Break in Continuous Service definition
Examples of Break in Continuous Service in a sentence
A former Participant may ----------------------- repay the full amount previously distributed to him prior to the earlier of (1) the fifth (5th) anniversary of the former Participant's reemployment by the Employer or (2) the last day of the Plan Year in which the former Participant incurs his fifth (5th) consecutive Break in Continuous Service.
The "period of service" ends on the Employee's Termination Date, unless the Employee again resumes employment with the Employer or an Affiliate prior to the occurrence of a Break in Continuous Service, in which case the "period of service" will continue and the Employee also will receive credit for the period of time between the Termination Date and the date of reemployment.
A "period of service" commences on the day on which the Employee performs his first Hour of Service for the Employer or an Affiliate or, when an Employee incurs a Break in Continuous Service, on the day on which the Employee performs his first Hour of Service following the Break in Continuous Service.
The repayment may be made at any time prior to the earlier of (a) the end of the five (5)-year period measured from the first date on which the Participant is subsequently reemployed by Employer or (b) the incurrence of a Break in Continuous Service of sixty (60) months measured from the date of the prior distribution.