Year of Benefit Service definition

Year of Benefit Service means a Plan Year in which a Participant is credited with 1,000 hours of service as an employee with the Company. Participant will also be credited with 1/12 of a Year of Benefit Service to the nearest full calendar month of employment with the Company during the Plan Year in which such Participant dies or suffers a Disability provided that such Plan Year precedes the Plan Year containing the Participant’s 65th birthday.

Year of Benefit Service means a full 365 days in an Employee's Period of Service, excluding: (i) the period before the Employee became a Member; (ii) any period during which the Employee is not an Eligible Employee; and (iii) service before January 1, 1976. A Member shall not receive credit for more than 40 Years of Benefit Service.

Year of Benefit Service means employment recognized as such for the purposes of computing a benefit under the Plan with

Examples of Year of Benefit Service in a sentence

• A Participant shall earn a "Year of Benefit Service" for each full or fractional year of Credited Service to which the Participant was entitled under the terms of the Plan prior to January 1, 1976, and Plan Years after December 31, 1975, in which the Participant completes at least 1,000 Hours of Service in Covered Employment.

• The benefit for each Year of Benefit Service over 20 shall be one-half of one percent (.5 percent) of Final Average Pay, minus any portion of the Retirement Plan Benefit and Primary Social Security Benefit that exceeds the basic benefit under 2.1-1 for the first 20 Years of Benefit Service.

• The benefit for each Year of Benefit Service over 25 shall be one-half of one percent (.5 percent) of Final Average Pay, minus any portion of the Retirement Plan Benefit and Primary Social Security Benefit that exceeds the basic benefit under 2.1-1 for the first 25 Years of Benefit Service.

• Notwithstanding the foregoing, the Company shall credit a Transferred CitiStreet Employee with a Year of Benefit Service for 2008 if, on December 31, 2008, such Transferred CitiStreet Employee was an active employee with the Company or an Employer and was a full-time employee regularly scheduled to work a 40 hour work week.

• For example, an Employee who works 30 Hours of Service during each week of a Plan Year in a position where full-time Employees regularly work 40 Hours of Service during each week will be credited with .75 of a Year of Benefit Service for that Plan Year.

More Definitions of Year of Benefit Service

Year of Benefit Service means employment recognized as such for the purposes of computing a benefit under the Plan with respect to service on or after January 1, 1976, as provided under Article 2.

Year of Benefit Service means for periods on and after the Effective Date, any Plan Year during which an Employee completes 1,000 or more Hours of Service. In the case of any Employee who has a Substantial Break, any Year of Benefit Service completed before such Substantial Break shall be disregarded.

Year of Benefit Service means the service credited to a Participant for purposes of determining the Participant’s Points. For this purpose, a Participant’s Years of Benefit Service equal the sum of:

Year of Benefit Service means a year of service used in determining the amount of a Participant’s Accrued Benefit. A Participant’s Years of Benefit Service shall be determined in the manner described Section4.2.

Year of Benefit Service. (a) A Period of Service (as defined in Appendix A) as an Eligible Employee of one year, excluding all service before April 6, 1992. For purposes hereof, where a Period of Service as an Eligible Employee is longer than one year, it shall be treated as that number of Years of Benefit Service (and fractional part thereof) equal to the whole number of years (and fractional part thereof) in such Period of Service. (b) Notwithstanding anything to the contrary herein, if a Salaried Employee is an Executive (as defined in paragraph 1.16) during a Plan Year, no part of such Plan Year shall be taken into account in determining such person's Years of Benefit Service.

Year of Benefit Service. (a) A Period of Service of one year as a Salaried Employee, excluding all service before April 6, 1992. For purposes hereof, where a Period of Service as a Salaried Employee is longer than one year, it shall be treated as that number of Years of Benefit Service (and fractional part thereof) equal to the whole number of years (and fractional part thereof) in such Period of Service. (b) If a Participant ceases to be an Eligible Employee but remains or later becomes a Salaried Employee, his Years of Benefit Service taken into account in applying the Benefit Formula shall include his service as a Salaried Employee after he ceases to be an Eligible Employee.

Year of Benefit Service. (a) A Plan Year (which is the computation period) during which an Employee is credited with at least one thousand (1,000) Hours of Service (or, if less, the number of Hours of Service selected by the Employer in Option 4(g) of the Adoption Agreement) (excluding service with any Affiliate which is not a participating employer unless otherwise expressly provided) as an Eligible Employee. (b) In the event of a Plan Year which is less than twelve (12) months resulting from a change in the Plan Year of the Plan, the number of Hours of Service for the short Year of Benefit Service shall be prorated by multiplying one thousand (1,000) Hours of Service (or, if less, the number of Hours of Service selected by the Employer in Option 4(g) of the Adoption Agreement) by a fraction, the numerator of which is the number of months in the short Plan Year and the denominator of which is twelve (12).