Period of Severance. For Plans using Elapsed Time for purposes of crediting a Year of Service for eligibility, accrual of benefits and/or vesting, Employees will receive credit for all periods of Service from their date of hire (or rehire) until the next Period of Severance. When using Elapsed Time: (a) a Break in Service shall mean a Period of Severance of at least twelve (12) months; (b) a Period of Severance is a continuous period of time during which the Employee is not employed by the Employer; (c) a Period of Severance begins on the date the Employee retires, quits, or is discharged, or if earlier, the twelve (12) month anniversary of the date on which the Employee was otherwise first absent from Service.
Appears in 8 contracts
Samples: Defined Contribution Plan, Defined Contribution Plan, Defined Contribution Plan (1st Constitution Bancorp)
Period of Severance. For Plans using Elapsed Time for purposes of crediting a Year of Service for eligibility, accrual of benefits and/or vesting, Employees will receive credit for all periods of Service from their date of hire (or rehire) until the next Period of Severance. When using Elapsed Time:
(a) : a Break in Service shall mean a Period of Severance of at least twelve (12) months;
(b) ; a Period of Severance is a continuous period of time during which the Employee is not employed by the Employer;
(c) ; a Period of Severance begins on the date the Employee retires, quits, or is discharged, or if earlier, the twelve (12) month anniversary of the date on which the Employee was otherwise first absent from Service.
Appears in 2 contracts
Samples: Defined Contribution Plan (ASB Bancorp Inc), Defined Contribution Plan (Fraternity Community Bancorp Inc)
Period of Severance. For Plans using Elapsed Time for purposes of crediting a Year of Service for eligibility, accrual of benefits and/or vesting, Employees will receive credit for all periods of Service from their date of hire (or rehire) until the next Period of Severance. When using Elapsed Time:
(a) 1. a Break in Service shall mean a Period of Severance of at least twelve (12) months;
(b) 2. a Period of Severance is a continuous period of time during which the Employee is not employed by the Employer;
(c) 3. a Period of Severance begins on the date the Employee retires, quits, or is discharged, or if earlier, the twelve (12) month anniversary of the date on which the Employee was otherwise first absent from Service.
Appears in 1 contract
Samples: Defined Contribution Plan (Wellesley Bancorp, Inc.)
