Elapsed time method clause samples

1.93 Period of Severance. A continuous period of time during which the Employee is not employed by the Employer and which is used to determine an Employee’s Participation under the Elapsed Time method. See Section2.03(a)(6) for rules regarding eligibility and Section7.05(b) for rules regarding vesting.

(6) Elapsed Time method. Instead of counting actual Hours of Service in applying the minimum service requirements under this Section2.03, if allowed under AA §4-3, the Employer may elect to apply the Elapsed Time method for calculating an Employee’s service with the Employer. Under the Elapsed Time method, an Employee receives credit for the aggregate period of time worked for the Employer commencing with the Employee’s first day of employment (or reemployment, if applicable) and ending on the date the Employee begins a Period of Severance which lasts at least 12 consecutive months. In calculating an Employee’s aggregate period of service, an Employee receives credit for any Period of Severance that lasts less than 12 consecutive months. If an Employee’s aggregate period of service includes fractional years, such fractional years are expressed in terms of days.

(i) Change to Elapsed Time method. If the service crediting method is changed from an Hours of Service method to the Elapsed Time method, the amount of service credited to an Employee will equal the sum of the service under subsections (A)and (B)below. For this purpose, a change in service crediting method will occur if the Plan is amended to change the service crediting method or if the service crediting method is changed as a result of an Employee’s change in employment status.

(b)Elapsed Time Vesting. Unless otherwise provided by the Employer in Section 1.08, vesting shall be determined based on the elapsed time method. For purposes of the elapsed time method, “Years of Service” means, with respect to any Participant or Inactive Participant, the number of whole years of his periods of service with the Employer and any Related Employers (as defined in Section 2.01(a)(26)(A)), subject to any exclusion elected by the Employer in Section 1.08(c). A Participant or Inactive Participant will receive credit for the aggregate of all time period(s) commencing with his Employment Commencement Date and ending on the date a break in service begins, unless any such years are excluded by Section 1.08(c). A Participant or Inactive Participant will also receive credit for any period of severance of less than 12 consecutive months. Fractional periods of a year will be expressed in terms of days.

B. Elapsed Time Method. The definitions and rules in this subsection will apply to Plan Sponsors who in the Adoption Agreement elected to have Employees’ service determined under the elapsed time method.

☒ Elapsed Time Method. An Employee’s service will be determined using the elapsed time method as described in Article 3 of the Popular Master Plan document.

☒ Elapsed Time Method. An Employee’s vesting service will be determined using the Elapsed Time Method.

(a) ☒ Elapsed Time Method. Eligibility Service will be determined by the Elapsed Time Method.

1.57 Elapsed Time Method. The term Elapsed Time Method means a method for crediting service for eligibility, for Vesting, for determining a Participant’s allocation, and/or for applying the allocation conditions for an Employer contribution or Forfeiture, pursuant to the definition of Period of Service.

(3) Elapsed Time Method. Under the Elapsed Time Method, an Employee receives credit for Service for the aggregate of all time periods (regardless of the Employee’s actual Hours of Service) commencing with the Employee’s Employment Commencement Date, or with his/her Re-Employment Commencement Date, and ending on the date a Break in Service begins in accordance with Treas. Reg. §1.410(a)-7. See Section 2.02(C)(4). In applying the Elapsed Time Method, the Plan Administrator will credit an Employee’s Service for any Period of Severance of less than 12-consecutive months and will express fractional periods of Service in days.

Elapsed Time Method. See Section 1.32(A) (3).

Elapsed Time Method. See Section 1.32(A)(3).

☐ OR ☐ ☐ ☐ (c) ☐ Elapsed Time Method. See Section1.32(A)(3). ☐ OR ☐ ☐ ☐ (d) ☒ Actual (hourly) and Equivalency (salaried).

Your Vested Percentage is computed using the Elapsed Time Method. A Year of Service for vesting will be determined on the basis of the Elapsed Time method. You will receive credit for the total of all time period(s) starting with your first day of employment or reemployment and ending on the date that a Period of Severance begins. The first day of employment or reemployment is the first day you perform an Hour of Service for the Employer. You will also receive credit for any Period of Severance of less than twelve (12)consecutive months.

(a)Crediting of Past Service for Vesting Purposes. For purposes of determining a Participant’s Vesting Years, Service shall be determined under Section2.53(a)(4) with respect to the First Charter Plan. As such, Service under such Predecessor Plan shall be treated as Service under this Plan based on such Predecessor Plan’s hour counting methodology through that Predecessor Plan’s computation period ending December31, 2007. Thereafter, the transition rule in Section2.53(a)(4)(B) shall apply, and Service shall be credited under this Plan’s elapsed time method. In no event shall there be any duplication of Service for the same period.