Past Service Credit definition

Past Service Credit means (1) benefit accruals for service prior to the Effective Date of this Plan, (2) increases in existing Accrued Benefits resulting from service prior to the Effective Date of a Plan amendment, and (3) benefit accruals for service with another employer.

Past Service Credit means an amount, if any, credited to a Participant’s Retirement Account as described in Section 7.

Past Service Credit means an amount, if any, credited to a Participant's Retirement Account as described in Section 7.

Examples of Past Service Credit in a sentence

• These credits are earned on a one-for-one basis (one Past Service Credit for one Benefit Service Credit).

• If you receive Past Service Credit and your employer first became obligated to contribute to the Plan before 2004, your Past Service Benefit will be equal to your Benefit Factor multiplied by your Past Service Credit.

• If you had five years of Past Service Credit, your Past Service Benefit would be 5 x $65 or $325, which is a monthly benefit payable at age 65.

• Pension Credit is divided into two categories: Past Service Credit (for periods prior to July 1, 1957) and Future Service Credit (for periods after July 1, 1957).

• Past Service Credits also count toward earning a Vesting Service Credit.You earn one Past Service Credit in any year you meet the following requirements: • You earn a Benefit Service Credit while in Covered Employment with your current employer, and• Your past employer becomes or remains a Covered Employer, and• Your past job classification is Covered Employment with that past employer.

More Definitions of Past Service Credit

Past Service Credit means Pension Credit that a Participant could receive pursuant to Section 5.02 or Section 5.09 of the Rules and Regulations.

Past Service Credit means each calendar year, prior to the Employee’s first year of Future Service Credit, during which he was a member of the International Union. To the extent required by applicable federal law, military service will also be included in Past Service Credit. Effective December 31, 2009, no further Past Service shall be granted for Severance Benefits. For Purposes of this definition an individual is considered as having become a “member of the International Union” on the first date shown in the membership records of the International Union.‌

Past Service Credit means such credit as is provided under the Plan to a Participant in respect of the Participant’s Past Service.

Past Service Credit means a Pension Benefit granted by the Board of Trustees to those Covered Employees who have worked in the Industry prior to their Employer Participation Date. No Past Service Credit is granted after the original Employer Participation Date.

Past Service Credit shall have the meaning set forth in Section 5.4(c).

Past Service Credit has the meaning set forth in Section 10.1(b)(iv).

Past Service Credit means each calendar year, prior to a Retiree’s first Future Service Credit under the Active Plan, during which he was a member of the International Union. For Purposes of this definition an individual is considered as having become a “member of the International Union” upon Grant of Membership to the International Union, which is the date when the individual began to pay Per Capita dues to the International Union, under the rules in existence at the time of admission.‌ To the extent required by applicable federal law, military service will also be included in past service credit. Past Service Credit will not be credited if it was cancelled under the Active Plan at or before Retirement. With respect to the Article III Retiree Health Premium and the Article IV Service Based HCRA Benefits, Past Service Credit includes time as an SMWIA apprentice. No Past Service is awarded for determining benefits under Article VI (Plan B HCRA).