Pension Credits definition

Pension Credits means pension credits as defined by Article V of the Rules and Regulations of the Pension Fund, or an equivalent amount of credit under another pension plan maintained by the Em- ployee’s last Participating Employer. The Trustees will have discre- tion to determine whether an Employee has an equivalent amount of credit under another pension plan, and in making that determination they will be entitled to rely upon information provided by the Partici- pating Employer that maintains that plan.
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Pension Credits means those periods of service during which credit is granted for benefit accrual purposes. Pension Credit shall not necessarily cover periods for which a Plan grants credit for vesting purposes under ERISA. Pension Credits accumulated and maintained by an Employee under one of the Plan signatory to the Reciprocal Agreement shall be recognized under the Reciprocal Agreement by the other signatory Plans as Related Pension Credits. Pension Credits under each Plan shall be based on the rules in effect in that Plan at the time the employment occurred.
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Pension Credits means the years of credit which are needed for entitlement to a pension and which are accu- mulated and maintained for Employees in accordance with the provisions of Article IV of this Plan.
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Examples of Pension Credits in a sentence

  • What Happens If I Do Not Become Vested?If you are not Vested and incur a Break in Service, you lose all Vesting Service Credits and Pension Credits that you have accumulated.

  • You cannot earn Pension Credits for hours worked in Non-Covered Employment.

  • If you are eligible to receive a Disability Benefit, your benefit amount is based upon the Pension Credits you have earned and the appropriate pension rate.

  • These are added together to give the total number of Pension Credits that are used to determine your benefit amount.

  • There are two types of Pension Credits: Benefit Service Credits and Past Service Credits.

  • However, if you retire at age 65 or older and have not lost your Pension Credits, you may be eligible for a benefit even if you are not Vested.

  • If you are not Vested and incur a Break in Service, all Vesting Service Credits and Pension Credits will be lost.

  • If you are Vested, you do not lose any previously accumulated Vesting Service Credits or Pension Credits.

  • You have earned 26 Pension Credits, are age 50, and your spouse is age 48.

  • You will not lose any Vesting Service Credits or Pension Credits that you have already earned should you incur a Break in Service.


More Definitions of Pension Credits

Pension Credits means the aggregate value at a particular time of a Member's Pension Benefits under the Plan, or, if the context specifically stipulates, under another plan.
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Pension Credits means the units earned by you and used to determine the amount of pension benefits due to you if you reach Vested Status. The manner in which Pension Credits are calculated is described below:
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Pension Credits means the contributions ·that would otherwise have been made to the Plan by and on behalf of the employee in respect of a period of approved leave, in the absence of such leave.
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Pension Credits means the years or units of years required for an Employee to become eligible for a pension under this Plan and which are accumulated and maintained in accordance with Article 4 of this Plan for purposes of determining the amount of pension benefits due a participant.
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Related to Pension Credits

  • Pension Credit ; means the means-tested Guarantee or Savings Credit administered by the Department for Work and Pensions under the State Pension Credit Regulations 2002;

  • state pension credit means state pension credit under the State Pension Credit Act 2002;

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Employer Credits means the amounts credited to the Participant’s Deferred Compensation Account by the Employer pursuant to the provisions of Section 4.2.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

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

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Employer Contributions means all amounts paid into ASRS by an

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Emission Reduction Credits means emission reductions that have been authorized by a local air pollution control district pursuant to California Health and Safety Code, Division 26 Air Resources, Sections 40709 and 40709.5, whereby such district has established a system by which all reductions in the emission of air contaminants that are to be used to offset certain future increases in the emission of air contaminants shall be banked prior to use to offset future increases in emissions.

  • Matching Contributions are contributions made by the Employer on account of elective deferrals under a Code Section 401(k) arrangement or on account of employee contributions. Matching contributions also include Participant forfeitures allocated on account of such elective deferrals or employee contributions.

  • Deferred Account means the participant's Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, Deferred Cash Account and/or Deferred Stock Account.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee’s account under any plan of an Employer or a Related Company solely on account of “elective contributions” made on his behalf or “employee contributions” made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Plan Account means the account established for each Participant pursuant to Section 8(a).

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • 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.

  • Participant’s Account means an account maintained for each Participant’s participation in DSUs and/or RSUs under the Plan;

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.