Elapsed Time – Period of Severance. A Period of Severance is a continuous period of time during which the Employee is not employed by the Employer. The continuous period begins on the date the Employee retires, quits, is discharged, or dies or if earlier, the first 12-month anniversary of the date on which the Employee otherwise is absent from Service for any other reason (including disability, vacation, leave of absence, layoff, etc.).
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Samples: Defined Contribution Pre Approved Plan (J&j Snack Foods Corp), 403(b) Volume Submitter Plan Adoption Agreement, 401(k) Plan Adoption Agreement (Knowles Corp)
Elapsed Time – Period of Severance. A Period of Severance is a continuous period of time during which the Employee is not employed by the Employer. The continuous period begins on the date the Employee retires, quits, is discharged, or dies or if earlier, the first 12-month 12‑month anniversary of the date on which the Employee otherwise is absent from Service for any other reason (including disability, vacation, leave of absence, layoff, etc.).
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Samples: Defined Contribution Prototype Plan and Trust Agreement (Bob Evans Farms Inc)