Rate of Accrual definition

Rate of Accrual in relation to a Member means the rate determined by the Actuary at the Member’s Date of Admission and from time to time thereafter having regard to the Member’s Initial Accrual as the rate (expressed as a proportion of the Member’s Salary) at which that Member’s normal retirement benefit is deemed to accrue during the period between the Member’s Date of Admission and Normal Retirement Date;
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Examples of Rate of Accrual in a sentence

  • The Hourly Rate of Accrual, above, represents fractions of an hour accrual for each of the standard work hours schedule of 2080 hours per year.

  • Rate of Accrual Regular employees shall accrue sick leave at the rate of .04615 hour per hour worked up to a maximum of ninety-six (96) hours per year.

  • Vacation leave hours are accrued according to the table below: Years of Employment Hourly Rate of Accrual 0-10 years .058 x no.

  • Rate of Accrual Hours in Pay StatusHours of Annual Leave Earned PerPay Period 1 hour for each unit of 20 hours in pay status in each pay period201402603804 (max) 2.

  • Regular and probationary full-time employees hired prior to 10/01/00, who 28 are covered by this Agreement and have not elected the Paid Time Off 29 (PTO) option, shall accrue vacation (annual leave) based on their leave 30 progression date and shall be limited to the following schedule: 31 32 Years Of Rate of Accrual 1 Continuous Service Per Pay Period 3 1 to 5 years 3 Hrs.

  • Article 26.01 (C) – Rate of Accrual for Employees Hired on or after July 1, 2013.

  • Rate of Accrual for Full-time EmployeesEach full-time employee shall earn vacation with pay on the following basis: 3.693 hours shall be earned for each completed full two-week pay period of service during the first five (5) years of service with MainePERS.

  • This may help reduce the cost of preparing all of the necessary data to submit a request.

  • The Annual Return shall be computed and accrue quarterly at the rate of eight percent (8%) per annum (the "Annual Return Rate of Accrual") and shall not be compounded.

  • Effective the first full pay period next following October 1, 2001, regular and 22 probationary full-time employees hired prior to 10/01/00, who are covered by 23 this Agreement and have not elected the Paid Time Off (PTO) option, shall 24 accrue vacation (annual leave) based on their leave progression date and 25 shall be limited to the following schedule: 26 27 Years Of Rate of Accrual 28 Continuous Service Per Pay Period 29 30 1 to 5 years 3 Hrs.

Related to Rate of Accrual

  • Rate Year means July 1st of a given Calendar Year through June 30th of the succeeding Calendar Year.

  • Rate of Interest means the rate of interest payable from time to time in respect of this Note and that is either specified or calculated in accordance with the provisions hereon.

  • Interest Day Count Convention For any Series or Class of Notes, the fraction specified in the related Indenture Supplement to indicate the number of days counted in an Interest Accrual Period divided by the number of days assumed in a year, for purposes of calculating the Interest Payment Amount for each Interest Accrual Period in respect of such Series or Class.

  • Wage Rate refers to an Employee’s hourly rate of pay reflected by the pay grade of her position and her step within that grade, as set out in the Wage Rate grid in Appendix II.

  • Rate of Gross Profit means the gross profit earned expressed as a percentage of the turnover during the period between the date of the commencement of the business and the date of the incident.

  • Rate means the Adjusted LIBO Rate and the Alternate Base Rate.

  • LIBOR Daily Floating Rate means, for any day, a fluctuating rate of interest per annum equal to LIBOR as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time), at approximately 11:00 a.m., London time, two (2) London Banking Days prior to such day, for Dollar deposits with a term of one (1) month commencing that day; provided that if the LIBOR Daily Floating Rate shall be less than zero, such rate shall be deemed zero for purposes of the Loan Documents.

  • Rate Period has the meaning set forth in the Statement.

  • Final rate of pay means the actual rate upon which earnings of an employee were calculated during the twelve (12) month period immediately preceding the member's effective retirement date, including employee contributions picked up after August 1, 1982, pursuant to KRS 61.560(4). The rate shall be certified to the system by the employer and the following equivalents shall be used to convert the rate to an annual rate: two thousand eighty (2,080) hours for eight (8) hour workdays, nineteen hundred fifty (1,950) hours for seven and one-half (7-1/2) hour workdays, two hundred sixty (260) days, fifty-two (52) weeks, twelve (12) months, one (1) year;

  • Excess Rate With respect to each ARD Loan, the excess of (i) the applicable Revised Rate over (ii) the applicable Mortgage Rate, each as set forth in the Mortgage Loan Schedule.

