Examples of Benefit Service in a sentence
Benefit Service is not earned during the period of severance, except as provided in Section 2.2.
Subject to Sections 8.2, 8.3, and 8.5, in the case of participants who retired before January 1, 1993, the monthly benefit shall be $9.00 for each full year of Benefit Service earned prior to January 1, 1983, up to a maximum of 40 years.
A Participant may elect to receive his Vested Retirement Pension at any time on or after his 55th birthday; provided, however, that a vested Participant with less than fifteen (15) years of Vesting Service, at least five (5) of which is Benefit Service, may not receive a Vested Retirement Pension until the first day of the month following his 62nd birthday.
Benefit Service Incurred The benefit is 75% of first $2,400 of average final compensation, plus 70% of the next $1,200 of average final compensation, plus 65% of any additional amount.
Upon suffering a Permanent Break in Vesting Service, the Participant or Union Employee shall forfeit all Vesting and Benefit Service earned prior to the Permanent Break in Vesting Service, unless he had already earned at least ten (10) years of Vesting Service, or in the case of a Participant who earned an Hour of Service after December 31, 1996, at least five (5) years of Vesting Service, and had thereby qualified for a Vested Retirement Pension.