YEARS OF BENEFIT ACCRUAL SERVICE definition

YEARS OF BENEFIT ACCRUAL SERVICE means the period of continuous service as an Outside Director with the Company, beginning on the date the Participant commences or resumes service or any anniversary of such date.
Sample 1
YEARS OF BENEFIT ACCRUAL SERVICE means an individual’s “Years of Benefit Service” under the Morse Plan on June 30, 2001.
Sample 1
YEARS OF BENEFIT ACCRUAL SERVICE means an individual’s years of “Credited Service” under the Local 1039 Plan as of June 30, 2001.(3) Normal Retirement Benefit The amount of monthly retirement benefit to be provided for each Participant who has a Severance from Employment on his Normal Retirement Date shall be equal to his Accrued Benefit (herein called his “Normal Retirement Benefit”). A Participant’s Accrued Benefit is based on a retirement benefit formula equal to the monthly dollar amount indicated below multiplied by the Years of Benefit Accrual Service and fractions thereof: Participant’s Severance from Employment Date Monthly AmountMarch 1, 1988 through February 28, 1989 $18.00March 1, 1989 through February 23, 1990 $19.00February 24, 1990 through February 23, 1991 $20.00February 24, 1991 through February 23, 1992 $21.00February 24, 1992 through February 23, 1994 $22.00February 24, 1994 and thereafter $23.00 Except to the extent required by applicable law or a collective bargaining agreement, an individual shall not be credited with any additional Years of Benefit Accrual Service after December 31, 2008. As a result, except as required by applicable law or a collective bargaining agreement, no Participant shall accrue any additional benefits under the Plan after December 31, 2008. (4) Early Retirement BenefitA Participant who experiences a Severance from Employment before his Normal Retirement Date may elect to receive his Accrued Benefit beginning on his Normal Retirement Date (or Postponed Retirement Date). Alternatively, the Participant may elect to receive payment of an Early Retirement Benefit commencing on the first day of the month coinciding with or next following his Early Retirement Date. The “Early Retirement Benefit” under this Schedule shall equal the Participant’s Accrued Benefit multiplied by the applicable early retirement percentage, as follows: Participant’s Ageat his Annuity Starting DateEarly RetirementPercentage5533.33%5640.005746.665853.335960.006066.676173.336280.006386.676493.3365100.00 For each additional full month of age attained at his Annuity Starting Date, the applicable early retirement percentage shall be determined by a straight-line interpolation from the early retirement percentage applicable to the next lower age to the early retirement percentage applicable to the next higher age in the above table, rounded to the nearest 1/100 of 1%. A vested Participant who has completed 10 Years of Vesting Service but has a Severance from Employment prior to a...
Sample 1

Examples of YEARS OF BENEFIT ACCRUAL SERVICE in a sentence

  • A Participant shall be eligible to retire on a Special Early Pension in the monthly amount set forth in Appendix I for the applicable benefit schedule, if, at the time of his retirement, such Participant has accumulated at least 25 Years of Benefit Accrual Service and has met the age requirements set forth in the applicable schedule.

  • Latent heat storage materials are more expensive than the sensible heat storage media generally employed, like water and rocks.

  • If a Unified Employee incurs a One Year Break in Service during an Accrual Computation Period and before he is eligible for a Vested Deferred Benefit and the number of consecutive One Year Breaks in Service equals or exceeds the greater of five, he shall forfeit his Years of Benefit Accrual Service previously credited to him.

  • The number of Years of Benefit Accrual Service taken into account under paragraph a(i) for any Unified Member will not exceed the Unified Member's cumulative permitted disparity limit.

  • A United Member of the Plan who forfeits his Years of Eligibility Service and Years of Benefit Accrual Service due to a Break in Service in accordance with Section 2.04(d) above shall be reinstated in accordance with Section 4.4 of the United Plan.

  • An amount equal to $22.50 multiplied by his Years of Benefit Accrual Service subject to a maximum of $750.00.

  • No further Years of Benefit Accrual Service shall be allowed for a Participant under this Schedule No. 8A on and after July 2, 1999.

  • A Participant who retires from employment with ------------------------ all Employers and Affiliated Employers prior to the Participant's Normal Retirement Date but on or after attaining age 55, and who has completed at such time ten Years of Benefit Accrual Service, shall be entitled to an Early Retirement Benefit of an annual annuity for life, payable monthly, commencing at the date that would have been the Participant's Normal Retirement Date.

  • Years of Benefit Accrual Service shall be the sum of each year, and fractional part thereof, of Benefit Accrual Service described in (a), (b) and (c) above, not forfeited due to a Break in Service in accordance with Section 2.04.

