Common use of Amount of Pension Clause in Contracts

Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable): (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken; (ii) for all other Members the amount shall be five percent (5%) of the Member's Earning for each Plan Year after December 31st, 1978 or his date of enrollment if later, less the amount the Company must withhold from such Earnings in respect to contributions to the Canada or Quebec Pension Plan, to December 31st, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings over the Canada Pension Plan Ceiling in each year of Continuous Service after December 31st, 1988 to their date of retirement or to such earlier date as their Continuous Service is broken. Plus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plus (c) if, having not elected prior to February 1st, 1973 to contribute pursuant of Section 6.01 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 hereof, an amount equal to 1.67% of the Member's Past Service Earnings multiplied by his Participatory service; Plus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 hereof on and after January 1st, 1973 an amount equal to the sum of the following; (i) 1.25% of that part of the Member's Past Service Earnings which does not exceed $10,400.00, multiplied by their Credited Past Service; (ii) 1.75% of that part of the member's Past Service Earnings which exceeds $10,400.00, multiplied by their credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 hereof; Plus (f) the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (a) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to his Early Retirement Date; or (b) an immediate retirement income in the same amount as determined in Section (a) but reduced one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 62. Notwithstanding Section 7.02 (b) above, a Member who retires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a) above. Notwithstanding any other provisions of this Section 7.02, the cost of the retirement benefit under this Plan, exclusive of benefit purchased with member's voluntary contributions, payable pursuant to this Section 7.02 shall not exceed the cost of a maximum retirement benefit, as specified in Section 7.04 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 A member who becomes disabled after may 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received benefits under the Company's Long-term Disability Insurance programmed that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's Long Term Disability program (excluding any period of rehabilitation wherein he receives earnings from the Company). (a) The rate of accrual for the Plan year in which the Member becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member for the Plan Year pursuant to Section 7.01 (a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued to the Member's credit in the plan Year in which they became disabled. 7.04 Notwithstanding any other provision of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's voluntary contributions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed; (a) the lessor of; (i) 2% of the average of the Member's best three (3) consecutive years of remuneration from the Company for each year of pensionable service, to a maximum of 35 years; and (ii) $1,715.00 multiplied by the Member's years of pensionable service with the Company not exceeding 35 years; or (b) such other maximum benefit as may be specified under the administrative rules of the Department of National Revenue pertaining to the registration of Employees' Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual Pensions of 2% of current YMPE or less per year of service.

Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable): (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken; (ii) for all other Members the amount shall be five percent (5%) of the Member's Earning for each Plan Year after December 31st, 1978 or his date of enrollment if later, less the amount the Company must withhold from such Earnings in respect to contributions to the Canada or Quebec Pension Plan, to December 31st, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings over the Canada Pension Plan Ceiling in each year of Continuous Service after December 31st, 1988 to their date of retirement or to such earlier date as their Continuous Service is broken. Plus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plus (c) if, having not elected prior to February 1st, 1973 to contribute pursuant of Section 6.01 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 hereof, an amount equal to 1.67% of the Member's Past Service Earnings multiplied by his Participatory service; Plus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 hereof on and after January 1st, 1973 an amount equal to the sum of the following; (i) 1.25% of that part of the Member's Past Service Earnings which does not exceed $10,400.00, multiplied by their Credited Past Service; (ii) 1.75% of that part of the member's Past Service Earnings which exceeds $10,400.00, multiplied by their credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 hereof; Plus (f) the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (a) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to his Early Retirement Date; or (b) an immediate retirement income in the same amount as determined in SectionSection 7.02 (a) but reduced one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 62. Notwithstanding Section 7.02 (b) above, a Member who retires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a) above. Notwithstanding any other provisions of this Section 7.02, the cost of the retirement benefit under this Plan, exclusive of benefit purchased with member's voluntary contributions, payable pursuant to this Section 7.02 shall not exceed the cost of a maximum retirement benefit, as specified in Section 7.04 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 A member who becomes disabled after may 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received benefits under the Company's Long-Long- term Disability Insurance programmed that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's Long Term Disability program (excluding any period of rehabilitation wherein he receives earnings from the Company). (a) The rate of accrual for the Plan year in which the Member becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member for the Plan Year pursuant to Section 7.01 (a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued to the Member's credit in the plan Year in which they became disabled. 7.04 Notwithstanding any other provision of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's voluntary contributions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed; (a) the lessor of; (i) 2% of the average of the Member's best three (3) consecutive years of remuneration from the Company for each year of pensionable service, to a maximum of 35 years; and (ii) $1,715.00 multiplied by the Member's years of pensionable service with the Company not exceeding 35 years; or (b) such other maximum benefit as may be specified under the administrative rules of the Department of National Revenue pertaining to the registration of Employees' Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual Pensions of 2% of current YMPE or less per year of service.

Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-one- twelfth (1/12) of the sum of the following (as may be applicable): (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken; (ii) for all other Members the amount shall be five percent (5%) of the Member's Earning for each Plan Year after December 31st, 1978 or his date of enrollment if later, less the amount the Company must withhold from such Earnings in respect to contributions to the Canada or Quebec Pension Plan, to December 31st, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings over the Canada Pension Plan Ceiling in each year of Continuous Service after December 31st, 1988 to their date of retirement or to such earlier date as their Continuous Service is broken. Plus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plus (c) if, having not elected prior to February 1st, 1973 to contribute pursuant of Section 6.01 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 hereof, an amount equal to 1.67% of the Member's Past Service Earnings multiplied by his Participatory service; Plus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 hereof on and after January 1st, 1973 an amount equal to the sum of the following; (i) 1.25% of that part of the Member's Past Service Earnings which does not exceed $10,400.00, multiplied by their Credited Past Service; (ii) 1.75% of that part of the member's Past Service Earnings which exceeds $10,400.00, multiplied by their credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 hereof; Plus (f) the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (a) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to his Early Retirement Date; or (b) an immediate retirement income in the same amount as determined in SectionSection 7.02 (a) but reduced one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 62. Notwithstanding Section 7.02 (b) above, a Member who retires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a) above. Notwithstanding any other provisions of this Section 7.02, the cost of the retirement benefit under this Plan, exclusive of benefit purchased with member's voluntary contributions, payable pursuant to this Section 7.02 shall not exceed the cost of a maximum retirement benefit, as specified in Section 7.04 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 A member who becomes disabled after may 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received benefits under the Company's Long-term Disability Insurance programmed that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's Long Term Disability program (excluding any period of rehabilitation wherein he receives earnings from the Company). (a) The rate of accrual for the Plan year in which the Member becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member for the Plan Year pursuant to Section 7.01 (a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued to the Member's credit in the plan Year in which they became disabled. 7.04 Notwithstanding any other provision of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's voluntary contributions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed; (a) the lessor of; (i) 2% of the average of the Member's best three (3) consecutive years of remuneration from the Company for each year of pensionable service, to a maximum of 35 years; and (ii) $1,715.00 multiplied by the Member's years of pensionable service with the Company not exceeding 35 years; or (b) such other maximum benefit as may be specified under the administrative rules of the Department of National Revenue pertaining to the registration of Employees' Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual Pensions of 2% of current YMPE or less per year of service.

Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable):– (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings ’s Earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken; (ii) for all other Members the amount shall be five percent per- cent (5%) of the Member's Earning ’s Earnings for each Plan Year after December Decem- ber 31st, 1978 or his date of enrollment if later, less the amount the Company must withhold from such Earnings in respect to contributions contribu- tions to the Canada or Quebec Pension Plan, to December 31st31, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings member’s earnings over the Canada Pension Plan Ceiling in each year of Continuous Service service after December 31st31, 1988 to their date of retirement or to such earlier date as their Continuous Service is continuous service shall be broken. Plusplus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's ’s additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plusplus (c) if, having not elected prior to February 1st, 1973 to contribute con- tribute pursuant of to Section 6.01 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 hereofhere- of, an amount equal to 1.67% of the Member's ’s Past Service Earnings multiplied by his Participatory serviceService; Plusplus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 hereof on and after January Janu- ary 1st, 1973 an amount equal to the sum of the following;: – (i) 1.25% of that part of the Member's ’s Past Service Earnings which does not exceed $10,400.00, multiplied by their Credited Past Service; (ii) 1.75% of that part of the member's Member’s Past Service Earnings which exceeds $10,400.00, multiplied by their credited Credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan Plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 hereof; Plusplus (f) the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming as- suming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either:: – (a) a deferred retirement income with payments commencing commen- cing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to his Early Retirement Date; Date or (b) an immediate retirement income in the same amount as determined in Section Section 7.02 (a) but reduced by one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes pre- cedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (ia) a deferred retirement income with payments commencing commen- cing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (iib) an immediate retirement income in the same amount as determined in Section 7.02 7.02 (a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes pre- cedes the first day of the month next following the Member's attainment ’s attain- ment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (ia) a deferred retirement income with payments commencing commen- cing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (iib) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement retire- ment precedes the first day of the month next following the Member's ’s attainment of age 62. Notwithstanding Section 7.02 (b) above, a Member who retires re- tires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a) above. Notwithstanding any other provisions of this Section 7.02, the cost of the retirement benefit under this Plan, exclusive of benefit purchased with member's Member’s voluntary contributions, payable pursuant to this Section 7.02 shall not exceed the cost of a maximum retirement retire- ment benefit, as specified in Section 7.04 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 A member Member who becomes disabled after may May 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received re- ceived benefits under the Company's ’s Long-term Disability Insurance programmed program that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's ’s Long Term Disability program (excluding any period of rehabilitation wherein he receives earnings from the CompanyCom- pany). (a) The rate of accrual for the Plan year Year in which the Member Mem- ber becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's ’s rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member Member for the Plan Year pursuant to Section 7.01 (a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued ac- crued to the Member's ’s credit in the plan Plan Year in which they became disabled. 7.04 Notwithstanding any other provision of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's Members’ voluntary contributionscontri- butions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed; (a) the lessor lesser of;: (i) 2% of the average of the Member's ’s best three (3) consecutive years of remuneration from the Company for each year of pensionable service, to a maximum of 35 years; and (ii) $1,715.00 multiplied by the Member's ’s years of pensionable service with the Company not exceeding 35 years; or (b) such other maximum benefit as may be specified under the administrative rules of the Department of National Revenue pertaining per- taining to the registration of Employees' ’ Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual Pensions of 2% of current YMPE or less per year of service.

Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable):applicable):˜– (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 at August 5th, 1980, the amount shall be five percent per- cent (5%) of the Member's earnings ’s Earnings for each Plan Year after December 31st, 1978 to his date of retirement re- tirement or to such earlier date as his Continuous Service shall be broken; (ii) for all other Members the amount shall be five percent per- cent (5%) of the Member's Earning ’s Earnings for each Plan Year after December 31st, 1978 or his date of enrollment en- rollment if later, less the amount the Company must withhold from such Earnings in respect to contributions contri- butions to the Canada or Quebec Pension Plan, to December 31st31, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings member’s earnings over the Canada Pension Plan Ceiling in each year of Continuous Service service after December 31st31, 1988 to their date of retirement or to such earlier date as their Continuous Service is continuous service shall be broken. Plusplus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's ’s additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plusplus (c) if, having not elected prior to February 1st, 1973 to contribute con- tribute pursuant of to Section 6.01 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 hereofhere- of, an amount equal to 1.67% of the Member's ’s Past Service Earnings multiplied by his Participatory serviceService; Plusplus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 hereof on and after January Janu- ary 1st, 1973 an amount equal to the sum of the following;following:˜– (i) 1.25% of that part of the Member's ’s Past Service Earnings which does not exceed $10,400.00, multiplied multi- plied by their Credited Past Service; (ii) 1.75% of that part of the member's Member’s Past Service Earnings which exceeds $10,400.00, multiplied by their credited Credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan Plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 hereof; Plusplus (f) the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming