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.
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Vesting Years shall be measured on the 12-consecutive-month computation period specified in the Adoption Agreement.
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Examples of Vesting Years in a sentence

  • However, a Participant’s Vesting Years shall be computed subject to the following conditions and qualifications: 9.2-1 A Participant’s Vesting Years shall not include any Service prior to the date on which an Employee attains age 18.

  • This example focuses only on the shares that would vest during Vesting Year 3; however, another 3000 shares would have vested in the aggregate following Vesting Years 1 and 2, for a total of 4500 shares vesting under the Awards 1, 2 and 3.

  • However, a Participant's Vesting Years shall be computed subject to the following conditions and qualifications: 9.2-1 A Participant's Vesting Years shall not include any Service prior to the date on which an Employee attains age 18.

  • Unless otherwise specifically excluded, a Participant's Vesting Years shall include any period of active military duty to the extent required by the Military Selective Service Act of 1967 (38 U.S.C. Section 2021).

  • Vesting Years of Service shall be determined in accordance with the election made by the Employer in the Adoption Agreement.

  • However, a Participant’s Vesting Years shall be computed subject to the following conditions and qualifications: 9.2-1 A Participant’s Vesting Years shall not include any Service prior to the date on which an Eligible Employee attains age 18.

  • 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.

  • Notwithstanding any other provision in the Plan to the contrary, a Participant shall have a nonforfeitable interest in his or her Accrued Benefit upon reaching the Normal Retirement Date, or if earlier, upon being credited with five (5) or more Vesting Years.

  • If any amendment changes the vesting schedule, including an automatic change to or from a top-heavy vesting schedule, any Participant with three (3) or more Vesting Years may, by filing a written request with the Employer, elect to have his vested percentage computed under the vesting schedule in effect prior to the amendment.

  • In the case of any Employee who was employed by the Sponsor or an Affiliated Company at any time prior to the Original Effective Date, for the period prior to the Original Effective Date, such Employee shall be credited with that number of Vesting Years under this Plan equal to the number of Vesting Years (as that term is defined in the SKB Plan) credited to such Employee under the SKB Plan as of the Original Effective Date.


More Definitions of Vesting Years

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.
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Vesting Years shall be measured on the 12-consecutive-month computation period specified in the Adoption Agreement. 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 and/or, if the Employer has so specified in the Adoption Agreement and the computation period is a Plan Year, if the Participant shares in the allocation of the Employer Profit Sharing Contribution for the Plan Year. 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) for the purpose of computing a Participant's vested interest in his or her Accounts to the extent that the Account is attributable to Employer Contributions made for a period of employment which preceded a break in Service, Service after a One-Year Break in Service, where the One-Year Break in Service was completed before the commencement of the first Plan Year commencing after December 31, 1984 or, in all other cases, Service after five consecutive One-Year Breaks in Service; (c) Service before the first Plan Year in which the Participant attained age 18; (d) Service before the Employer maintained this Plan or a predecessor plan, and (e) 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) above, service disregarded under a prior plan includes service credits lost because of a 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 accrual, or the denial of eligibility to participants.
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Vesting Years means, as applicable, the second, third and fourth calendar years immediately following the Grant Date year.
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Related to Vesting Years

  • Vesting Year means a unit of Service credited to a Participant pursuant to Section 9.2 for purposes of determining his vested interest in his Account.

  • 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.

  • Vesting Period means the period of time specified by the Committee during which vesting restrictions for an Award are applicable.

  • Qualifying year means the calendar year to which the qualifying certificate applies.

  • Grant Year has the same meaning as in subclause 1(1) of Schedule 1 of HESA; ‘HESA’ means the Higher Education Support Xxx 0000; ‘maximum basic grant amount’ or ‘MBGA’ has the same meaning as in subclause 1(1) of Schedule 1 of HESA.

  • 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.

  • Plan Year means the calendar year.

  • Three-Year Period means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement. The “Three-Year Period” also includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence. However, a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be deemed a completed fiscal year.

  • Service Year means fiscal year, except that:

  • 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.

  • Award Period means the period beginning on an Award Date and ending on the expiration date of such Award.

  • Vesting Dates means, as determined by the Board or by the Committee, the date as of which the Optionee shall be entitled to exercise the Options or part of the Options, as set forth in section 11 of the ISOP.

  • Matching Period has the meaning specified in Section 5.4(1)(e).

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Vesting Date has the meaning set forth in Section 3.10(c)(ii).

  • Vesting Commencement Date means the Grant Date or such other date selected by the Committee as the date from which an Award begins to vest.

  • 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.

  • Year of Vesting Service means a vesting computation period during which you complete 1,000 hours of service during the Plan Year.

  • Preceding year means a period of 12 consecutive months fixed by the division

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

  • 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.

  • Anniversary Year The one-year period beginning on the Closing Date and ending on the first anniversary thereof, and each subsequent one-year period beginning on the day after the end of the preceding Anniversary Year and ending on next succeeding anniversary of the Closing Date.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Employment Year means each twelve-month period, or part thereof, during which Employee is employed hereunder, commencing on the Commencement Date and on the same day of the subsequent calendar year and each consecutive 12 month period thereafter.