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.