Benefit Service definition

Benefit Service means the Benefit Service as defined in the PEC Retirement Plan.
Benefit Service means employment recognized as such for the purposes of computing a benefit under the Plan as provided under Article 2.
Benefit Service of a Participant shall mean his “Benefit Service” as defined in the Qualified Plan, except that

Examples of Benefit Service in a sentence

A Member’s points in a Plan Year shall be the sum of his age on his birthday in the year plus his whole years of Benefit Service as of the end of the year.

Married Participants shall receive this additional benefit in the form of a Qualified Joint and Survivor Annuity, with fifty percent (50%) of such additional amount (for Benefit Service after September 30, 2005) payable to a surviving Eligible Spouse for the spouse’s lifetime.Participants who retire and elect a Lump Sum Benefit may do so only once.

The monthly amount of any additional benefits shall be computed by considering only the additional Benefit Service credited as a result of the Re-employment.

If a Participant is Re-employed and the Re-employment results in crediting of additional Benefit Service, the Participant may apply to the Board for additional benefits.

Such Minimum Benefit shall be the actuarial equivalent of a single life annuity (with no post-retirement ancillary benefits) commencing at the Participant’s Normal Retirement Date determined by multiplying two percent of such Participant’s Minimum Benefit Compensation by the Participant’s years of Benefit Service.


More Definitions of Benefit Service

Benefit Service means, subject to the special rules described below, the number of a Participant’s years (including fractions of a year) of (i) employment as an Employee with one or more Employer Companies while such Employer Company is an Employer Company, and (ii) employment with one or more Employer Companies while such Employer Company is an Employer Company, but not as an Employee, provided that such employment precedes the Participant’s period of employment as an Employee. No Benefit Service credit will be given with respect to service with an Employer Company that follows a Participant’s period of employment as an Employee, unless the Participant subsequently becomes an Employee and earns at least one month of Benefit Service in such capacity. Except as specifically provided otherwise, no Benefit Service credit will be given with respect to employment with an Employer Company prior to the date it first becomes an Employer Company.
Benefit Service means a period of employment, as defined in section 3.4, used to determine a Member’s Pay Credit Percentage.
Benefit Service means the periods of service which are counted for the purposes of determining the amount of benefit earned as defined in Section 4.1 of the Funded Pension Plan, except as otherwise provided in an agreement between the Company and the Employee and approved by the Compensation & Organization Committee of the Board.
Benefit Service means, with respect to any Participant, (i) the number of years of service as of December 31, 2004 which is recognized by the Company for such Participant for benefit calculation purposes under the Pension Plan plus (ii) the number of years of service by such Participant with the Company during the period commencing on January 1, 2005 and ending on such Participant’s Termination Date; provided, however, that any fractional year of Benefit Service shall be rounded up to the next full year of Benefit Service.
Benefit Service means service recognized for purposes of computing the amount of any benefit, as provided in Section 3.02.
Benefit Service means, with respect to any Participant, the period beginning on the Participant’s Enrollment Date and ending on his Severance from Service Date, subject to the following:
Benefit Service means Benefit Service as defined in the Weirton Retirement Plan or, if applicable, as provided for in a Participant's Employment Agreement; provided, however, that a Participant's actual and projected Benefit Service for purposes of the Plan shall not be determined in accordance with the Employment Agreement until so provided under the terms of such agreement.