▇▇▇▇▇▇▇▇ Units of Benefit Sample Clauses

▇▇▇▇▇▇▇▇ Units of Benefit. 1. New Hires - Eligible employees shall receive the first Unit of Benefit upon date of hire. Subsequent Units shall become available at the rate of one Unit every three consecutive months of employment until 12 months have been completed. Accrual shall begin on the last day of the month of hire. During the 12-month period, employees shall not accrue Units of Benefit for any three month period in which an Absence Occurrence is incurred. However, if an employee has worked two or more consecutive months prior to an Absence Occurrence, he/she shall accrue a Unit of Benefit for that three (3) month period. 2. After 12-Month Period - After the initial 12-month period has elapsed, employees shall receive Units of Benefit at the rate of one Unit per month, except for any month in which an Absence Occurrence is incurred. However, if an Absence Occurrence is less than four weeks and falls within two months (i.e., illness began in the previous month), subsequent Units shall recommence in the month in which the employee returns to work and shall continue subject to reduction for Absence Occurrences.
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  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Amount of Benefit The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20