Years of Credited Service. The 12 consecutive month period used to determine if a Participant earns service for benefit accrual purposes is:
Years of Credited Service. Percentage of Compensation Less than 5 % 5 to 9 % 10 to 14 % 15 to 19 % 20 to 24 % x.1.A 25 or more % x.1.B 25 to 29 30 to 34 35 or more % % %
Years of Credited Service. The 12 consecutive month period used to determine if a Participant earns service for benefit accrual purposes is: ☐ a. the Plan Year. ☐ b. the Eligibility Computation Period. ☐ c. the 12 month period ending on the employment anniversary date.
Years of Credited Service. The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants will be increased solely for purposes of the monthly accrued benefit, effective August 1, 2008 to sixty dollars ($60) for each year of future Credited Service to a maximum of 35 years of Credited Service. If a participant is in Covered Employment on August 1, 2008, he shall receive the sixty dollars ($60) benefit formula for the entire 2008 plan year. For example, the The total monthly service pension benefit will be equal to the following provided the employee meets the Credited Service requirement. $1,925 for retirement at any age after 35 years of part-time Credited Service $1,650 for retirement at any age after 30 years of part-time Credited Service $1,375 for retirement at age 60 with 25 years of part-time Credited Service $1,125 for retirement at any age with 25 years of part-time Credited Service (based on $45.00 per year of Credited Service) Part-time employees will receive one (1) year of Credited Service for 750 or more paid hours. (Six months of part-time Credited Service will be granted for 375 to 500 hours worked in a calendar year, and 9 months of part-time Credited Service will be granted for 501 to 749 hours worked in a calendar year.) This paragraph will also be applied to determine Credited Service for all full-time employees on the payroll on August 1, 2002 who were formerly participants in the UPS Pension Plan. The Employer will be responsible for funding the UPS Pension Plan as required to provide the benefits described above and will be responsible for maintaining the plan. The UPS Pension Plan will be governed by the terms of the Plan document. Effective August 1, 2002, the Employer will grant additional years of Credited Service in accordance with the terms of the Plan to all full-time and part-time employees on the payroll on August 1, 2002, who worked for UPS after they were 21 but were denied Credited Service solely because the UPS Pension Plan required that an employee be age 25 or older to participate in the UPS Pension Plan. For those multi-employer pension plans with which the UPS Pension Plan does not have reciprocity, the UPS Pension Plan will execute a mutually agreeable reciprocity agreement with those plans.
Years of Credited Service. For an employee who retires prior to his/her normal retirement date during the period from April 1, 2011 to March 31, 2014 pursuant to Section 5.02 of the Pension Agreement and who, at the date of his/her retirement has attained age 60 and has ten (10) or more, but less than thirty (30) years of credited service, the Company will either purchase from an insurance company or pay directly, an annuity contract in the employee’s name to provide the employee with a monthly pension equal to the difference between the amount of the monthly pension computed in accordance with Section 6.01 and the amount of monthly pension computed in accordance with Section 6.03(2)(B) of the Pension Agreement.
Years of Credited Service. 1% plus up to a maximum of an additional 2% of Salary Over 25.00 Years of Credited Service – up to a maximum of 2% of Salary
Years of Credited Service. Percentage of Compensation 0 to 5 % 6 to 10 % 11 to 15 % 16 to 20 % SAMPLE 21 to 25 % x.2.A 26 or more % x.2.B 26 to 30 31 to 35 36 or more % % % y. Allocate Non-Elective Contribution age range by age range until no unallocated contribution remains. (Plans intending to provide a schedule that "increases smoothly" under Reg. 1.401(a)(4)-8 must enter percentages such that the cumulative percentages increase, but not more than 5 percentage points or by a ratio of 2). THE PERCENTS ENTERED ARE THE INCREASE BETWEEN AGE RANGES, NOT THE CUMULATIVE PERCENT FOR THE RANGE (Requires additional testing) y.1. Ages grouped in 10 year intervals: ADDITIONAL ADDITIONAL Maximum Maximum Percentage of Percentage of Attained Age Compensation Attained Age Compensation Less than 25 25 or older 35 or older % 45 or older % % 55 or older % % 65 or older %
Years of Credited Service for purpose of determining the pension payable, shall be the member’s actual Credited Service at his early retirement date. The Company agrees to amend Section 5 of the Pension Plan to make it clear that Credited Service includes service back to date of hire for those who qualify as per the 1976 agreement. If a retiring member submits evidence satisfactory to the Company, that his actual monthly retirement benefit payable from the Canada Pension Plan is less than the maximum amount of such benefit determined as of the date of the members retirement, then the actual amount of his monthly C.P.P. benefit shall be used for purposes of Section 8.05(b)(ii) of the Plan. Effective February 28, 1985 the L.T.D. programme and the disability provisions under the Pension Plan will be integrated to provide a benefit not to exceed 75% of the employee’s earnings at the date of disability. Such integration will only apply for disabilities commencing prior to February 28, 2013. The formal Pension Plan text will be amended to reflect this change. Effective February 28, 1988 pensions will be increased by forty ($40.00) dollars for members who retired prior to February 28, 1988. The pre-retirement benefit shall be payable to common-law spouse if no legal spouse provided there has been co-habitation for at least three (3) continuous years. In case of joint annuitant on the date elections is made provided no legal spouse exists, a common-law partner will be recognized provided that co-habitation has existed for at least three (3) years. Effective February 28, 1988 pension will vest after two (2) years continuous service effective from January 1, 1987.
Years of Credited Service. There shall be payable to any Employee age 65 or older, who has at least 10 years of Credited Service, who retires under the provisions of the Plan, and who makes proper application therefore, a monthly Pension Benefit equal to his/her Accrued Pension at his/her date of retirement.
Years of Credited Service but less than 10
