Common use of Service And Credited Service Clause in Contracts

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 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.