Common use of Vesting Requirement Clause in Contracts

Vesting Requirement. Effective January 1, 1999, an Employee covered by a Collective Bargaining Agreement for pension purposes as set forth in the Treasury Regulations, shall attain Vested Status if such Employee has five (5) or more Years of Vesting Service, in accordance with the following: 1. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned ¼ year of pension credit in 1998 shall attain Vested Status immediately upon completion of one Hour of Service in 1999. 2. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned ¼ year of pension credit in 1998 but did not have one Hour of Service in 1999 must complete at least 250 Hours of Service or ¼ pension credit before incurring a Permanent Break in Service in order to be eligible for the five (5) year vesting schedule. 3. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned no pension credit in 1998 must complete at least 250 Hours of Service or ¼ year of pension credit before incurring a Permanent Break in Service in order to be eligible for the five (5) year vesting schedule. 4. An Employee who has five (5) but less than ten (10) Years of Vesting Service and incurred a Permanent Break in Service before January 1, 1999, shall not use prior Years of Vesting Service to qualify for the five

Vesting Requirement. Effective January 1, 1999, an Employee covered by a Collective Bargaining Agreement for pension purposes as set forth in the Treasury Regulations, shall attain Vested Status if such Employee has five (5) or more Years of Vesting Service, in accordance with the following: 1. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned ¼ year of pension credit in 1998 shall attain Vested Status immediately upon completion of one Hour of Service in 1999. 2. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned ¼ year of pension credit in 1998 but did not have one Hour of Service in 1999 must complete at least 250 Hours of Service or ¼ pension credit before incurring a Permanent Break in Service in order to be eligible for the five (5) year vesting schedule. 3. An Employee who has five (5) but less than ten (10) Years of Vesting Service and earned no pension credit in 1998 must complete at least 250 Hours of Service or ¼ year of pension credit before incurring a Permanent Break in Service in order to be eligible for the five (5) year vesting schedule. 4. An Employee who has five (5) but less than ten (10) Years of Vesting Service and incurred a Permanent Break in Service before January 1, 1999, shall not use prior Years of Vesting Service to qualify for the five