Vesting Years definition

Vesting Years mean the sum of the Plan Years (including Plan Years prior to the Effective Date) during which an individual completes 1,000 or more Hours of Service. If a Participant terminates employment and is reemployed by an Employer as an Employee, he shall receive credit for all years of service prior to his termination of employment, regardless of the years between his termination of employment and reemployment.

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Vesting Years shall be measured on the 12-consecutive-month period specified in the Adoption Agreement. A Participant will have a Vesting Year during such computation period only if the Participant completes the number of Hours of Service selected in the Adoption Agreement for purposes of computing a Year of Service. However, notwithstanding the preceding sentence, if the Employer has so specified in the Adoption Agreement, a Participant who does not receive credit for a Vesting Year under the preceding sentence will still have a Vesting Year for each Plan Year for which the Participant shares in the allocation of Employer contributions for the Plan Year. However, when determining Vesting Years, unless the Employer has otherwise specified in the Adoption Agreement, there shall be excluded: (a) if this Plan is a continuation of an earlier plan which would have disregarded such service, Service before the first Plan Year to which the Act is applicable; (b) Service after five consecutive One-Year Breaks in Service (but this exclusion shall apply only for the purpose of computing the vested percentage of Employer Contributions made before such five-year period); (c) Service before a period of five One-Year Breaks in Service, if the Participant has no vested interest in his Employer Contribution Account at the time of such break and the number of consecutive One-Year Breaks in Service equals or exceeds the number of Vesting Years excluded by such break without counting Vesting Years excluded by an earlier application of this provision; (d) Service before the first Plan Year in which the Participant attained age 18; (e) Service before the Employer maintained this Plan or a predecessor plan; and (f) Service before January 1, 1971, unless the Participant has completed at least three Vesting Years after December 31, 1970. For the purposes of subsection (a), service disregarded under a prior plan includes service credits lost because of separation or failure to complete a required period of service within a specified period of time; such lost service credits may have resulted in the loss of prior vesting or benefit accruals, or the denial of eligibility to participate.

Vesting Years shall be measured on the 12-consecutive-month computation period specified in the Adoption Agreement. (a) A Participant will have a Vesting Year during any such computation period if the Participant completes the number of Hours of Service selected in the Adoption Agreement for purposes of computing a Year of Service. (b) When determining Vesting Years, unless the Employer has otherwise specified in the Adoption Agreement, there shall be excluded: (i) if this Plan is a continuation of an earlier plan which would have disregarded such service, Service before the first Plan Year to which the Act is applicable; (ii) Service before the first Plan Year in which the Participant attained age 18 and (iii) Service before the Employer maintained this Plan or a predecessor plan.

Examples of Vesting Years in a sentence

• Vesting Years and One-Year Breaks in Service for the purpose of vesting shall be measured on the Plan Year |_| or, if this box is checked, on the 12 consecutive month period beginning on the Participant's initial date of employment or an anniversary of that date.

• Further, if the Plan’s vesting schedule is amended, or the Plan is amended in any way that directly or indirectly affects the computation of the Participant’s nonforfeitable percentage, each Participant with at least 3 Vesting Years may elect, within a reasonable period after the adoption of the amendment, to have the nonforfeitable percentage computed under the Plan without regard to such amendment.

• If an amendment changing the vesting schedule is executed (including execution of this Adoption Agreement as an amendment to an existing plan), Participants with three or more Vesting Years (five or more Vesting Years for Participants who have not been credited with an Hour of Service in a Plan Year beginning after December 31, 1988) before the expiration of the election period described in the next sentence shall have the right to elect the vesting schedule in effect on the day before the election period.

• In addition, pursuant to Section 8.03 hereof, separate accounts will be maintained for the pre-break and post-break Employer Contributions made on behalf of a Participant who has Service excluded from the calculations of Vesting Years.

• If an amendment changing the vesting schedule is executed (including execution of this Adoption Agreement as an amendment to an existing plan), Participants with five or more Vesting Years before the expiration of the election period described in the next sentence shall have the right to elect the vesting schedule in effect on the day before the election period.

• Vesting Years and One-Year Breaks in Service for the purpose of vesting shall be measured on the Plan Year |_| or, if this box is checked, on the 12 consecutive month period beginning on the Participant's initial date of employment or anniversary of that date.

• All Vesting Years of Service (whether or not continuous) shall be taken into account.

• The Employer will make available current information to the Plan Administration Committee as to the name, date of birth, date of employment, annual compensation, Leaves of Absence, Vesting Years of Service and date of termination of employment of each Employee who is, or who will be eligible to become, a Participant under the Plan, together with any other information which the Plan Administration Committee reasonably considers necessary.

• In other words, Vesting Years for periods of service prior to the amendment or restatement date will be determined based on the definition of Vesting Year under the plan prior to amendment or restatement, and Vesting Years for periods of service after the amendment or restatement date will be determined based on the definition of Vesting Year below] ¨ Years of service (12-consecutive-month periods) with the Employer since date of hire (or date of commencement of Board service).

• A Participant’s Deferred Vested Benefit shall be payable as of his Normal Retirement Date or, if he has completed five Vesting Years and so elects, as of the first day of the month coincident with or next following his attainment of 55 years of age.

More Definitions of Vesting Years

Vesting Years means, as applicable, the second, third and fourth calendar years immediately following the Grant Date year.

Vesting Years means each 12 month period of Service. Nonsuccessive periods of Service shall be aggregated, and less than whole year periods of Service (whether or not consecutive) shall be aggregated on the basis that 12 months of Service (30 days are deemed to be a month in the case of aggregation of fractional months) equal a whole Vesting Year.