Common use of Service And Credited Service Clause in Contracts

Service And Credited Service. Your service to qualify for certain of the benefits under the Plan is the total number of years from your date of employment as established under the Plan to the date on which you retire, die or terminate service. The number of years of your “credited” service determines the amount of pension you are entitled to receive. Credited service is calculated as explained below: (a) From January 1, 1974 you receive a credit of one year for 1800 or more hours of work in a calendar year while a member of the Plan or a prorated partial year of credit for less than 1800 hours. For example, if while a member of the Plan you work only 900 hours in a year, your credit for that year will be one-half year (900 divided by 1800). If you are absent due to disability, you will receive service credits for any periods during which you are totally disabled and receive weekly indemnity or long term disability insurance benefits or Worker’s Compensation payments, but in no event will you receive more than one (b) Your credited service for the period from January 1, 1958 to December 31, 1973 is the number of years for which you have made the required contributions to the Plan. (c) If you were a member of a previous company pension plan before January 1, 1958 when the Labatt Retirement Plan became effective, your credited service to December 31, 1957 is the period from your date of employment to December 31, 1957 but excluding any periods when you were eligible to but did not contribute to the previous plan.

Service And Credited Service. Your service to qualify for certain of the benefits under the Plan is the total number of years from your date of employment as established under the Plan to the date on which you retire, die or terminate service. The number of years of your “"credited” " service determines the amount of pension you are entitled to receive. Credited service is calculated as explained below: (a) From January 1, 1974 you receive a credit of one year for 1800 or more hours of work in a calendar year while a member of the Plan or a prorated partial year of credit for less than 1800 hours. For example, if while a member of the Plan you work only 900 hours in a year, your credit for that year will be one-half year (900 divided by 1800). If you are absent due to disability, you will receive service credits for any periods during which you are totally disabled and receive weekly indemnity or long term disability insurance benefits or Worker’s 's Compensation payments, but in no event will you receive more than oneone year of credited service for any one calendar year. Effective January 1, 2020, you will receive Credited Service if you make the required contributions or if you are deemed to make the required contributions in accordance with Section 2 and 2.1 above. (b) Your credited service for the period from January 1, 1958 to December 31, 1973 is the number of years for which you have made the required contributions to the Plan. (c) If you were a member of a previous company pension plan before January 1, 1958 when the Labatt Retirement Plan became effective, your credited service to December 31, 1957 is the period from your date of employment to December 31, 1957 but excluding any periods when you were eligible to but did not contribute to the previous plan.

Service And Credited Service. Your service to qualify for certain of the benefits under the Plan is the total number of years from your date of employment as established under the Plan to the date on which you retire, die or terminate service. The number of years of your “"credited” " service determines the amount of pension you are entitled to receive. Credited service is calculated as explained below: (a) From January 1, 1974 you receive a credit of one year for 1800 or more hours of work in a calendar year while a member of the Plan or a prorated partial year of credit for less than 1800 hours. For example, if while a member of the Plan you work only 900 hours in a year, your credit for that year will be one-half year (900 divided by 1800). If you are absent due to disability, you will receive service credits for any periods during which you are totally disabled and receive weekly indemnity or long term disability insurance benefits or Worker’s 's Compensation payments, but in no event will you receive more than oneone year of credited service for any one calendar year. (b) Your credited service for the period from January 1, 1958 to December 31, 1973 is the number of years for which you have made the required contributions to the Plan. (c) If you were a member of a previous company pension plan before January 1, 1958 when the Labatt Retirement Plan became effective, your credited service to December 31, 1957 is the period from your date of employment to December 31, 1957 but excluding any periods when you were eligible to but did not contribute to the previous plan.