Counting of Hours Method. The term “Counting of Hours Method” means a method for crediting service for eligibility, for Vesting, for determining a Participant’s allocation, and/or for applying the allocation conditions as elected in the Adoption Agreement. Under the Counting of Hours Method, an Employee is credited with the number of Hours of Service for which the Employee is paid or entitled to payment (or such other circumstances for which Hours of Service are credited), pursuant to the definition of Hour of Service.
Appears in 2 contracts
Sources: 401(k) Non Standardized Prototype Adoption Agreement (Michaels Stores Inc), 401(k) Non Standardized Prototype Adoption Agreement (Littelfuse Inc /De)