the individual percentage, the employee worked forty-five (45) hours in a pay period and his/her proration formula was sixty percent (60%). That means that employee would earn sixty (60) percent of the benefit credit, or thirty-six dollar ($36.00) per pay period).
(d) You can use your benefit credit to pay some or all of the monthly premium for any of the benefits listed below. If you enrol in a benefit and the credit does not pay all of the cost of that benefit, the rest of the cost will be deducted from your pay. When you enrol in benefits, you will have to sign an authorization to allow us to deduct these costs from your regular pay, or any monies, including vacation pay, we owe you.
(e) The benefit credit does not have any cash value. Any benefit credit which is not used is lost.
