The Elapsed Time Method clause specifies that the time period for contractual obligations or project completion is measured in calendar days from a mutually agreed-upon start date, regardless of any delays or non-working days. This approach ensures a clear timeline that both parties adhere to, promoting accountability and streamlining project management.
a. [ ] Elapsed time method. (Period of Service applies instead of Year of Service) Instead of Hours of Service, elapsed time will be used for: 1. [ ] all purposes (skip to Question 18) 2. [ ] the following purposes (select one or more): a. [ ] eligibility to participate b. [ ] vesting c. [ ] allocations, distributions and contributions
NOTE: If the service requirement is or includes a fractional year, then, except in a manner consistent with k., an Employee will not be required to complete any specified number of Hours of Service to receive credit for such fractional year. If expressed in months of service, then an Employee will not be required to complete any specified number of Hours of Service in a particular month, unless selected in k. above. In both cases, the Plan must use the elapsed time method to determine service, except that the Hours of Service method will be used for the 1 Year of Service override (e.g., options k. and l.). In such case, select the Hours of Service method at Question 17. NOTE: Year of Service means Period of Service if elapsed time method is chosen.
a. ☒ Elapsed time method i. One year of Vesting Service is credited for each full year of service and aggregate partial years treating 365 days of service as one year
If the elapsed time method is elected in the Service Crediting Method Section of the Adoption Agreement, then a "1-Year Break in Service" means a twelve (12) consecutive month period beginning on the severance from service date or any anniversary thereof and ending on the next succeeding anniversary of such date; provided, however, that the Employee or Former Employee does not perform an Hour of Service for the Employer during such twelve (12) consecutive month period.
1.63 Month of Service “Month of Service” means, in the case of the Plan applying the Hours of Service Method of counting service, any month during which an Employee is credited with at least one Hour of Service with a Participating Employer or a Controlled Group Employer. In the case of the Plan applying the Elapsed Time Method of counting service, “Month of Service” means a whole month of Service, as calculated under such method.
1.08VESTING SCHEDULE (a)(1) The Participant’s vested percentage in Matching Contributions elected in Section 1.05(b) shall be based upon the following schedule and unless Section 1.08(a)(2) is checked below will be based on the elapsed time method as described in Section 7.03(b).
Elapsed time method will be used for each Employer Contribution (other than matching contributions) which vests 100% based on a rolling 3-year cliff class vesting schedule.
Retirement shall be defined as a Separation from Service that occurs on or after the Participant [insert description of requirements]: Attainment of age 62 and completion of ten (10) years of service (using the elapsed time method from date of hire)
"Elapsed Time Method" means a service crediting method whereby an Employee is credited for an aggregate of all time periods (without regard to hours worked) beginning on the Employee's date of hire (or rehire, as applicable) and ending on the date that a break in service begins in accordance with Treas. Reg. section 1.410(a)-7. Under the Elapsed Time Method, an Employee's service is credited for any period of severance that is less than 12 consecutive months.
(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. A break in service is a period of severance of at least 12 consecutive months. A “period of severance” is a continuous period of time beginning on the date the Participant or Inactive Participant incurs a Separation from Service, or if earlier, the 12-month anniversary of the date on which the Participant or Inactive Participant was otherwise first absent from service. Notwithstanding the above, the Employer shall comply with any service crediting rules to the extent required by applicable law.
The Elapsed time method is a technique often used in project management and scheduling to measure the amount of time that has passed from the start to the current point or completion of an activity. It focuses on tracking the actual time taken to complete tasks and activities, regardless of the planned schedule or deadlines.
The Elapsed time method should be used in scenarios where you need to:
Implementing the Elapsed time method typically involves the following steps:
Example:
Task A starts at 9:00 AM. After 3 hours, you check the progress and note that the elapsed time is 3 hours. You then compare this with your planned schedule to check if Task A is on track.
The Elapsed time method is commonly referred to in the following types of contracts:
Example:
In a software development contract, the elapsed time method might be used to ensure that the coding phase does not exceed the allocated 8-week period.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The electronic signature clause allows parties to execute contracts using digital signatures instead of handwritten ones, facilitating faster and more convenient transactions. It ensures that electronic signatures hold the same legal validity and enforceability as traditional signatures, subject to applicable laws and regulations.
Eligible compensation refers to the specific types of earnings that qualify for consideration under a contractual agreement, often determining the basis for calculating benefits or contributions, such as in retirement or bonus plans. It typically includes regular wages but may exclude bonuses, overtime, or other irregular payments, with the exact definition varying depending on the terms outlined in the contract.
The "Entire Contract" clause stipulates that the contract represents the complete and final agreement between the parties involved, superseding any prior agreements or understandings. It clarifies that any amendments to the contract must be agreed upon in writing and signed by all parties to be valid.
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