Definitions for "Service credit"
A period of employment before or after the effective date of the plan that is recognized as service for one or more plan purposes, such as determination of benefit amounts, entitlement to benefits and/or vesting.
Years of employment that are included in a members retirement benefit. It includes prior service, participating service and purchased service.
One year of service credit is equal to 170 paid days. If a member works fewer than 170 days in a school year, service credit is calculated by dividing the number of days paid by 170.
Agreements with service providers. You receive goods, such as electricity, and services, such as apartment rental and health club memberships, with the agreement that you will pay for them each month. Your contract may require payments for a specific number of months, even if you stop the service.