Period of Severance. For Plans using Elapsed Time for purposes of crediting Service: (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.
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Samples: Defined Contribution Plan (Georgetown Bancorp, Inc.), Defined Contribution Plan (United Community Bancorp), Defined Contribution Plan (Idt Corp)
Period of Severance. For Plans using Elapsed Time for purposes of crediting Service:
(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.
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