Examples of Period of Severance in a sentence
A Period of Severance is a continuous period of time during which the Employee is not employed by the Employer.
A Period of Severance begins on the date the Employee retires, quits or is discharged, or if earlier, the 12-month anniversary of the date on which the Employee is first absent from service for a reason other than retirement, quit or discharge.
An Employee shall also receive credit for any Period of Severance of less than twelve consecutive months.
Elapsed Time Method - If the Employer has specified in the Adoption Agreement that the elapsed time method shall be used, then a Break in Service shall mean a Period of Severance of at least twelve-consecutive months.
A one-year Period of Severance means a Period of Severance of 12 consecutive months.