Common use of Equivalencies Clause in Contracts

Equivalencies. Hours of Service shall be determined on the basis of actual Hours of Service for which an Employee is paid or entitled to payment, unless otherwise specified in (1), (2), or (3) below. 1) [ ] DAYS. On the basis of days worked. An Employee shall be credited with 10 Hours of Service for each day in which he would otherwise be credited with at least one Hour of Service. 2) [ ] WEEKS. On the basis of weeks worked. An Employee shall be credited with 45 Hours of Service for each week in which he would otherwise be credited with at least one Hour of Service. 3) [ ] MONTHS. On the basis of months worked. An Employee shall be credited with 190 Hours of Service for each month in which he would otherwise be credited with at least one Hour of Service.

Appears in 2 contracts

Sources: 401(k) Profit Sharing Plan Adoption Agreement (Great Lakes Bancorp Inc), 401(k) Profit Sharing Plan (Temecula Valley Bancorp Inc)