  • Discount Rate means the rate used by the Plan Administrator for determining the Accrual Balance. The initial Discount Rate is six percent (6%). However, the Plan Administrator, in its discretion, may adjust the Discount Rate to maintain the rate within reasonable standards according to GAAP and/or applicable bank regulatory guidance.

  • Contract Rate means, with respect to a Receivable, the rate per annum at which interest accrues under the Contract evidencing such Receivable. Such rate may be less than the “Annual Percentage Rate” disclosed in the Receivable.

  • Actual Rate of Pay means, unless and until the Agency Worker has completed the Qualifying Period, the rate of pay which will be paid for all time worked during an Assignment for each hour worked, as set out in the relevant Assignment Details Form;

  • Applicable Interest Rate means, (i) with respect to each Revolving Credit Advance and Term Loan Advance, the Eurodollar-based Rate or the Base Rate, and (ii) with respect to each Swing Line Advance, the Base Rate or, if made available to the Borrower by the Swing Line Lender at its option, the Quoted Rate, in each case as selected by the Borrower from time to time subject to the terms and conditions of this Agreement.

  • LIBOR Interest Rate means, for each LIBOR Loan for the relevant Interest Period, the rate per annum (rounded upward, if necessary, to the nearest one-sixteenth of 1%) determined by the Agent to be equal to the quotient of (a) the London Interbank Offered Rate for such LIBOR Loan for such Interest Period divided by (b) one minus the Eurocurrency Reserve Requirement for such Interest Period.

  • Blended Rate means, with respect to any Taxable Year, the sum of the effective rates of tax imposed on the aggregate net income of the Corporate Taxpayer in each state or local jurisdiction in which the Corporate Taxpayer files Tax Returns for such Taxable Year, with the maximum effective rate in any state or local jurisdiction being equal to the product of: (i) the apportionment factor on the income or franchise Tax Return filed by the Corporate Taxpayer in such jurisdiction for such Taxable Year, and (ii) the maximum applicable corporate tax rate in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation of Blended Rate for a Taxable Year, if the Corporate Taxpayer solely files Tax Returns in State 1 and State 2 in a Taxable Year, the maximum applicable corporate tax rates in effect in such states in such Taxable Year are 6% and 5%, respectively and the apportionment factors for such states in such Taxable Year are 60% and 40%, respectively, then the Blended Rate for such Taxable Year is equal to 5.6% (i.e., 6% times 60% plus 5% times 40%).

  • Relevant Rate means the Benchmark for a Representative Amount of the Specified Currency for a period (if applicable or appropriate to the Benchmark) equal to the Specified Duration commencing on the Effective Date.

  • Average Rate means the simple arithmetic mean of the bank rates in effect at 4:00 p.m. Eastern Standard Time each day during the calendar month which immediately precedes the calendar month in which payment is made, where the "bank rate" means the rate of interest established from time to time by the Bank of Canada as the minimum rate at which the Bank of Canada makes short term advances to members of the Canadian Payments Association;

  • Straight-time rate means the hourly rate of remuneration.

  • Payment Rate means the rate of compensation at which the Insured is indemnified, as determined by AFSC.

  • Fixed Rate Interest Period means the period beginning on (and including) the Issue Date and ending on (but excluding) the first Fixed Rate Interest Payment Date, and each successive period beginning on (and including) a Fixed Rate Interest Payment Date and ending on (but excluding) the next succeeding Fixed Rate Interest Payment Date.

  • Reference Bond Rate means, with respect to any date of redemption, the rate per annum equal to the annual or semi-annual yield (as the case may be) to maturity or interpolated yield to maturity (on the relevant day count basis) of the Reference Bond, assuming a price for the Reference Bond (expressed as a percentage of its nominal amount) equal to the Reference Bond Price for such date of redemption;

  • Loan Rate for any Mortgage Loan and on any day means the per annum rate of interest applicable under the related Credit Line Agreement to the calculation of interest for the day on the Asset Balance of the Mortgage Loan.

  • Reset Rate of Interest means, in relation to a Reset Interest Period, the 7-year Mid-Swap Rate determined for such Reset Interest Period by the Fiscal Agent in accordance with Condition 5 (Interest);

  • Accrual Period With respect to each Payment Date, the period beginning on and including the prior Payment Date (or, in the case of the first Payment Date, the Closing Date) and ending on and including the day preceding such Payment Date.

  • Actual QP Rate of Pay means the rate of pay which will be paid to the Agency Worker if and when s/he completes the Qualifying Period, as set out in any variation to the relevant Assignment Details Form;