as- suming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either:either:˜– (a) a deferred retirement income with payments commencing commen- cing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to his Early Retirement Date; Date or (b) an immediate retirement income in the same amount as determined in Section Section 7.02 (a) but reduced by one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes pre- cedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (ia) a deferred retirement income with payments commencing commen- cing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (iib) an immediate retirement income in the same amount as determined in Section 7.02 7.02 (a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes pre- cedes the first day of the month next following the Member's attainment ’s attain- ment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (ia) a deferred retirement income with payments commencing commen- cing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (iib) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement retire- ment precedes the first day of the month next following the Member's ’s attainment of age 62. Notwithstanding Section 7.02 (b) above, a Member who retires re- tires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a) above. Notwithstanding any other provisions of this Section 7.02, the cost of the retirement benefit under this Plan, exclusive of benefit purchased with member's Member’s voluntary contributions, payable pursuant to this Section 7.02 shall not exceed the cost of a maximum retirement retire- ment benefit, as specified in Section 7.04 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 A member Member who becomes disabled after may May 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received re- ceived benefits under the Company's ’s Long-term Disability Insurance programmed program that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's ’s Long Term Disability program (excluding any period of rehabilitation wherein he receives earnings from the CompanyCom- pany). (a) The rate of accrual for the Plan year Year in which the Member Mem- ber becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's ’s rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member Member for the Plan Year pursuant to Section 7.01 (a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued ac- crued to the Member's ’s credit in the plan Plan Year in which they became disabled. 7.04 Notwithstanding any other provision of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's Members’ voluntary contributionscontri- butions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed; (a) the lessor lesser of;: (i) 2% of the average of the Member's ’s best three (3) consecutive years of remuneration from the Company Com- pany for each year of pensionable service, to a maximum max- imum of 35 years; and (ii) $1,715.00 multiplied by the Member's ’s years of pensionable service with the Company not exceeding exceed- ing 35 years; or (b) such other maximum benefit as may be specified under the administrative rules of the Department of National Revenue pertaining per- taining to the registration of Employees' ’ Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual An- nual Pensions of 2% of current YMPE or less per year of service.

Amount of Pension. 7.01 7.1 Each Member member who retires at their Normal Retirement Date shall receive a Pensionpension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable):). (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 6.2 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings ’s Earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken;. (ii) for all other Members members the amount shall be five percent (5%) of the Member's Earning ’s Earnings for each Plan Year after December 31st, 1978 or his date of enrollment enrolment if later, less the amount the Company must withhold from such Earnings in respect to contributions to the Canada or Quebec Pension Plan, to December 31st31, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings member’s earnings over the Canada Pension Plan Ceiling in each year of Continuous Service after December 31st, 1988 to their date of retirement or to such earlier date as their Continuous Service is shall be broken. Plus; plus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's ’s additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plusplus (c) if, having not elected prior to February 1st, 1973 to contribute pursuant of to Section 6.01 6.1 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 6.2 hereof, an amount equal to 1.67% of the Member's ’s Past Service Earnings multiplied by his Participatory serviceService; Plusplus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 6.1 hereof on and after January 1st, 1973 an amount equal to the sum of the following;: (i) 1.25% of that part of the Member's ’s Past Service Earnings which does not exceed $10,400.00, 10,400.00 multiplied by their Credited Past Service; (ii) 1.75% of that part of the member's Past Member’s past Service Earnings which exceeds $10,400.00, multiplied by their credited Credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan Plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 7.3 hereof; Plusplus (f) the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 7.2 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 5.2 hereof shall be entitled to elect either: (a) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 7.1 above to his Early Retirement Date; Date or (b) an immediate retirement income in the same amount as determined in Section (aSection 7.2(a) but reduced by one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 5.2 hereof shall be entitled to elect either: (ia) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 7.1 above to their Early Retirement Date; or (iib) an immediate retirement income in the same amount as determined in Section 7.02 (a7.2(a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's ’s attainment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 5.2 hereof shall be entitled to elect either: (ia) a deferred retirement income with payments commencing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 7.1 above to their Early Retirement Date; or (iib) an immediate retirement income in the same amount as determined in Section 7.02 (a7.2(a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's ’s attainment of age 62. Notwithstanding Section 7.02 (b7.2(b) above, a Member who retires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a7.2(a) above. Notwithstanding any other provisions of this Section 7.027.2, the cost of the retirement benefit under this Plan, exclusive of benefit benefits purchased with member's Member’s voluntary contributions, payable pursuant to this Section 7.02 7.2 shall not exceed the cost of a maximum retirement benefit, as specified in Section 7.04 7.4 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 7.3 A member Member who becomes disabled after may May 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received benefits under the Company's ’s Long-term Disability Insurance programmed programme that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's Long Term ’s Long-term Disability program programme (excluding any period of rehabilitation wherein he receives earnings from the Company). (a) The rate of accrual for the Plan year Year in which the Member becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's ’s rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member Member for the Plan Year pursuant to Section 7.01 (a7.1(a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued to the Member's member’s credit in the plan Plan Year in which they became disabled. 