BENEFIT ACCRUAL definition

BENEFIT ACCRUAL. All health coverage, holiday and vacation pay are direct billed to Client at time of qualification, therefore no accrual of such benefits exist in the event termination occurs other than the anniversary date. Any such claim is the sole responsibility of the Client. Satisfaction of such claim, at the direction of the Client, is billable at the same terms as other benefits.
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BENEFIT ACCRUAL. RATE in respect of a Member is the amount (expressed as a decimal) determined by the following formula: (a) the aggregate of (i) 1% of the lesser of (i) the Member's Final Average Earnings; and (ii) $150,000: and (ii) 1.5% of the amount by which the Member's Final Average Earnings exceeds $150,000; and (iii) the Revenue Canada Maximum Offset, determined on the Member's date of death, termination of employment, or disability, as the case may be: divided by (b) the Member's Final Average Earnings The amount of $150,000 referred to in subparagraphs (a)(i) and (ii) above will be increased in amount from time to time in accordance with increases in the rate of inflation, on the advice of the Actuary
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Examples of BENEFIT ACCRUAL in a sentence

  • SECTIONS 1.410(b) AND 1.401(a)(26), IT MAY BE NECESSARY TO PROVIDE THAT NO MORE THAN 501 HOURS OF SERVICE ARE REQUIRED FOR A YEAR OF SERVICE FOR BENEFIT ACCRUAL FOR ANY PARTICIPANT WHO HAS TERMINATED EMPLOYMENT AND IS NOT AN ACTIVE EMPLOYEE ON THE LAST DAY OF THE PLAN YEAR AND THAT NO MORE THAN ONE HOUR OF SERVICE IS REQUIRED FOR A YEAR OF SERVICE FOR BENEFIT ACCRUAL FOR ANY PARTICIPANT WHO IS AN ACTIVE EMPLOYEE ON THE LAST DAY OF THE PLAN YEAR.

  • HOWEVER, UNPAID FMLA LEAVE PERIODS SHALL NOT BE TREATED AS CREDITED SERVICE FOR PURPOSES OF BENEFIT ACCRUAL, VESTING AND ELIGIBILITY TO PARTICIPATE.

  • SECTION 1.410(b) AND 1.401(a)(26), IT MAY BE NECESSARY TO PROVIDE THAT NO MORE THAN 501 HOURS OF SERVICE ARE REQUIRED FOR A YEAR OF SERVICE FOR BENEFIT ACCRUAL FOR ANY PARTICIPANT WHO HAS TERMINATED EMPLOYMENT AND IS NOT AN ACTIVE EMPLOYEE ON THE LAST DAY OF THE PLAN YEAR AND THAT NO MORE THAN ONE HOUR OF SERVICE IS REQUIRED FOR A YEAR OF SERVICE FOR BENEFIT ACCRUAL FOR ANY PARTICIPANT WHO IS AN ACTIVE EMPLOYEE ON THE LAST DAY OF THE PLAN YEAR.

Related to BENEFIT ACCRUAL

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Company Matching Contributions means the Company contributions described in Section 3.4.