Pension Credit. Any player who receives payment for three or more regular season games during any year as a result of filing an injury grievance or settlement of a potential injury grievance will be credited with one year of Credited Service for the year in which injured under the Xxxx Xxxx/Xxxx Xxxxxxx NFL Player Retirement Plan as determined by the Retire- ment Board.
Pension Credit. All additional run hours for school bus drivers which are continuous during the school year shall be calculated into the base salary such that pension credit is provided, contingent upon approval of the pension bureau.
Pension Credit. An Employee who has accrued 250 hours of sick leave at the time of retirement shall have all accrued sick leave hours applied to his/her credited service.
Pension Credit. So long as the Executive has remained in the employ of the Company until the fifth anniversary of the Effective Date, he shall be eligible for pension benefits equal to the amount that he would have earned under the Company's Employee Retirement Plan and Supplemental Retirement Plan (and any successor plans), if the Executive's service had been determined as if he had been in the employ of the Company for a number of years equal to the sum of (i) his actual number of years of service with the Company and (ii) ten (such additional credit, the "Pension Credit"). Such Pension Credit shall be reduced by the amounts actually paid under such plans in accordance with their terms. The Company reserves the right to purchase annuities or such other vehicles as it may determine to fund the Pension Credit and/or to pay to the Executive, at the time of the Executive's retirement, death or Disability, a lump sum payment equal to the present value of the Pension Credit, determined using the interest rate prescribed by the Pension Benefit Guaranty Corporation for valuing immediate annuities for plans terminating in the month in which the Executive's retirement, death or Disability occurs.
Pension Credit. The Employer may exercise its authority to buy back an employee’s prior pensionable service on a case-by-case basis, with the agreement of the employee.
Pension Credit. At such time as Executive becomes Chief Executive Officer of the Company, Executive shall be credited with sufficient prior years of service for purposes of determining Executive's benefit payable under the Company's supplemental pension and related benefit plans so that Executive would have 25 years of service if Executive remained employed by the Company until age 65.
Pension Credit. As of the Transition Date, the Executive shall receive an additional year of credit for service under the MEMC SEPP. The Executive's accrued benefit under the SEPP shall be payable as soon as practical after August 18, 2000, and shall be based on service credit including such additional year and on Average Total Earnings determined as of August 17, 1999. MEMC acknowledges that, as of the Transition Date, the combination of the Executive's age and years of service is at least 80, and therefore, the Executive will be eligible for the "Combo 80" early retirement income benefits under the MEMC Pension Plan in accordance with its terms.
Pension Credit. The following rules shall apply in determining creditable service and compensation taken into account in determining covered compensation and average compensation for benefit accrual purposes under the defined benefit provisions of the Company’s non-qualified supplemental benefit plan (currently known as the A. T. Xxxxxx, Inc. Supplemental Benefit Plan). Multiple rules may apply depending on the circumstances, but no compensation shall be taken into account more than once. In each case, the annual salary paid pursuant to Section 3.1 (to the extent not otherwise taken into account) shall be considered compensation taken into account in determining covered compensation and average compensation when paid.
(a) In the event Executive’s employment by the Company continues through November 1, 2008, the annual bonus (if any) paid to Executive in 2006 for 2005, the annual bonus(es) paid (if any) in 2007 and 2008 under Section 3.2, and the long-term cash incentive bonus paid under Section 3.5 shall be considered compensation taken into account in determining covered compensation and average compensation when paid.
(b) In the event Executive’s employment by the Company terminates prior to November 1, 2008 for any reason, the annual bonus (if any) paid to Executive in 2006 for 2005, and the annual bonus(es) paid (if any) in 2007 and 2008 under Section 3.2 shall be considered compensation taken into account in determining covered compensation and average compensation when paid.
(c) In the event either (i) Executive’s employment by the Company terminates prior to November 1, 2008 on account of death or Disability or (ii) an actual Change in Control occurs prior to November 1, 2008 during Executive’s continued employment by the Company, the long-term cash incentive bonus paid under Section 3.5 shall be considered compensation taken into account in determining covered compensation and average compensation when paid.
(d) In the event Executive’s employment by the Company terminates during the Term of Employment under circumstances which constitute an Involuntary Termination Associated With a Change in Control, (i) the remaining period in the Term of Employment, if any, shall be considered to be creditable service for benefit accrual purposes, (ii) the amount of all unpaid salary amounts for the remaining period in the Term of Employment which would have been payable to Executive under Section 3.1 if he had continued employment shall be considered compensation taken into ac...
Pension Credit a. For Employment on or after June 1, 1975.
1. For periods on or after June 1, 1975, a Participant shall be credited with Pension Credit on the basis of hours of work in Covered Employment for which contributions are made or are required to be made to the Plan pursuant to a Collective Bargaining Agreement or Participation Agreement in accordance with the following schedule: Covered Employment in a Calendar Year Year of Pension Credit 1,000 or more hours 750 through 999 hours 500 through 749 hours 250 through 499 hours Less than 250 hours 1 year 3/4 year 1/2 Year ¼ Year No Credit
2. Notwithstanding anything contained in this Section 4.1.a. to the contrary, if in Calendar Year a Participant completes one Year of Vesting Service during which he fails to earn one quarter (¼) of Pension Credit but he earns some hours of Pension Credit, such Participant shall be credited with a partial Year of Pension Credit based upon a fraction, the numerator of which is the number of hours of Pension Credit earned in such Calendar Year and the denominator of which is two thousand (2,000).. Hours of Pension Credit shall also be prorated in the event the hourly contribution rate that an Employer is required to pay in accordance with a Collective Bargaining Agreement’s allocation process (including, but not limited to, reciprocal contributions) to the Plan on behalf of its Employees performing Covered Employment differs from the hourly contribution rate that the Trustees establish as the rate required to earn a full hour of Pension Credit (i.e., the “Standard Rate”). In this case, the Participant shall receive Pension Credit during a Calendar Year based upon a fraction, the numerator of which equals the rate the Employer is obligated to contribute and the denominator equaling the Standard Rate in effect at the time Covered Employment is performed, multiplied by the number of hours of Covered Employment earned by the Participant during a Calendar Year.
b. For Employment before June 1, 1975. A Participant shall be credited with Pension Credit for the Period before June 1, 1975 on the basis of his work in Covered Employment in accordance with the schedule in Section 4.1.a., provided that such Participant meets the “past service employment test.” The “past service employment test” requires that a Participant, during the seventeen (17) month period beginning January 1, 1974 and ending May 31, 1975, satisfy one of the following requirements:
1. Earned at least one-half (1/2) year of A...
Pension Credit. In conformity with the provisions of the New York State Retirement System (to the extent permitted) the amount received as overtime compensation under the Article and all other regulations shall be regarded as salary or compensation for any purpose of any pension or retirement system.
