Common use of Live Benefit Rates on Break in Service Clause in Contracts

Live Benefit Rates on Break in Service. The benefit entitlement of a Transferred Employee under the Plan shall be determined when the Transferred Employee is considered to break Eligibility Credited Service pursuant to paragraph B above and shall be determined under the relevant provisions of the Plan, depending on whether the break in Eligibility Credited Service results from retirement, termination prior to retirement, disability or death. The monthly amount of the basic benefit (and supplementary pension and/or special allowance, if applicable) shall be calculated using the applicable benefit rates in effect under the terms of the Plan when the Transferred Employee is considered to break Eligibility Credited Service and the Transferred Employee’s Benefit Class Code shall be determined taking into account the base hourly rate of the Transferred Employee at that time, provided such Benefit Class Code is not inferior to the Transferred Employee’s Benefit Class Code at the Transfer Date.

Live Benefit Rates on Break in Service. The benefit entitlement of a Transferred Employee under the Plan shall be determined when the Transferred Employee is considered to break Eligibility Credited Service pursuant to paragraph B above and shall be determined under the relevant provisions of the Plan, depending on whether the break in Eligibility Credited Service results from retirement, termination prior to retirement, disability retirement or death. The monthly amount of the basic benefit (and supplementary pension and/or special allowance, if applicable) shall be calculated using the applicable benefit rates in effect under the terms of the Plan when the Transferred Employee is considered to break Eligibility Credited Service and the Transferred Employee’s Benefit Class Code shall be determined taking into account the base hourly rate of the Transferred Employee at that time, provided such Benefit Class Code is not inferior to the Transferred Employee’s Benefit Class Code at the Transfer Closing Date.