service credit

Definition

The number of years that a person has worked which count towards benefits in their retirement plan.

Use service credit in a sentence

He had built up a lot of service credit and I was very happy because it would benefit me in my retirement plan.

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When John left the company and came back two years later he appreciated the fact that they reinstated his service credits for time with the company.

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If a person works 10 years for a company, but is only vested in a retirement plan after their first 2 years of work, then that workers has 8 years of Service Credit towards their retirement fund.

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