Contributory Credited Service definition

Contributory Credited Service means the number of years of continuous employment, rounded to the nearest quarter year served, during which the member has made the required contributions to the Plan (provided such contributions have not been subsequently withdrawn). Notwithstanding the above, the total annual pension payable to a member who retires during the period from January to December shall at least be equal to: of the member’s Final Average Earnings times his years of Pensionable Service prior to retirement. less
Sample 1
Contributory Credited Service means the number of years of continuous employment, rounded to the nearest quarter year served, during which the member has made the required contributions to the Plan (provided such contributions have not been subsequently withdrawn). Notwithstanding the above, the annual pension payable to a member who retires during the period from January to the date of of the collective agreement next following the agreement, shall at least be equal to: of the member's Final Average Earnings times his years of Pensionable Service prior to retirement, ii) of the Pension times his years of Pensionable Service between January and his date of retirement, up to a maximum of years. For the purposes of this paragraph the terms "Final Average Earnings", "Pensionable Service", and Pension" shall have the following meanings: The average of the member's earnings during the five years of continuous employment preceding his retirement, during which such earnings were the highest: for purposes of this definition, "earnings" are those on which contributions have been deducted. In the case of an employee who was absent from work for one or more months during one of the years considered when calculating Final Average Earnings, the earnings shall be this provision shall apply only if the employee has worked for at least three months during the year under consideration. Pensionable Service" The sum of the Contributory Credited Service plus one-half of the Non-Contributory Credited Service; the terms "Contributory Credited Service" and "Non-Contributory Credited Service" shall be as defined in paragraph a) above.
Sample 1
Contributory Credited Service means the number of years of continuous employment, rounded to the nearest quarter year served, during which the member has made the required contributions to the Plan (provided such contributions have not been subsequently withdrawn). Notwithstanding the above, the annual pension payable to a member who retires during the period from January to the date of of the collective agreement next following the agreement, shall at least be equal to: of the member’s Final Average Earnings times his years of Pensionable Service prior to retirement, ii) of the Pension times his years of Pensionable Service between January and his date of retirement, up to a maximum of years.
Sample 1

Examples of Contributory Credited Service in a sentence

  • The message that is received at the entrance of a store is the most successful approach to create a positive store image.

  • Contributory Credited Service shall include any period of Credited Service during which contributions were made to ManuLife Group annuity Contract GA-2443 and Non-Contributory Credited Service shall be any other period of additional Credited Service granted under this subsection 8.1 d).

  • Effective January 1, 2000, for Active Members not entitled to additional benefits under Sections 18, 19, 20, 21, 22, 23 or 24, subsection 8.1 c) 1) ii) above shall be replaced by: ii) 0.5% of Final Average Earnings up to the Average Yearly Maximum Pensionable Earnings for each year of Contributory Credited Service between January 1, 1966 and January 1, 1977.

  • TB&T officials assured us that if the structural integrity of the buildings were in question, they would enter the property and perform the necessary repairs to secure the buildings despite the developer’s restrictions.

  • Notwithstanding the above, Contributory Credited Service for a temporary employee will be the ratio of actual number of hours worked while a plan member to hours scheduled for a regular full-time employee for the same period rounded to the nearest 1/12.

  • Effective January periods during a plan member is entitled to receive benefits under a disability program maintained by the Company, or would be entitled to such disability benefits if he had not been entitled to Workplace Safety and Insurance Board benefits or any other governmentplan will be included in Contributory Credited Service.

  • Effective January 1, 1999, periods during which a plan member is entitled to receive benefits under a disability program maintained by the Company, or would be entitled to such disability benefits if he had not been entitled to benefits under the Workers' Compensation Act or any other governmental plan will also be included in Contributory Credited Service.

  • Contributory Credited Service is expressed in years and complete months where applicable.


More Definitions of Contributory Credited Service

Contributory Credited Service has the meaning ascribed thereto in the 2003 GMCL Plan and the 2007 GMCL Plan, as applicable.
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Related to Contributory Credited Service

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

  • contributory employment and support allowance means an allowance under Part 1 of the Welfare Reform Act 2007 as amended by the provisions of Schedule 3, and Part 1 of Schedule 14, to the Welfare Reform Act 2012 that remove references to an income-related allowance and a contributory allowance under Part 1 of the Welfare Reform Act 2007 as that Part has effect apart from those provisions;

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Service Credits means the service credits payable to the Purchaser by the Service Provider in the event that the Service Levels are not met and identified as service credits in the Pricing Schedule.

  • Employer Credits means the amounts credited to the Participant’s Deferred Compensation Account by the Employer pursuant to the provisions of Section 4.2.

  • 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.

  • 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).

  • Period of Service means the aggregate of all periods of service commencing with an Employee's first day of employment or reemployment with the Employer or an Affiliated Employer and ending on the first day of a Period of Severance, or for benefit accrual purposes, ending on the severance from service date. The first day of employment or reemployment is the first day the Employee performs an Hour of Service. An Employee who incurs a Period of Severance of twelve (12) months or less will also receive service-spanning credit by treating any such period as a Period of Service for purposes of eligibility and vesting (but not benefit accrual). For purposes of benefit accrual, a Participant's whole year Periods of Service is equal to the sum of all full and partial periods of service, whether or not such service is continuous or contiguous, expressed in the number of whole years represented by such sum. For this purpose, fractional periods of a year will be expressed in terms of days.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Service benefit means the credit toward retirement benefits as determined by the

  • Plan Year(s means the approximate twelve-month periods between annual meetings of the shareholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned.

  • 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.

  • Elective Deferrals are all Salary Reduction Contributions and that portion of any Cash or Deferred Contribution which the Employer contributes to the Trust at the election of an Eligible Employee. Any portion of a Cash or Deferred Contribution contributed to the Trust because of the Employee's failure to make a cash election is an elective deferral. However, any portion of a Cash or Deferred Contribution over which the Employee does not have a cash election is not an elective deferral. Elective deferrals do not include amounts which have become currently available to the Employee prior to the election nor amounts designated as nondeductible contributions at the time of deferral or contribution.

  • Annual Addition The sum of the following amounts allocated on behalf of a Participant for a Limitation Year, of (i) all Employer contributions; (ii) all forfeitures; and (iii) all Employee contributions. Except to the extent provided in Treasury regulations, Annual Additions include excess contributions described in Code Section 401(k), excess aggregate contributions described in Code Section 401(m) and excess deferrals described in Code Section 402(g), irrespective of whether the plan distributes or forfeits such excess amounts. Annual Additions also include Excess Amounts reapplied to reduce Employer contributions under Section 3.10. Amounts allocated after March 31, 1984, to an individual medical account (as defined in Code Section 415(l)(2)) included as part of a defined benefit plan maintained by the Employer are Annual Additions. Furthermore, Annual Additions include contributions paid or accrued after December 31, 1985, for taxable years ending after December 31, 1985, attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code Section 419A(d)(3)) under a welfare benefit fund (as defined in Code Section 419(e)) maintained by the Employer.

  • 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.

  • 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.

  • Qualified Plan means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC.

  • Eligibility Service of an employee means the period or periods of service credited to him under the provisions of Article II for purposes of determining his eligibility to participate in the Plan as may be required under Article III or Article VI.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Limitation Year means the Plan Year.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Plan Year means the calendar year.

  • Annual Additions means the sum of the following amounts credited to a Participant for a Limitation Year:

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

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