Five years of service credit definition

Five years of service credit means employment covered under this chapter and employment covered under a former retirement plan operated, recognized, or endorsed by a college, institute, university, or political subdivision of this state prior to coverage under this chapter.
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Five years of service credit means employment covered under this chapter and
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Five years of service credit means employment covered 1039
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Examples of Five years of service credit in a sentence

  • Five years of service credit is required to become vested for retirement, disability and survivor benefits.Those employees who meet the legal definition of a “teacher” are eligible for membership.

  • You are vested in the plan when you meet one of the following service requirements:• 10 service credit years• Five years of service credit with at least 12 of those months being earned after age 44• Five service credit years earned in the Public Employees’ Retirement System (PERS) Plan 2 before Sept.

  • Five years of service credit vests participants with VRS for a defined benefit.

  • You are vested in the plan when you meet one of the following service requirements:• 10 service credit years• Five years of service credit with at least 12 of those months being earned after age 44• Five service credit years earned in PERS Plan 2 before June 1, 2003Once vested, you are eligible to retire with a full benefit at age 65.Retirement before 65 is considered an early retirement.

  • Five years of service credit," for the exclusive purpose ofsatisfying the service credit requirements and determining eligibility for benefits under section 3307.38 of the Revised Code, means employment covered under this chapter and employment covered under a former retirement plan operated, recognized, or endorsed by a college, institute, university, or political subdivision of this state prior to coverage under this chapter.

  • Five years of service credit is requiredto become vested for retirement, disability and survivor benefits.

  • Also, over the last decade or more other applications of the Act have emerged that were not envisaged when the Act was drafted, including; • Conversions of existing buildings to residential unit titled developments; • Mixtures of retail, office and residential unit developments; • Shopping centres; • Industrial unit developments; • Office blocks; • Motels; • Car parks; • Marinas; • Storage units; • Retirement villages; and • Tourist developments.

  • A retirement incentive plan shall provide for purchase of the same amount of service credit for each participating employee, except that the employer may not purchase more service credit for any employee than the lesser of the following: 2492 2493 2494 2495 (1) Five years of service credit; 2496 (2) An amount of service credit equal to one-fifth of the total service credited to the participant under this chapter, exclusive of service credit purchased under this section.

  • Five years of service credit are required for vesting.d. Kansas Police and Fire Retirement System (KP&F)A state employee, employed as a university police officer, is eligible to affiliate with KP&F if the position has been designated as a police officer, is not seasonal or temporary, and requires 1,000 or more hours of work per year.Membership is mandatory for all eligible employees and contributions are fixed by statute for all salary, wages and fees.

  • The system approval is limited to single storey buildings and as such fire resistance test standards of Part B of the Building Regulations and BS 476: Parts 20, 21 and 22 (as appropriate) will not be applicable.


More Definitions of Five years of service credit

Five years of service credit means employment covered 26980
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Five years of service credit means employment covered under this chapter and employment covered under a former retirement plan operated,
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Five years of service credit means employment covered under this chapter and employment covered under a former retirement plan operated, recognized, or endorsed by a college,
Sample 1

Related to Five years of service credit

  • Years of Service means the total number of full years in which a Participant has been employed by one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee's date of hiring and that, for any subsequent year, commences on an anniversary of that hiring date. Any partial year of employment shall not be counted.

  • Credited Service means the member's total period of service

  • Year of Service means the computation period of twelve (12) consecutive months, herein set forth, during which an Employee has at least 1000 Hours of Service.

  • Period of Service means the aggregate of all periods of service commencing with an Employee's first day of employment or reemployment with the Employer or an Affiliated Employer and ending on the first day of a Period of Severance, or for benefit accrual purposes, ending on the severance from service date. The first day of employment or reemployment is the first day the Employee performs an Hour of Service. An Employee who incurs a Period of Severance of twelve (12) months or less will also receive service-spanning credit by treating any such period as a Period of Service for purposes of eligibility and vesting (but not benefit accrual). For purposes of benefit accrual, a Participant's whole year Periods of Service is equal to the sum of all full and partial periods of service, whether or not such service is continuous or contiguous, expressed in the number of whole years represented by such sum. For this purpose, fractional periods of a year will be expressed in terms of days.

  • Service credit year means an accumulation of months of

  • Minimum Period of Service means a period of 12 consecutive months beginning on the Service Start Date, unless set out otherwise in any applicable Order.

  • Hours of Service means hours to be credited to an Employee under the following rules:

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

  • Period of Severance means a continuous period of time during which an Employee is not employed by the Employer. Such period 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.

  • Service Credit means the periods of time for which the required contributions have been made to

  • Leave Year means the year ending with the anniversary date of the employee’s appointment.

  • Service Year means fiscal year, except that:

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Service Credits means the service credits payable to the Purchaser by the Service Provider in the event that the Service Levels are not met and identified as service credits in the Pricing Schedule.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Service credit month means a full service credit month or an

  • Performance Year means the calendar year prior to the year in which an Annual Award is made by the Committee.

  • Plan Year means the calendar year.