Prior Credited Service definition

Prior Credited Service means those full and fractional years (calculated on a daily basis) with respect to which the latest refund was made.
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Examples of Prior Credited Service in a sentence

  • A Participant who transferred to the Police Department pursuant to this Section shall not receive Prior Credited Service for military service that may be credited under the Deputy Sheriffs' Pension Plan, except as such service was required to be included by federal law.

  • Prior Credited Service, when added together with other service, shall not exceed that amount which would cause the total service credited to exceed thirty years of service for purposes of computing any benefit under this Plan.

  • Upon the transfer of assets, Participants will be entitled to Police Plan Prior Credited Service and to other benefits, all as described herein.

  • You are vested after you have 5 years of Credited Service without a forfeiture of Prior Credited Service.

  • For purposes of this Section, Prior Credited Service shall be calculated in completed calendar months.

  • A Participant who transferred to the Police Department and became a Participant pursuant to this Section shall receive years of Prior Credited Service only for each year of credited service earned as a result of employment as a Deputy Sheriff under the Deputy Sheriffs' Pension Plan, provided all of the other conditions of this section are met, and provided the Participant completes five full years of Actual Service as an Employee after his date of employment in 1997.

  • For purposes of determining the benefit that would be paid under this Plan, the usual vesting rules of Section 4.4 shall apply, and Prior Credited Service shall be used to determine vesting under this Plan.

  • A Participant who transferred to the Police Department and became a Participant pursuant to this Section shall receive Prior Credited Service for service credited under the Deputy Sheriffs' Pension Plan if and only if assets related to the benefits accrued under that other Plan were transferred to the Police Pension Plan pursuant to the mutual agreement of this Plan and the transferor Plan.

  • Prior Credited Service shall be equal to the Participant's completed calendar months of service earned as a result of employment as a Deputy Sheriff, credit for which has been given under the Deputy Sheriffs' Pension Plan, but shall not include months of military service time, except as required by federal law.

  • Prior Credited Service shall be included in determining whether or not a Participant has attained his or her Normal Retirement Date, notwithstanding the definition of Normal Retirement Date, but only if the Participant has completed five years of Actual Service after his date of employment in 1997.

Related to Prior Credited Service

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

  • 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.

  • Vesting Service of an employee means the period or periods of service credited to him under the provisions of Article II for purposes of determining his vested interest in his Employer Contributions Sub-Account, if Employer Contributions are provided for under either Article VI or Article XXII.

  • 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.

  • 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.

  • Eligibility Service of an employee means the period or periods of service credited to him under the provisions of Article II for purposes of determining his eligibility to participate in the Plan as may be required under Article III or Article VI.

  • 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.

  • Month of Service means a calendar month in which an employee is in receipt of full salary or wages in respect of the prescribed number of working hours in each working day in the month and includes a calendar month in which an employee is absent on special leave without pay not in excess of twenty (20) working days.

  • Elective Deferrals are all Salary Reduction Contributions and that portion of any Cash or Deferred Contribution which the Employer contributes to the Trust at the election of an Eligible Employee. Any portion of a Cash or Deferred Contribution contributed to the Trust because of the Employee's failure to make a cash election is an elective deferral. However, any portion of a Cash or Deferred Contribution over which the Employee does not have a cash election is not an elective deferral. Elective deferrals do not include amounts which have become currently available to the Employee prior to the election nor amounts designated as nondeductible contributions at the time of deferral or contribution.

  • Break in Service means any Plan Year, or, for the initial eligibility computation period under Section 3.2, the 12-consecutive month period beginning on the first day of which an Employee has an Hour of Service, in which an Employee has 500 or fewer Hours of Service. Solely for this purpose, an Employee shall be considered employed for his normal hours of paid employment during a Recognized Absence (said Employee shall not be credited with more than 501 Hours of Service to avoid a Break in Service), unless he does not resume his Service at the end of the Recognized Absence. Further, if an Employee is absent for any period (i) by reason of the Employee’s pregnancy, (ii) by reason of the birth of the Employee’s child, (iii) by reason of the placement of a child with the Employee in connection with the Employee’s adoption of the child, or (iv) for purposes of caring for such child for a period beginning immediately after such birth or placement, the Employee shall be credited with the Hours of Service which would normally have been credited but for such absence, up to a maximum of 501 Hours of Service.

  • 1-Year Break in Service means the applicable computation period during which an Employee has not completed more than 500 Hours of Service with the Employer. Further, solely for the purpose of determining whether a Participant has incurred a 1-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 1-Year Breaks in Service shall be measured on the same computation period.

  • 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.

  • Average final compensation means the average annual creditable compensation of a member during

  • 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

  • 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.

  • pensionable service means service which may be taken into account in computing pension under these Regulations;

  • Service benefit means the credit toward retirement benefits as determined by the

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • One-Year Break in Service means a twelve (12) consecutive month period during which the Participant does not complete more than 500 Hours of Service.

  • Hour of Service means:

  • Non-Highly Compensated Employee means an Employee who is not a Highly Compensated Employee.

  • Base Earnings means base salary and wages payable by the Company or a Participating Subsidiary to an Eligible Employee, prior to pre-tax deductions for contributions to qualified or non-qualified (under the Code) benefit plans or arrangements, and excluding bonuses, incentives and overtime pay but including commissions.

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

  • Nonhighly Compensated Employee means an Employee who is not a Highly Compensated Employee.

  • Plan Year(s means the approximate twelve-month periods between annual meetings of the shareholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned.

  • 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.