diff --git a/gunicorn/arbiter.py b/gunicorn/arbiter.py
index cd3466c9..b35357f3 100644
--- a/gunicorn/arbiter.py
+++ b/gunicorn/arbiter.py
@@ -308,8 +308,15 @@ class Arbiter(object):
         Sleep until PIPE is readable or we timeout.
         A readable PIPE means a signal occurred.
         """
+        if self.WORKERS:
+            oldest = min(w.tmp.last_update() for w in self.WORKERS.values())
+            timeout = self.timeout - (time.time() - oldest)
+            # The timeout can be reached, so don't wait for a negative value
+            timeout = max(timeout, 1.0)
+        else:
+            timeout = 1.0
         try:
-            ready = select.select([self.PIPE[0]], [], [], 1.0)
+            ready = select.select([self.PIPE[0]], [], [], timeout)
             if not ready[0]:
                 return
             while os.read(self.PIPE[0], 1):