Benefit Service definition

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

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.


More Definitions of Benefit Service

Benefit Service means that part of a Participant’s Service that is used to calculate benefits under the Plan and shall be determined in accordance with the provisions of ARTICLE IIISERVICE CREDIT of the Pension Plan and Article XIII of this Plan.
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, 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 service recognized for purposes of computing the amount of any benefit, as provided in Section 3.02.
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, 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: