Elapsed Time Method means a method for crediting service for eligibility, for Vesting, for determining a Participant’s allocation, and/or for applying the allocation conditions as elected in the Adoption Agreement, pursuant to the definition of Period of Service.
Elapsed Time Method. A method of measuring service for purposes of eligibility to participate, vesting, and contribution allocations that determines service by reference to the total period of time that elapses while the Employee is employed (i.e., while the employment relationship exists) with the Employer or Employers maintaining this Plan. The Adoption Agreement may specify different methods to determine service for purposes of vesting, participation, and benefit accrual. Treasury Regulation section 1.410(a)-7 provides additional detail about the application of this method.
Elapsed Time Method means the applicable computation period of 12 consecutive months during which an Employee is not employed by the Employer due to a Separation from Service. Further, solely for the purposes of determining whether a Participant has incurred a one-year Break-in-Service, Hours of Service shall be recognized for "authorized leaves of absence" and "maternity and paternity leaves of absence." Years of Service and one-year Breaks-in-Service shall be measured on the same computation period. A Break-in-Service is a period of severance of at least 12 consecutive months. A period of severance is a continuous period of time during which the Employee is not credited with at least one Hour of Service. Such period begins on the date the Employee retires, quits, or is discharged, or if earlier, the 12 month anniversary of the date on which the Employee was otherwise first absent from Service. In the case of an individual who is absent from work for maternity or paternity reasons, the 12 consecutive month period beginning on the first anniversary of the first date of such absence shall not constitute a Break-in-Service. For purposes of this Section 1.09(b), an absence from work for maternity or paternity reasons means an absence by reason of the: (1) pregnancy of the individual; (2) birth of a child of the individual; (3) placement of a child with the individual in connection with the adoption of such child by such individual; or (4) care of such child for a period beginning immediately following such birth or placement. Notwithstanding any provision of this Plan to the contrary, contributions, benefits and Service credit with respect to qualified military service will be provided in accordance with Code section 414(u).
Examples of Elapsed Time Method in a sentence
The Employer in its Adoption Agreement may elect to require a Participant to complete during a Plan Year 501 Hours of Service (or to be employed for at least 91 consecutive calendar days under the Elapsed Time Method) to share in the allocation of Employer Contributions for that Plan Year where the Participant is not employed by the Employer on the last day of that Plan Year, including the Plan Year in which the Employer terminates the Plan.
Under the Elapsed Time Method, a Break in Service is a Period of Severance of at least 12-consecutive months.
Under the Elapsed Time Method, an Employee receives credit for Service for the aggregate of all time periods (regardless of the Employee's actual Hours of Service) commencing with the Employee's Employment Commencement Date, or with his/her Re-employment Commencement Date, and ending on the date a Break in Service begins.
In applying the Elapsed Time Method, the Plan will credit an Employee's Service for any Period of Severance of less than 12-consecutive months and will express fractional periods of Service in days.
If the Plan applies the Elapsed Time Method of crediting Service, a Participant incurs a Break in Service if the Participant has a Period of Severance of at least 12 consecutive months.
More Definitions of Elapsed Time Method
Elapsed Time Method. The plan is maintained on an elapsed time basis; eligibility, period of service, and breaks in service will be determined in accordance with the elapsed time rules of Internal Revenue
Elapsed Time Method means the service crediting method under which an Employee will receive credit for the aggregate of all time period(s) commencing with the Employee's first day of employment or reemployment and ending on the date a Break in Service begins. The first day of employment or reemployment is the first day the employee performs an Hour of Service. An Employee will also receive credit for any period of severance of less than 12 consecutive months. Fractional periods of a year will be expressed in terms of days.
Elapsed Time Method means 12-consecutive months of Service.
Elapsed Time Method means the method of computing Service by reference to the total time (years and months) that elapses between the Employee’s Employment Commencement Date and the Employee’s Severance from Service Date. The total time need not be consecutive. For the purpose of calculating Eligibility Service, Vesting Service and Credited Service, a Participant shall accrue one month for each month in which he is credited with one Hour of Service as a Full-time Employee of the County, and shall accrue one year for each 12 month period. The elapsed time service method calculates years and months by rounding up any days to a whole month. The calculations for Eligibility Service, Credited Service and Vesting Service shall be subject to the Break in Service provisions
Elapsed Time Method. The Elapsed Time Method of counting service for purposes of eligibility to participate, vesting, and accrual of benefits (as elected in the Adoption Agreement).
(a) Under this provision, such service is determined by reference to the total period of time which elapses while the Employee is employed (i.e., while the employment relationship exists) with the Employer or Employers maintaining this Plan.
(b) Under this method of crediting service, an Employee's service is required to be taken into account for purposes of eligibility to participate and vesting as of the date he or she first performs an Hour of Service within the meaning of 29 CFR 2530.200b-2(a)(1) for the Employer or Employers maintaining the Plan. Service is required to be taken into account for the period of time from the date the Employee first performs such an Hour of Service until the date he or she severs from service with the Employer or Employer's maintaixxxx xhe Plan.
(c) The date the Employee severs from service is the earlier of the date the Employee xxxxx, is discharged, retires or dies, or the first anniversary of the date the Employee is absent from service for any other reason (e.g., disability, vacation, leave of absence, layoff, etc.)
(d) For purposes of eligibility to participate and vesting under the Elapsed Time Method of crediting service, an Employee who has severed from service by reason of a quit, discharge or retirement may be entitled to have a period of time of 12 months or less taken into account by the Employer or Employers maintaining the Plan if the Employee returns to service within a certain period of time and performs an Hour of Service within the meaning of 29 CFR 2530.200b-2
(a) (1). In general, the period of time during which the Employee must return to service begins on the date the Employee severs from service as a result of a quit, discharge or retxxxxxxt and ends on the first anniversary of such date. However, if the Employee is absent for any other reason (e.g., layoff) and then quits, is discharged or retires, the period of time during which the Employee may return and receive credit begins on the Severance from Service Date and ends one year after the first day of absence (e.g., first day of layoff). As a result of the operation of these rules, a severance from service (e.g., a quit), or an absence (e.g., layoff) followed by a severance from service, never results in a period of time of more than one year being required to be taken into account after a...
Elapsed Time Method means a method of determining Service, for purposes of an Employee’s entitlement under the Plan to participate, receive an allocation of Employer Contributions, and/or vesting, that is not based on the Employee’s completion of a specified number of Hours of Service during a twelve (12) consecutive month period, but rather with reference to the total period of time that elapses during which the Employee is employed by a Participating Employer or a Controlled Group Employer.
Elapsed Time Method means a method of computing Service by reference to the total time (years, months and days) that elapses between the Employee’s Employment Commencement Date or Reemployment Commencement Date and the Employee’s Severance from Service Date. The total time need not be consecutive.