Cessation of Credited Service. Effective immediately after 11:59 p.m. on December 31, 2018, Credited Service (as defined in the BCERP) ceased to accrue for purposes of determining an employee’s accrued benefit under the three benefit formulas in the BCERP. Service performed after December 31, 2018, continues to be counted for all other purposes under the BCERP, per the terms of the BCERP. All SPEEA represented BCERP participants on the active payroll, or an authorized leave of absence on December 31, 2018, became 100% immediately vested in his or her accrued benefit under the BCERP as of December 31, 2018. Final Average Monthly Earnings continues to include the highest average Basic Annual Compensation Rate over any period of 60 consecutive months during the employee’s last 120 months of service, and Employee Incentive Plan payments, per the terms of the BCERP. Likewise, Covered Compensation (used to calculate the Excess Benefit portion of the Final Average Benefit) continues to change, per the terms of the BCERP. The Company may amend the BCERP to merge it with any other pension plan maintained by the Company. Any such merger will not adversely affect the benefits accrued by BCERP participants. The Company may amend the BCERP, from time to time, as it determines in its sole discretion to be necessary or appropriate to implement the cessation of Credited Service described above or to maintain the BCERP’s tax- qualified status or otherwise comply with applicable law.
Cessation of Credited Service. No participant in CARP shall receive credit under such plan for purposes of eligibility, vesting, credited service, or benefit accrual on account of service performed as an employee of Holdings or any Holdings Affiliate after the IPO Date except to the extent and only to the extent the crediting (i) is required pursuant to the Code or ERISA, (ii) is required pursuant to enforceable terms of a collective bargaining agreement or (iii) results from the limited continued coverage under CARP pursuant to paragraph (b) below. Notwithstanding the foregoing, solely with respect to any participant in CARP who is employed by Holdings or a Holdings Affiliate as of the IPO Date, Continental shall use reasonable best efforts to cause CARP to allow such individual to be eligible for a lump sum distribution under CARP in a manner consistent with the age and service requirements of CARP.
Cessation of Credited Service. Effective immediately after 11:59 p.m. on December 31, 41 2018, Credited Service (as defined in the BCERP) will cease to accrue for purposes of determining 42 an employee’s accrued benefit under the three benefit formulas in the BCERP. Service performed 43 after December 31, 2018, will continue to be counted for all other purposes under the BCERP, per 44 the terms of the BCERP. All SPEEA represented BCERP participants on the active payroll, or an 45 authorized leave of absence on December 31, 2018, will become 100% immediately vested in his 46 or her accrued benefit under the BCERP as of December 31, 2018. 47 48 Final Average Monthly Earnings will continue to include the highest average Basic Annual 49 Compensation Rate over any period of 60 consecutive months during the employee’s last 120 50 months of service, and Employee Incentive Plan payments, per the terms of the BCERP. Likewise, 51 Covered Compensation (used to calculate the Excess Benefit portion of the Final Average Benefit) 52 will continue to change, per the terms of the BCERP. 53 54 The Company may amend the BCERP to merge it with any other pension plan maintained by the 55 Company. Any such merger will not adversely affect the benefits accrued by BCERP participants. 56 1 The Company may amend the BCERP, from time to time, as it determines in its sole discretion to 2 be necessary or appropriate to implement the cessation of Credited Service described above or to 3 maintain the BCERP’s tax-qualified status or otherwise comply with applicable law.
Cessation of Credited Service. No participant in the CARP shall receive credit under such plan for purposes of eligibility, vesting, credited service, or benefit accrual on account of service performed as an employee of Holdings or any Holdings Affiliate after the Independence Date. Notwithstanding the foregoing, solely with respect to any participant in the CARP who is employed by Holdings or a Holdings Affiliate as of the Independence Date, Continental shall use reasonable best efforts to cause the CARP to allow such individual to be eligible for a lump sum distribution under the CARP in a manner consistent with the age and service requirements of the CARP.
