Longevity Credit Clause Samples

The Longevity Credit clause establishes a mechanism for recognizing and allocating financial benefits that arise when individuals or groups live longer than initially projected in a contract, such as in pension or annuity agreements. In practice, this clause may specify how surplus funds, resulting from lower-than-expected mortality rates, are distributed among stakeholders or retained by the provider. Its core function is to ensure a fair and transparent method for handling the financial implications of increased longevity, thereby managing risk and aligning incentives between parties.
Longevity Credit. An employee who transferred to the District from another district in Washington State must notify the District in writing within thirty (30) calendar days of hire that longevity credit is sought for years of service in another district. The notification must provide verification from the other district of previous position, dates of service in the position, and breaks in service, if any. An employee who fails to provide the required written notification shall be deemed to have waived any right to such longevity credit as might otherwise be available.
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Longevity Credit administrative experience for purposes of compensation shall be construed to mean a minimum of 22 weeks on a regularly contracted assignment within the same school year when such experience is within the Eden Prairie School District. For purposes of the compensation formula, a year of experience shall mean a full year of administrative experience on a regularly contracted assignment when such experience is in a school district other than the Eden Prairie School District.
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Longevity Credit. Each full-time unit employee, regardless of whether he has been assigned a new job or position title, shall be eligible to receive longevity credit. The longevity credit shall be based upon the employee's total number of full years of continuous full-time employment by the Employer commencing from his/her date of such employment to his/her respective longevity anniversary date. A longevity credit shall be paid commencing January 1 of the year in which an employee becomes eligible for the credit, commencing with an employee having five (5) years employment and continuing with one (1) additional longevity credit for each additional five (5) years of employment in accordance with the following schedule: (1) First Five (5) Years .25 an hour (2) Second Five (5) Years .25 an hour (3) Third Five (5) Years .25 an hour (4) Fourth Five (5) Years .25 an hour (5) Fifth Five (5) Years .25 an hour (6) Sixth Five (5) Years .30 an hour (7) Seventh Five (5) Years .30 an hour All new employees hired after 7/1/2015 shall receive the following longevity credit: (1) First Five (5) Years .15 an hour (2) Second Five (5) Years .20 an hour (3) Third Five (5) Years .20 an hour (4) Fourth Five (5) Years .20 an hour (5) Fifth (5) Years .20 an hour (6) Sixth Five (5) Years .25 an hour (7) Seventh Five (5) Years .30 an hour
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Longevity Credit. A newly hired employee shall be given full longevity credit for all years of service in a Washington school district. A former employee of the District shall be covered under this section the same as a former employee of another Washington school district.
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Longevity Credit. Longevity credit is equal to all service credit earned at West Geauga Schools regardless of job classification.
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Longevity Credit. Each full-time unit employee, regardless of whether he has been assigned a new job or position title, shall be eligible to receive longevity credit. The longevity credit shall be based upon the employee's total number of full years of continuous full-time employment by the Employer commencing from his date of such employment to his respective longevity anniversary date. A longevity credit shall be paid commencing January 1 of the year in which an employee becomes eligible for the credit, commencing with an employee having five (5) years employment and continuing with one (1) additional longevity credit for each additional five (5) years of employment in accordance with the following schedule: (1) First Five (5) Years .25 an hour (2) Second Five (5) Years .25 an hour (3) Third Five (5) Years .25 an hour (4) Fourth Five (5) Years .25 an hour (5) Fifth Five (5) Years .25 an hour (6) Sixth Five (5) Years .30 an hour (7) Seventh Five (5) Years .30 an hour
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Longevity Credit. Pursuant to reference (b), PLC members who enroll in the MCTAP will receive a Pay Entry Base Date (PEBD) that corresponds to the date of commissioning, with adjustments for periods of active duty for training, unless the PLC member is also a member of the Selected Marine Corps Reserve (SMCR). Selected Marine Corps Reservists, who are concurrently enrolled in the PLC program, will continue to be entitled to longevity credit. Any PLC member who chooses not to enroll in the MCTAP will retain the service obligation contained in their current service agreement and will receive longevity credit.
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Longevity Credit. Each permanent unit employee, regardless of whether or not the employee has been assigned a new job or position title, shall be eligible to receive longevity credit. The longevity credit shall be Ten cents ($.10) per hour each year for the first year of employment through and including the fifth year of employment, Fifteen cents ($.15) per hour each year for six years of employment through and including the tenth year of employment, Twenty cents ($.20) per hour each year for eleven years of employment through and including the fifteenth year of employment, Twenty-five cents ($.25) per hour each year for sixteenth years of employment through and including the twentieth year of employment, Twenty-eight cents ($.28) per hour each year for twenty-first years of employment through and including the thirty-fifth year of employment. Longevity credit shall be based upon the employee's total number of full years of continuous employment by the Employer commencing from their date of such employment to their respective anniversary employment date. Longevity credit shall be payable beginning on January 1 of the year in which an employee will become eligible therefore.
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Longevity Credit. The longevity credit so transferred shall be applicable to all benefits herein including Schedule A, except the seniority provisions.
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Related to Longevity Credit

  • Vacation Credit Any outstanding vacation entitlement for a person going on LTD will be paid in cash upon expiry of sick leave. The cash payment will be calculated on the base earnings at the expiration of sick leave for the prorated days of vacation entitlement, any outstanding lieu days, any outstanding floating statutory holidays, and banked time for 40-hour per week employees. No vacation entitlement, floating holidays, or banked time for 40-hour per week employees accrues while a member is in receipt of LTD benefits.

  • Service Credit To the extent that any Transferred Employee’s acquired rights are not already protected by the Transfer Regulations or other applicable Law, Purchaser shall, and shall cause its Affiliates to, recognize the prior service of, or recognized with respect to, each Transferred Employee as if such service had been performed with Purchaser for all purposes, including eligibility, vesting, service-related level of benefits and benefit accrual (except for any benefit accruals for U.S. union and non-union hourly Transferred Employees under the defined benefit Rexam Pension Plan, provided that such service for benefit accruals purposes under the Rexam Pension Plan shall be recognized for purposes of early retirement subsidies in accordance with Schedule 5.1(h)) under the employee benefit plans and policies provided by Purchaser to such Transferred Employee following the Closing, to the same extent such service was recognized by Seller, Rexam or any of their respective Affiliates, as applicable, immediately prior to the Closing. Purchaser shall, or shall cause its Affiliates (including the Purchased Entities) to, (i) waive any preexisting condition limitations otherwise applicable to Transferred Employees and their eligible dependents under any plan of Purchaser or any Affiliate of Purchaser that provides health or life benefits in which the Transferred Employees may be eligible to participate following the Closing, other than any limitations that were in effect with respect to a Transferred Employee as of the Closing under the analogous Employee Benefit Plan, (ii) honor any deductible, co-payment and out-of-pocket maximums incurred by the Transferred Employees and their eligible dependents under the health plans in which they 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 health plans of Purchaser or any of its Affiliates in which they are eligible to participate after the Closing 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 his or her eligible dependents on or after the Closing, in each case to the extent such Transferred Employee or eligible dependent had satisfied any similar limitation or requirement under an analogous Employee Benefit Plan prior to the Closing.