7.04 7.4 Notwithstanding any other provision provisions of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's member’s voluntary contributions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed;: (a) the lessor lesser of;: (i) 2% of the average of the Member's ’s best three (3) consecutive years of remuneration from the Company for each year of pensionable service, to a maximum of 35 years; and (ii) $1,715.00 1.715.00 multiplied by the Member's ’s years of pensionable service with the Company not exceeding 35 years; or (b) such other maximum benefit benefits as may be specified under the administrative rules of the Department of National Revenue pertaining to the registration of Employees' ’ Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual Pensions of 2% of current YMPE or less per year of service. 7.5 “Cost of Living Increases“ — Effective January 1, 1990 on each January 1st following the later of the commencement of a pension and age 65, as long as the pension continues to be paid to the Member, Spouse or beneficiary, as applicable, the portion of that pension earned in respect of service from January 1, 1990 shall be adjusted on a percentage basis by the Inflation Adjustment Factor described in Section 2.10(a).

Amount of Pension. 7.01 7.1 Each Member member who retires at their Normal Retirement Date shall receive a Pensionpension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable):). (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 6.2 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings ’s Earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken;. (ii) for all other Members members the amount shall be five percent (5%) of the Member's Earning ’s Earnings for each Plan Year after December 31st, 1978 or his date of enrollment enrolment if later, less the amount the Company must withhold from such Earnings in respect to contributions to the Canada or Quebec Pension Plan, to December 31st31, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings member’s earnings over the Canada Pension Plan Ceiling in each year of Continuous Service after December 31st, 1988 to their date of retirement or to such earlier date as their Continuous Service is shall be broken. Plus; plus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's ’s additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plusplus (c) if, having not elected prior to February 1st, 1973 to contribute pursuant of to Section 6.01 6.1 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 6.2 hereof, an amount equal to 1.67% of the Member's ’s Past Service Earnings multiplied by his Participatory serviceService; Plusplus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 6.1 hereof on and after January 1st, 1973 an amount equal to the sum of the following;: (i) 1.25% of that part of the Member's ’s Past Service Earnings which does not exceed $10,400.00, 10,400.00 multiplied by their Credited Past Service; (ii) 1.75% of that part of the member's Past Member’s past Service Earnings which exceeds $10,400.00, multiplied by their credited Credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan Plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 7.3 hereof; Plus plus (f) the f)the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 7.2 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 5.2 hereof shall be entitled to elect either: (a) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 7.1 above to his Early Retirement Date; Date or (b) an immediate retirement income in the same amount as determined in Section (aSection 7.2(a) but reduced by one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 5.2 hereof shall be entitled to elect either: (ia) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 7.1 above to their Early Retirement Date; or (iib) an immediate retirement income in the same amount as determined in Section 7.02 (a7.2(a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's ’s attainment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 5.2 hereof shall be entitled to elect either: (ia) a deferred retirement income with payments commencing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 7.1 above to their Early Retirement Date; or (iib) an immediate retirement income in the same amount as determined in Section 7.02 (a7.2(a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's ’s attainment of age 62. Notwithstanding Section 7.02 (b7.2(b) above, a Member who retires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a7.2(a) above. Notwithstanding any other provisions of this Section 7.027.2, the cost of the retirement benefit under this Plan, exclusive of benefit benefits purchased with member's Member’s voluntary contributions, payable pursuant to this Section 7.02 7.2 shall not exceed the cost of a maximum retirement benefit, as specified in Section 7.04 7.4 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 7.3 A member Member who becomes disabled after may May 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received benefits under the Company's ’s Long-term Disability Insurance programmed programme that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's Long Term ’s Long-term Disability program programme (excluding any period of rehabilitation wherein he receives earnings from the Company). (a) The rate of accrual for the Plan year Year in which the Member becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's ’s rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member Member for the Plan Year pursuant to Section 7.01 (a7.1(a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued to the Member's member’s credit in the plan Plan Year in which they became disabled. 7.04 7.4 Notwithstanding any other provision provisions of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's member’s voluntary contributions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed;: (a) the lessor lesser of;: (i) 2% of the average of the Member's ’s best three (3) consecutive years of remuneration from the Company for each year of pensionable service, to a maximum of 35 years; and (ii) $1,715.00 1.715.00 multiplied by the Member's ’s years of pensionable service with the Company not exceeding 35 years; or (b) such other maximum benefit benefits as may be specified under the administrative rules of the Department of National Revenue pertaining to the registration of Employees' ’ Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual Pensions of 2% of current YMPE or less per year of service. 7.5 “Cost of Living Increases“ — Effective January 1, 1990 on each January 1st following the later of the commencement of a pension and age 65, as long as the pension continues to be paid to the Member, Spouse or beneficiary, as applicable, the portion of that pension earned in respect of service from January 1, 1990 shall be adjusted on a percentage basis by the Inflation Adjustment Factor described in Section 2.10(a).

Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable): (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken; (ii) for all other Members the amount shall be five percent (5%) of the Member's Earning for each Plan Year after December 31st, 1978 or his date of enrollment if later, less the amount the Company must withhold from such Earnings in respect to contributions to the Canada or Quebec Pension Plan, to December 31st, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings over the Canada Pension Plan Ceiling in each year of Continuous Service after December 31st, 1988 to their date of retirement or to such earlier date as their Continuous Service is broken. Plus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plus (c) if, having not elected prior to February 1st, 1973 to contribute pursuant of Section 6.01 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 hereof, an amount equal to 1.67% of the Member's Past Service Earnings multiplied by his Participatory service; Plus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 hereof on and after January 1st, 1973 an amount equal to the sum of the following; (i) 1.25% of that part of the Member's Past Service Earnings which does not exceed $10,400.00, multiplied by their Credited Past Service; (ii) 1.75% of that part of the member's Past Service Earnings which exceeds $10,400.00, multiplied by their credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 hereof; Plus (f) the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (a) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to his Early Retirement Date; or (b) an immediate retirement income in the same amount as determined in SectionSection 7.02 (a) but reduced one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 62. Notwithstanding Section 7.02 (b) above, a Member who retires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a) above. Notwithstanding any other provisions of this Section 7.02, the cost of the retirement benefit under this Plan, exclusive of benefit purchased with member's voluntary contributions, payable pursuant to this Section 7.02 shall not exceed the cost of a maximum retirement benefit, as specified in Section 7.04 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 A member who becomes disabled after may May 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received benefits under the Company's Long-term Disability Insurance programmed programme that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's Long Term Disability program (excluding any period of rehabilitation wherein he receives earnings from the Company). (a) The rate of accrual for the Plan year in which the Member becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member for the Plan Year pursuant to Section 7.01 (a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued to the Member's credit in the plan Year in which they became disabled. 7.04 Notwithstanding any other provision of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's voluntary contributions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed; (a) the lessor of; (i) 2% of the average of the Member's best three (3) consecutive years of remuneration from the Company for each year of pensionable service, to a maximum of 35 years; and (ii) $1,715.00 multiplied by the Member's years of pensionable service with the Company not exceeding 35 years; or (b) such other maximum benefit as may be specified under the administrative rules of the Department of National Revenue pertaining to the registration of Employees' Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual Pensions of 2% of current YMPE or less per year of service.

Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable): (a) 35% of the amount described in (i) or (ii) as applicable; (i) for members contributing pursuant to Section 6.02 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken; (ii) for all other Members the amount shall be five percent (5%) of the Member's Earning for each Plan Year after December 31st, 1978 or his date of enrollment if later, less the amount the Company must withhold from such Earnings in respect to contributions to the Canada or Quebec Pension Plan, to December 31st, 1988; (iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings over the Canada Pension Plan Ceiling in each year of Continuous Service after December 31st, 1988 to their date of retirement or to such earlier date as their Continuous Service is broken. Plus (b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plus (c) if, having not elected prior to February 1st, 1973 to contribute pursuant of Section 6.01 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 hereof, an amount equal to 1.67% of the Member's Past Service Earnings multiplied by his Participatory service; Plus (d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 hereof on and after January 1st, 1973 an amount equal to the sum of the following; (i) 1.25% of that part of the Member's Past Service Earnings which does not exceed $10,400.00, multiplied by their Credited Past Service; (ii) 1.75% of that part of the member's Past Service Earnings which exceeds $10,400.00, multiplied by their credited Past Service; (iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00. (e) the Annual Pension accrued pursuant to Section 7.03 hereof; Plus (f) the result obtained, if positive, when the amount in (c) or (d) is subtracted from the Pension benefits the Member accrued pursuant to the provisions of the Plan prior to August 5th, 1980 in respect of their service, and required contributions to the Plan prior to August 5th, 1980. In computing these previously accrued Pension benefits, any amount which was payable in an unreduced form on retirement at age 60 shall be actuarially increased to its equivalent assuming retirement at age 65 prior to making the subtraction required by the immediately preceding sentence of this paragraph (f). 7.02 A Member who retires on or before December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (a) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to his Early Retirement Date; or (b) an immediate retirement income in the same amount as determined in Section (a) but reduced one-half of one percent (1/2 of 1%) for each complete month that such early retirement precedes their Normal Retirement Date. A Member who retires prior to December 31st, 1980 but after December 31st, 1976 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on their Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one-quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 63. A Member who retires after December 31st, 1980 and prior to their Normal Retirement Date in accordance with Section 5.02 hereof shall be entitled to elect either: (i) a deferred retirement income with payments commencing on his Normal Retirement Date equal to the Pension accrued pursuant to Section 7.01 above to their Early Retirement Date; or (ii) an immediate retirement income in the same amount as determined in Section 7.02 (a) but reduced by one quarter of one percent (1/4 of 1%) for each complete month that such early retirement precedes the first day of the month next following the Member's attainment of age 62. Notwithstanding Section 7.02 (b) above, a Member who retires after December 31st, 1980 and prior to their Normal Retirement Date and has both attained the age of 55 and completed 30 years of Continuous Service to such early retirement date may elect to receive an immediate retirement income in the same amount as determined in Section 7.02 (a) above. Notwithstanding any other provisions of this Section 7.02, the cost of the retirement benefit under this Plan, exclusive of benefit purchased with member's voluntary contributions, payable pursuant to this Section 7.02 shall not exceed the cost of a maximum retirement benefit, as specified in Section 7.04 hereof, payable at age 60 as a single life annuity guaranteed for ten (10) years. 7.03 A member who becomes disabled after may May 1st, 1976 shall accrue Pension benefits from the onset of such disability if he received benefits under the Company's Long-term Disability Insurance programmed programme that result from such disability. He shall continue to accrue Pension benefits during such period as they are in receipt of benefits under the Company's Long Term Disability program (excluding any period of rehabilitation wherein he receives earnings from the Company). (a) The rate of accrual for the Plan year in which the Member becomes disabled will be based on the amount of Pension that would have accrued during that year had the disability not occurred, as is estimated by the Actuary using the Member's rate of Earnings in effect at the date the disability occurred, less the Pension accrued by the member for the Plan Year pursuant to Section 7.01 (a) hereof; (b) The rate of accrual for each subsequent Plan Year (with parts hereof used to compute a partial benefit) during the continuance of such disability benefits will be based on the amount of Pension accrued to the Member's credit in the plan Year in which they became disabled. 7.04 Notwithstanding any other provision of this Agreement, in no event shall the annual retirement benefit payable under this Plan, exclusive of the benefit purchased with Member's voluntary contributions, in respect of the retirement or termination of service of a Member or termination of this Plan exceed; (a) the lessor of; (i) 2% of the average of the Member's best three (3) consecutive years of remuneration from the Company for each year of pensionable service, to a maximum of 35 years; and (ii) $1,715.00 multiplied by the Member's years of pensionable service with the Company not exceeding 35 years; or (b) such other maximum benefit as may be specified under the administrative rules of the Department of National Revenue pertaining to the registration of Employees' Pension Plans, as they may be amended or replaced from time to time. However, such maximum benefit shall not apply to Annual Pensions of 2% of current YMPE or less per year of service.