Benefit Accrual Service definition

Benefit Accrual Service means the period of service of a Participant that is used to calculate the amount of the Participant’s Accrued Benefit, determined in accordance with Article 2.
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Benefit Accrual Service means an individual’s period of employment with the Participating Employer beginning on his date of hire and ending on the date he incurs a Break-In-Service, credited at the rate of 1/10 of a Year of Benefit Accrual Service for each 170 straight-time Hours of Service; provided that an individual shall not be credited with more than one Year of Benefit Accrual Service in a Plan Year. Except as 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 to the extent required by applicable law or a collective bargaining agreement, no Participant shall accrue any additional benefits under the Plan after December 31, 2008.The Normal Retirement Benefit of each Participant shall not be less than the largest periodic benefit that would have been payable to the Participant upon Severance from Employment at or prior to Normal Retirement Age under the Plan exclusive of social security supplements, premiums on disability or term insurance, and the value of disability benefits not in excess of the Normal Retirement Benefit. For purposes of comparing periodic benefits in the same form, commencing prior to and at Normal Retirement Age, the greater benefit is determined by converting the benefit payable prior to Normal Retirement Age into the same form of annuity benefit payable at Normal Retirement Age and comparing the amount of such annuity payments.
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Benefit Accrual Service means, with respect to a Participant, the lesser of (i) the total months of benefit accrual service earned by the Participant under the Pension Plan from, including, and after the Participant's Initial Participation Month and through the date of such Participant's Retirement or Termination, as applicable, or (ii) sixty (60) months. For purposes of determining Benefit Accrual Service for purposes of the Plan, a Participant's benefit accrual service under the Pension Plan shall be determined without regard to any limitation on the number of months of benefit accrual service which are considered for benefit purposes under the Pension Plan.
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Examples of Benefit Accrual Service in a sentence

  • After January 1, 2010, Compensation for a Hybrid Participant shall mean annualized salary, provided however this change in the Compensation definition shall not operate to decrease the Accrued Benefit based on Benefit Accrual Service accumulated as of December 31, 2015.

  • The pre-ERISA component shall be the Participant’s accumulated years of Benefit Accrual Service as of December 31, 1975, except that it shall be the following, if greater: the Participant’s accumulated years of Benefit Accrual Service on that date computed as if 1 year had been credited for 1000 or more Hours of Service in a calendar year and no credit given for less than 1000 Hours of Service, but otherwise in accordance with the rules of Sections 6.1, 6.2, 6.3, and 6.4(a).

  • A Participant’s Benefit Accrual Service shall equal the Participant’s period of Service with the Employer and shall include the specified periods of employment with predecessor employers as set forth in Section 3.3.

  • Section 2.3 Benefit Accrual Fraction‌The term “Benefit Accrual Fraction” means the fraction – (a) Whose numerator is a Participant’s years of Benefit Accrual Service on his Termination Measurement Date, but not more than 20 years, and (b) Whose denominator is 20 years.

  • Section 2.49 Year of Service‌The term “Year of Service” means a year of Vesting Service determined in accordance with Section 6.6, or a year of Benefit Accrual Service determined in accordance with Sections 6.1 through 6.4, as applicable.

  • Voluntary Contributions may be paid only for as long a period of time as is required to enable the Participant to earn a total of 5, 20, 25 or 30 years of Benefit Accrual Service, whichever is applicable, except as permitted by paragraph (e).

  • If a Participant returns to Covered Employment and earns at least ¼ year of Benefit Accrual Service, he shall, upon his subsequent retirement, be entitled to a recomputation of his pension amount, based on any additional years of Benefit Accrual Service.

  • A Participant who returns to Covered Employment for an insufficient period of time to earn ¼ year of Benefit Accrual Service shall not, on subsequent termination of employment, be entitled to a recomputation of pension amount based on the additional service.

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

  • A Vested Participant who terminates work in Covered Employment or Contiguous Non-Covered Employment after having accumulated less than 20 years of Benefit Accrual Service shall be eligible to receive a Vested Pension commencing at age 60 (62 for Schedules CA, BA and AA).


More Definitions of Benefit Accrual Service

Benefit Accrual Service means the service used to compute the amount of a Transferred Employee's pension benefit.
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Benefit Accrual Service means the number of years determined under Section 4.02. In general, Benefit Accrual Service is used to determine the amount of the annual retirement benefit to which a Participant is entitled pursuant to Article V.
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Benefit Accrual Service means Benefit Accrual Service as defined in the Applicable Exhibit.
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Related to Benefit Accrual Service

  • 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)).

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

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

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

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

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • 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.

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

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

  • 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.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

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

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • 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.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Accrual Termination Date Not applicable.

  • 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).

  • Deferred Compensation Account means the account maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and adjusted for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or Education Account of the Participant, if applicable.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • 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.