Common use of Pay Credits Clause in Contracts

Pay Credits. Eligible employees will be credited with “pay credits” as a percentage of their “eligible compensation,” as defined by the SRA Plan. The percentage of eligible compensation that will be credited varies depending on the employee’s years of credited service, according to the schedule set forth in the plan, which currently provides: Less than 5 3.20% At least 5 but less than 10 3.70% At least 10 but less than 20 4.10% 20 or more 4.5%

Pay Credits. Eligible employees will be credited with “pay credits” as a percentage of their “eligible compensation,” as defined by the SRA Plan. The percentage of eligible compensation that will be credited varies depending on the employee’s years of credited service, according to the schedule set forth in the plan, which currently providesfollowing schedule: Less than 5 3.202.20% At least 5 but less than 10 3.702.70% At least 10 but less than 20 4.103.10% 20 or more 4.53.50%