Benefit Service definition

Benefit Service means the Benefit Service as defined in the PEC Retirement Plan.

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Benefit Service means service recognized for purposes of computing the amount of any benefit, determined as provided in Section 3.02.

Benefit Service of a Participant shall mean his “Benefit Service” as defined in the Qualified Plan, except that

Examples of Benefit Service in a sentence

• In years in which an employee has less than fifteen hundred (1500) hours, LHDs shall earn one month of UPS Freight Benefit Service for each 125 hours of work completed and thereby earning a prorated share of the annual fifty dollar ($50.00) accrual rate.

• There shall be no limit on the number of years of UPS Freight Benefit Service which may be accrued.

• After becoming a Participant, LHDs will earn a monthly accrued benefit payable at normal retirement age equal to fifty dollars ($50.00) per year times years of UPS Freight Benefit Service.

• The amount of benefits under the Plans shall be determined as if the Executive had completed additional years of Benefit Service (as such term is defined in the Plans) equal to the lesser of (A) three years or (B) the greater of (x) seven minus the years of Benefit Service credited to such Executive under the Plans, determined without regard to the terms of this Agreement, as of the end of the calendar year which includes the date of the Change in Control of the Company, or (y) zero.

• Further, a Participant who has completed at least twenty-five (25) years of Benefit Service and who has attained at least sixty (60) years of age as of his/her separation from service shall not have his/her Monthly Accrued Benefit reduced.

More Definitions of Benefit Service

Benefit Service means, with respect to any Participant, (i) the number of years of service as of December 31, 2004 which is recognized by the Company for such Participant for benefit calculation purposes under the Pension Plan plus (ii) the number of years of service by such Participant with the Company during the period commencing on January 1, 2005 and ending on such Participant’s Termination Date; provided, however, that any fractional year of Benefit Service shall be rounded up to the next full year of Benefit Service.

Benefit Service means the periods of service which are counted for the purposes of determining the amount of benefit earned as defined in Section 4.1 of the Funded Pension Plan, except as otherwise provided in an agreement between the Company and the Employee and approved by the Compensation & Organization Committee of the Board.

Benefit Service means a period of employment, as defined in section 3.4, used to determine a Member’s Pay Credit Percentage.

Benefit Service means that part of a Participant’s Service that is used to calculate benefits under the Plan and shall be determined in accordance with the provisions of ARTICLE III – SERVICE CREDIT of the Pension Plan and Article XIII of this Plan.

Benefit Service means, with respect to any Participant, the period beginning on the Participant’s Enrollment Date and ending on his Severance from Service Date, subject to the following:

Benefit Service means, subject to the special rules described below, the number of a Participant’s years (including fractions of a year) of (i) employment as an Employee with one or more Employer Companies while such Employer Company is an Employer Company, and (ii) employment with one or more Employer Companies while such Employer Company is an Employer Company, but not as an Employee, provided that such employment precedes the Participant’s period of employment as an Employee. No Benefit Service credit will be given with respect to service with an Employer Company that follows a Participant’s period of employment as an Employee, unless the Participant subsequently becomes an Employee and earns at least one month of Benefit Service in such capacity. Except as specifically provided otherwise, no Benefit Service credit will be given with respect to employment with an Employer Company prior to the date it first becomes an Employer Company.

Benefit Service means a Participant's "Period of Benefit Service" as defined under the Retirement Plan.