  • The price valid on the day of delivery will be used for the calculation.


More Definitions of YEARS OF BENEFIT ACCRUAL SERVICE

YEARS OF BENEFIT ACCRUAL SERVICE means a Participant’s “Credited Service” under the PACE Plan on June 30, 2001, plus service in covered employment after such date, credited at the rate of 1/10 of a Year of Benefit Accrual Service for each 170 Hours of Service.Except to the extent required by applicable law or a collective bargaining agreement, an individual shall not be credited with any additional Years of Benefit Accrual Service after December 31, 2008. As a result, except as required by applicable law or a collective bargaining agreement, no Participant shall accrue any additional benefits under the Plan after December 31, 2008.(4) Early Retirement BenefitA Participant who experiences a Severance from Employment before his Normal Retirement Date may elect to receive his Accrued Benefit beginning on his Normal Retirement Date (or Postponed Retirement Date). Alternatively, the Participant may elect to receive payment of an Early Retirement Benefit commencing on the first day of the month coinciding with or next following his Early Retirement Date. The “Early Retirement Benefit” under this Schedule shall equal the Participant’s Accrued Benefit reduced by 5/9 of 1% for each month that the Participant’s commencement of the Early Retirement Benefit precedes his Normal Retirement Date.A vested Participant who has completed 10 Years of Vesting Service but has a Severance from Employment prior to age 60, shall be entitled to begin an Early Retirement Benefit at any time after he attains age 60, with the amount of such benefit determined in accordance with the terms of this Section 4. (5) Disability Retirement BenefitParticipants eligible for benefits under this Schedule may also be eligible for a Disability Retirement Benefit. The “Disability Retirement Benefit” payable to a Participant who incurs a Total and Permanent Disability while he is an active employee of the Employer shall be his Accrued Benefit based on his Years of Benefit Accrual Service up to his Severance from Employment date due to such Total and Permanent Disability and the rate applicable to him under Section 3 of this Schedule based upon his Severance from Employment date. Payment of such Disability Retirement Benefit shall begin as of the Participant’s Annuity Starting Date, which shall be the first day of the month following the later of:
Sample 1
YEARS OF BENEFIT ACCRUAL SERVICE means a Participant’s “Credited Service.” Credited Service means the sum of a Participant’s “Credited Service” in the case of a Participant holding seniority with the Participating Employer on December 31, 1981, his total seniority as determined under the collective bargaining agreement between the Employer and the Union on that date, calculated to the nearest 1/10 of a year, and a Participant’s Credited Future Service, which means, for periods beginning on or after January 1, 1982, a period of employment with the Participating Employer credited during each calendar year at the rate of 1/10 of a year for each 170 hours such participant is employed by the Participating Employer during such year, provided that not more than one year of Credited Future Service be credited for one calendar year.Except to the extent required by applicable law or a collective bargaining agreement, an individual shall not be credited with any additional Years of Benefit Accrual Service after December 31, 2008. As a result, except as required by applicable law or a collective bargaining agreement, no Participant shall accrue any additional benefits under the Plan after December 31, 2008. (4) Early Retirement BenefitA Participant who experiences a Severance from Employment before his Normal Retirement Date may elect to receive his Accrued Benefit beginning on his Normal Retirement Date (or Postponed Retirement Date). Alternatively, the Participant may elect to receive payment of an Early Retirement Benefit commencing on the first day of the month coinciding with or next following his Early Retirement Date. The “Early Retirement Benefit” under this Schedule shall equal the Participant’s Accrued Benefit reduced by 5/9 of 1% for each month that the Participant’s commencement of the Early Retirement Benefit precedes his Normal Retirement Date.(5) Form of BenefitThe amount of the monthly payment to a Participant under the Qualified Joint and Survivor Annuity shall be calculated by multiplying the Participant’s benefit determined under this Section 3 or 4 of this Schedule, as applicable, by the applicable factor listed in Table 1, attached to this Schedule.
Sample 1

Related to YEARS OF BENEFIT ACCRUAL SERVICE

  • Years of Service means the total number of full years in which a Participant has been employed by one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee's date of hiring and that, for any subsequent year, commences on an anniversary of that hiring date. Any partial year of employment shall not be counted.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Credited Service means the member's total period of service

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

  • Matching Contribution means an Employer contribution made to this or any other Defined Contribution Plan on behalf of a Participant on account of an Employee Contribution made by such Participant, or on account of a Participant's Employee Elective Deferral, under a plan maintained by the Employer.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Termination Benefit means the benefit set forth in Article 7.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).