Year of Benefit Accrual Service definition

Year of Benefit Accrual Service means Year of Benefit Accrual Service as defined under the Retirement Plan.
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Year of Benefit Accrual Service means a twelve (12)-month Period of Benefit Accrual Service. Subject to Section 2.04, an Employee’s total number of Years of Benefit Accrual Service shall be calculated by assuming that the Employee (a) was hired on the first day of the month coincident with or following the Employee’s actual date of hire, and (b) incurred a Termination Date on the last day of the month in which the Employee’s actual Termination Date occurs. Years of Benefit Accrual Service shall be calculated by dividing the number of months determined in the preceding sentence by twelve (12), and rounded to three (3) decimal places. Linear interpolation shall be used where necessary.
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Examples of Year of Benefit Accrual Service in a sentence

  • A Unified Member shall be credited with a Year of Benefit Accrual Service for each full year of continuous service with the Company, except that an employee of an Affiliated Company on the date of acquisition by Unified Western Grocers, Inc., shall be credited with a Year of Benefit Accrual Service for each full year of membership in the Plan, as determined in accordance with the provisions of the Plan as in effect prior to March 1, 1976.

  • A Unified Member shall also be credited with a fractional Year of Benefit Accrual Service for the period measured from his last anniversary of employment immediately preceding March 1, 1976 to March 1, 1976, if such period is less than twelve months.

  • A Unified Member who completes the Minimum Hours of Service shall be credited with a Year of Benefit Accrual Service, or fraction thereof, by dividing the number of Hours of Service credited to him by 1800.

  • A Participant shall be credited with a Year of Benefit Accrual Service for each Year of Service performed while an Eligible Employee during which the Participant completed at least 1,000 Hours of Service while a Participant.

  • A Unified Member shall be credited with 1/12th of a Year of Benefit Accrual Service for each Month of Service credited on or after the Conversion Date; provided, however, a Year of Benefit Accrual Service for a Unified Member who is not actively performing services for the Company as an Employee because of a disability shall be determined under paragraph (b).

  • A Participant’s Accrued Benefit is based on a retirement benefit formula equal to $15 for each Year of Benefit Accrual Service and fraction thereof.

  • A Unified Member who completes 1800 Hours of Service during an "Accrual Computation Period" shall be credited with a Year of Benefit Accrual Service for such "Accrual Computation Period".

  • A Unified Member who completes at least 1000 Hours of Service but less than 1800 Hours of Service during an "Accrual Computation Period" shall be credited with a fractional Year of Benefit Accrual Service for such "Accrual Computation Period" by dividing the number of Hours of Service credited to him by 1800.

  • In addition to Benefit Accrual Service calculated under Section 2.7, a Participant shall receive an additional Year of Benefit Accrual Service for each Year of Service performed while he was not a Participant, provided that such Year of Service was performed with: (i) Cigar or (ii) a Predecessor Company.

Related to Year of Benefit Accrual Service

  • Year of Eligibility Service means where an Employer designates a one or two 12-consecutive-month eligibility waiting period, an Employee must complete at least 1,000 Hours of Employment during each 12-consecutive-month period (measured from his date of Employment and then as of the first day of each Plan Year commencing after such date of Employment); provided, however, if an Employee is credited with 1,000 Hours of Employment in both the initial eligibility computation period and the first Plan Year which commences prior to the first anniversary of the Employee's employment commencement date, the Employee will be credited, for eligibility purposes, with two Years of Eligibility Service. Where an Employer designates an eligibility waiting period of less than 12 months, an Employee must, for purposes of eligibility, complete a required number of hours (measured from his date of Employment and each anniversary thereafter) which is arrived at by multiplying the number of months in the eligibility waiting period requirement by 83 1/3; provided, however, if an Employee completes at least 1,000 Hours of Employment within the 12 month period commencing on his Employment commencement date or during any Plan Year commencing after such Employment commencement date, such Employee will be treated as satisfying the eligibility service requirements.

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

  • 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.

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

  • 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.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • 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.

  • 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.

  • completed year of service means continuous service for one year;

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

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

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

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Supplemental Retirement Benefit means the benefit determined under Article V of 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.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • 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.

  • Termination Benefit means the benefit set forth in Article 7.

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.