Year of Vesting Service. As defined in Section 1.1(73).
Year of Vesting Service. Generally, all of your Years of Service with the Employer count toward determining your vested percentage and you will be credited with a year of vesting service if you are paid or entitled to pay from the Employer during the Plan Year. To earn a Year of vesting service, you must work at least hours during the Plan Year. one hour for which you are paid or entitled to pay during the Plan Year. You will be given credit for vesting purposes for your Hours of Service with the following predecessor employer(s): To avoid a break in vesting service, you must work at least hours during a Year of vesting service. one hour for which you are paid or entitled to pay during the Year of vesting service. Although your Employer has adopted a vesting schedule, your balance will become 100% vested when you reach Normal Retirement Age, the Plan is terminated, contributions to the Plan are discontinued, or when you die, become Disabled, or reach the Early Retirement Age. The following vesting schedule will apply to Money Purchase Pension Contributions. YEARS OF VESTING SERVICE MONEY PURCHASE PENSION CONTRIBUTION VESTED PERCENTAGE Option 1 Option 2 Option 3 Option 4 (Complete if chosen) Option 5 (Complete if chosen) Less than One 100% 0% 0% % % 1 100% 0% 0% % % 2 100% 0% 20% % (not less than 20%) % 3 100% 100% 40% % (not less than 40%) 100% 4 100% 100% 60% % (not less than 60%) 100% 5 100% 100% 80% % (not less than 80%) 100% 6 100% 100% 100% 100% 100% EXAMPLE: Your Employer has selected Option 3 above. You have worked for your Employer for four years and have received Money Purchase Pension Contributions of $1,000. You terminate employment and request a distribution of your Money Purchase Pension Contribution balance. Because you have four years of vesting service, you will receive 60% or $600.
Year of Vesting Service after 2 years of Vesting Service; __% __% (not less than 20%) after 3 years of Vesting Service; __% __% (not less than 40%) after 4 years of Vesting Service; __% __% (not less than 60%) after 5 years of Vesting Service; __% __% (not less than 60%) after 6 years of Vesting Service; 100% after 7 years of Vesting Service.
Year of Vesting Service. 1. __________ Hours of Service (no more than 1,000) shall be required to constitute a Year of Vesting Service.
Year of Vesting Service. Unless the Employer elects in the Adoption Agreement to credit service under the Elapsed Time method, a Year of Vesting Service is a Plan Year during which an Employee completes at least 1,000 Hours of Service. If the Employer elects to credit service under the Elapsed Time method, see the definition of Elapsed Time for the applicable rules to calculate service.
Year of Vesting Service. A year of Vesting Service is each calendar year in which the Employee is credited with 1,000 or more Vesting Hours.
Year of Vesting Service. 8 1.2 Plurals and Gender...............................................8 1.3 Incorporation of Trust Agreement.................................8 1.4 Headings.........................................................9 1.5 Severability.....................................................9 1.6 References to Governmental Regulations...........................9 1.7 Notices..........................................................9 1.8 Evidence.........................................................9
Year of Vesting Service. 14 ARTICLE III PARTICIPATION
Year of Vesting Service a. General Rule Subject to subsection b. and c. below, a Participant shall be credited with one (1) Year of Vesting Service for the period June 1, 1975 through December 31, 1975 and for each Calendar Year thereafter (during the Contribution Period) including periods before he became a Participant in which he completed at least 1,000 Hours of Service in Covered Employment.
Year of Vesting Service. If Years of Vesting Service have been selected in the Adoption Agreement to be determined on the basis of an Employee's number of Hours of Service, a Plan Year during which an Employee completes at least 1,000 Hours of Service (or a lesser number of Hours of Service selected in the Adoption Agreement). If Years of Vesting Service have been selected in the Adoption Agreement to be determined on the basis of an Employee's working for the Employer for a each 12 consecutive-month period beginning on his or her employment or reemployment commencement date with the Employer, 12 consecutive-month period of employment for the Employer (or fraction thereof) during which the Employee does not have a Break in Vesting Service. An Employee's employment or reemployment commencement date is the first day the Employee performs an Hour of Service. Fractional periods of a year will be expressed in terms of days.
