Service And Credited Service Clause Samples
Service And Credited Service. Your service to qualify for certain of the benefits under the Plan is the total number of years from your date of employment as established under the Plan to the date on which you retire, die or terminate service. The number of years of your “credited” service determines the amount of pension you are entitled to receive. Credited service is calculated as explained below:
(a) From January 1, 1974 you receive a credit of one year for 1800 or more hours of work in a calendar year while a member of the Plan or a prorated partial year of credit for less than 1800 hours. For example, if while a member of the Plan you work only 900 hours in a year, your credit for that year will be one-half year (900 divided by 1800). If you are absent due to disability, you will receive service credits for any periods during which you are totally disabled and receive weekly indemnity or long term disability insurance benefits or Worker’s Compensation payments, but in no event will you receive more than one
(b) Your credited service for the period from January 1, 1958 to December 31, 1973 is the number of years for which you have made the required contributions to the Plan.
(c) If you were a member of a previous company pension plan before January 1, 1958 when the Labatt Retirement Plan became effective, your credited service to December 31, 1957 is the period from your date of employment to December 31, 1957 but excluding any periods when you were eligible to but did not contribute to the previous plan.
Service And Credited Service. Your service to qualify for certain benefits under the Plan is the total number of years from your date of employment as established under the Plan to the date on which you retire, die or terminate service. The number of years of your “credited” service determines the amount of basic pension you are entitled to receive. Credited service is calculated as shown below:
a. From January 1, 1980 you receive a credit of one year for 52 weeks of work in a calendar year, excluding any period before becoming eligible for membership, or a pro-rated partial year of credit for less than 52 weeks. If you are absent due to disability you will receive service and pension credits, determined as if you were at work, for any periods that you are totally disabled and receive weekly indemnity or long term disability insurance benefits.
b. If you were a member of the Plan at December 31, 1979 your credited service for the period to December 31, 1979 has been determined in accordance with the terms of the Plan in effect on that date.
c. For the purposes of paragraph a. above, the member’s annualized gross employment earnings (exclusive of taxable benefits and variable compensation, if any) for credited service accrued after 2015 shall not, subject to applicable legislation, be less than the following:
Service And Credited Service. Your service to qualify for certain benefits under the Plan is the total number of years from your date of employment as established under the Plan to the date on which you retire, die or terminate service. The number of years of your “credited” service determines the amount of basic pension you are entitled to receive. Credited service is calculated as shown below: From January 1, 1980 you receive a credit of one year for 52 weeks of work in a calendar year, excluding any period before becoming eligible for membership, or a pro-rated partial year of credit for less than 52 weeks. If you are absent due to disability you will receive service and pension credits, determined as if you were at work, for any periods that you are totally disabled and receive weekly indemnity or long term disability insurance benefits. If you were a member of the Plan at December 31, 1979 your credited service for the period to December 31, 1979 has been determined in accordance with the terms of the Plan in effect on that date.
Service And Credited Service. Your service to qualify for certain of the benefits under the Plan is the total number of years from your date of employment as established under the Plan to the date on which you retire, die or terminate service. The number of years of your "credited" service determines the amount of pension you are entitled to receive. Credited service is calculated as explained below: