Credited Service. With respect to each employee benefit plan, policy or practice, including severance, vacation and paid time-off plans, policies or practices, sponsored or maintained by Buyer or an Affiliate of Buyer, Buyer or such Affiliate shall recognize, for all Transferred U.S. Employees from and after the Closing Date, credit for all service with Seller, its Affiliates and their respective predecessors, prior to the Closing Date for all purposes (including eligibility to participate, vesting credit, eligibility to commence benefits, benefit accrual (other than under a defined benefit pension plan), early retirement subsidies and severance); provided, that no service credit shall be granted to the extent any duplication of benefits results.
Credited Service. A year of “Credited Service” shall mean a calendar year in which the Participant is paid for at least 1,000 hours of service (as defined in the frozen Hasbro Pension Plan) as an employee of the Company or of a Subsidiary of the Company. A Participant does not need to be, or have been, a participant in the Hasbro Pension Plan.
Credited Service. Credited Service for periods before January 1, 2000 shall be determined as at December 31, 1999 based on terms of the Pension Plan then in effect. For service after December 31, 1999, Credited Service shall be computed for each calendar year on the basis of one-tenth of a year for each 208 hours in respect of which Member contributions have been made, where hours shall include work performed, vacation, call-in and leave of absence such as, for example, jury duty, crown subpoenaed witness, bereavement leave and Plant Holidays. Credited Service in any calendar year shall not exceed one year and shall be calculated to the nearest one-tenth of a year. Once the Payback End Date is reached, Credited Service shall be computed for each calendar year on the basis of one-tenth of a year for each 180 hours. Credited Service in any calendar year shall not exceed one year and shall be calculated to the nearest one-tenth of a year. Members who are or become totally or permanently disabled, are absent and qualify for benefits under Workers Compensation, the Weekly Indemnity Plan or the Long Term Disability Plan shall continue to accrue Credited Service at the rate in effect at the commencement of the absence, but shall not be required to contribute in accordance with Section 1 of Part B. In no event shall a Member’s Credited Service exceed 35 years.
Credited Service. The Acquiror shall, or shall cause its Affiliates to, credit service accrued by Transferred Employees with, or otherwise recognized for purposes of the Company Plans, the Company or its Affiliates as of the Closing for purposes of (a) eligibility and vesting, and (b) vacation accrual and severance benefit determinations under the benefit plans, programs, policies and arrangements (including benefits under any defined contribution retirement, medical, dental, vision, basic life and accidental death and dismemberment insurance, vacation, seniority payment, equity, or severance plans, programs or policies) of the Acquiror and its Affiliates, in each case, to the extent credited under the Company Plans; provided, however, that in no event shall such credit result in the duplication of benefits or the funding thereof. The Acquiror shall, or shall cause an Affiliate to, assume and honor all accrued and unused vacation and paid time off balances of the Transferred Employees in accordance with the applicable Company Plan in effect at the Closing Date, except to the extent any such balances are paid to such Transferred Employee in connection with the Closing in accordance with any applicable Laws. The Acquiror shall use commercially reasonable efforts, and shall cause its Affiliates to use commercially reasonable efforts, to, (i) waive any preexisting condition limitations otherwise applicable to Transferred Employees and their eligible dependents under any plan of the Acquiror or any of its Affiliates that provides group health benefits in which the Transferred Employees may be eligible to participate following the Closing (such plans, the “Acquiror Plans”), to the extent waived or satisfied with respect to such employees as of the Closing under the analogous Company Plan, (ii) honor any deductible, co-payment and out-of-pocket maximums incurred by Transferred Employees and their eligible dependents under the Company Plan providing group health benefits in which such Transferred Employees participated immediately prior to the Closing during the portion of the calendar year prior to the Closing in satisfying any deductibles, co-payments or out-of-pocket maximums under an Acquiror Plan in the same plan year in which such deductibles, co-payments or out-of-pocket maximums were incurred, and (iii) waive any waiting period limitation or evidence of insurability requirement that would otherwise be applicable to a Transferred Employee and such Transferred Employee’s elig...
Credited Service. Credited Service will include the calendar years of continuous service after July 1, 2002 during which an employee works 700 or more hours. If an employee is absent due to illness or injury, the employee will continue to accumulate credited service for up to one year. However, an employee will not accumulate credited service during an absence beyond one year due to illness or injury or during authorized leave of absence or layoff. In this case, the employee will continue to accumulate credited service upon the employee’s return to work provided theemployee works a minimum of 700 hours in the calendar year. • Current Service Benefit - $10.00 per month per year of Credited Service effective July 1, 2002. Credited Service shall be limited to a maximum of 35 complete years. Effective June 1, 2005, the future service pension credit shall be increased by $1.00 per month to $11.00 for credited service from June 1, 2005. Effective June 1, 2006, the future service pension credit shall be increased by $1.00 per month to $12.00 for credited service from June 1, 2006. Effective June 1, 2007, the future service pension credit shall be increased by $1.00 per month to $13.00 for credited service from June 1, 2007. Effective October 1, 2011, future service pension credit shall be increased one ($1.00) dollar per month to fourteen ($14.00) dollars for credited service from October 1, 2011. Effective October 1, 2013, future service pension credit shall be increased one ($1.00) dollar per month to fifteen ($15.00) dollars for credited service from October 1, 2013. Effective October 1, 2018, future service pension credit shall be increased by one ($1.00) dollar to sixteen ($16.00) dollars for credited service from October 1, 2018.
Credited Service. A member will be credited with a full year of credited service for each calendar year in which he makes full contributions for all months. If a member contributes less than the full amount in a year, credited service will be determined on a pro-rata basis.
Credited Service. Service is credited while you are a member of plan. For service prior to 1987, credited service is calculated as one (1) year for each calendar year in which you were credited with 1800 or more employment hours, with pro-rate credit being given for the year of entry. For service after 1986, credited service is calculated as one (1) year for each calendar year in which you were credited with 2000 or more employment hours, with pro-rate credit being given for the year of entry.