Common use of Credited Service Clause in Contracts

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. 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 per month to sixteen ($16.00) dollars for credited service from October 1, 2018. Effective September 1, 2022, future service credit pension shall be increased by one ($1.00) dollar per month to seventeen ($17.00) dollars for credited service from September 1, 2022.

Credited Service. Credited Service will include the calendar years of continuous service after July March 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 the employee works a minimum of 700 hours in the calendar year. •  Current Service Benefit - $10.00 per month per year of Credited Service effective July March 1, 2002. Credited Service shall be limited to a maximum of 35 complete years. Effective June March 1, 2005, the future service pension credit shall be increased by $1.00 per month to $11.00 for credited service from June March 1, 2005. Effective June March 1, 2006, the future service pension credit shall be increased by $1.00 per month to $12.00 for credited service from June March 1, 2006. Effective June March 1, 2007, the future service pension credit shall be increased by $1.00 per month to $13.00 for credited service from June March 1, 2007. Effective October August 1, 2011, the future service pension credit shall be increased one (by $1.00) dollar 1.00 per month to fourteen ($14.00) dollars for credited service from October August 1, 2011. Effective October August 1, 2013, the future service pension credit shall be increased one (by $1.00) dollar 1.00 per month to fifteen ($15.00) dollars for credited service from October August 1, 2013. Effective October 1, 2018August 1,2018, future service pension credit shall be increased by one ($1.00) dollar to sixteen ($16.00) dollars for credited service from October August 1, 2018. Effective July 1, 2023, future service pension credit shall be increased by one ($1.00) dollar to seventeen ($17.00) dollars for credited service from July 1, 2023.

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.