Common use of Benefits during Phased Retirement Program Clause in Contracts

Benefits during Phased Retirement Program. 19.5.1 The Participant’s contributions to the pension plan will be based on his or her actual salary received in each year of the phased retirement. The Participant may assign a portion of their lump sum retirement supplement to their pension plan subject to CRA limits. The Employer will not provide matching funds. 19.5.2 Group benefit coverage will continue as though the Participant continued to be employed on a full-time appointment throughout the phased retirement program except as set out in this Article, with respect to life insurance, sick pay and Long Term Disability. Life insurance coverage (including Optional Life Insurance, if applicable, prior to TRD) shall be based upon; (a) the Participant's pre-program salary multiplied by the cumulative appointment and then divided by one (1), two (2) or three (3), or; (b) the Participant’s nominal salary in which case, the Member will pay the cost of additional premiums. The additional premiums will be paid in a lump sum from the Participant’s retirement supplement. 19.5.3 Long Term Disability benefits will be payable only up to the Participant's irrevocable retirement date, or, if earlier, the TRD, with such premiums and benefits being calculated based on the Participant’s nominal salary. A Participant who is eligible and qualifies for Long Term Disability Benefits during the phased retirement program may opt out of the program and retire instead of receiving Long Term Disability Benefits. Participants who are not eligible for Long Term Disability benefits but who meet the criteria for Long Term Disability during the phased retirement program may opt out of the program and retire.

Benefits during Phased Retirement Program. 19.5.1 The Participant’s contributions to the pension plan will be based on his or her actual salary received in each year of the phased retirement. The Participant may assign a portion of their lump sum retirement supplement to their pension plan subject to CRA limits. The Employer will not provide matching funds. 19.5.2 Group benefit coverage will continue as though the Participant continued to be employed on a full-time appointment throughout the phased retirement program except as set out in this Article, with respect to life insurance, sick pay and Long Long-Term Disability. Life insurance coverage (including Optional Life Insurance, if applicable, prior to TRD) shall be based upon;: (a) the Participant's pre-program salary multiplied by the cumulative appointment and then divided by one (1), two (2) or three (3), or; (b) the Participant’s nominal salary in which case, the Member will pay the cost of additional premiums. The additional premiums will be paid in a lump sum from the Participant’s retirement supplement. 19.5.3 Long Term Disability benefits will be payable only up to the Participant's irrevocable retirement date, or, if earlier, the TRD, with such premiums and benefits being calculated based on the Participant’s nominal salary. A Participant who is eligible and qualifies for Long Term Disability Benefits during the phased retirement program may opt out of the program and retire instead of receiving Long Term Disability Benefits. Participants who are not eligible for Long Term Disability benefits but who meet the criteria for Long Term Disability during the phased retirement program may opt out of the program and retire.

Benefits during Phased Retirement Program. 19.5.1 The Participant’s 's contributions to the pension plan will be based on his or her actual salary received in each year of the phased retirement. The Participant may assign a portion of their lump sum retirement supplement to their pension plan subject to CRA limits. The Employer will not provide matching funds. 19.5.2 Group benefit coverage will continue as though the Participant continued to be employed on a full-time appointment throughout the phased retirement program except as set out in this Article, with respect to life insurance, sick pay and Long Long-Term Disability. Life insurance coverage (including Optional Life Insurance, if applicable, prior to TRD) shall be based upon;: (a) the Participant's pre-program salary multiplied by the cumulative appointment and then divided by one (1), two (2) or three (3), or; (b) the Participant’s 's nominal salary in which case, the Member will pay the cost of additional premiums. The additional premiums will be paid in a lump sum from the Participant’s 's retirement supplement. 19.5.3 Long Term Disability benefits will be payable only up to the Participant's irrevocable retirement date, or, if earlier, the TRD, with such premiums and benefits being calculated based on the Participant’s 's nominal salary. A Participant who is eligible and qualifies for Long Term Disability Benefits during the phased retirement program may opt out of the program and retire instead of receiving Long Term Disability Benefits. Participants who are not eligible for Long Term Disability benefits but who meet the criteria for Long Term Disability during the phased retirement program may opt out of the program and retire.

Benefits during Phased Retirement Program. 19.5.1 The Participant’s contributions to the pension plan will be based on his or her their actual salary received in each year of the phased retirement. The Participant may assign a portion of their lump sum retirement supplement to their pension plan subject to CRA limits. The Employer will not provide matching funds. 19.5.2 Group benefit coverage will continue as though the Participant continued to be employed on a full-time appointment throughout the phased retirement program except as set out in this Article, with respect to life insurance, sick pay and Long Long-Term Disability. Life insurance coverage (including Optional Life Insurance, if applicable, prior to TRD) shall be based upon;: (a) the Participant's pre-program salary multiplied by the cumulative appointment and then divided by one (1), two (2) or three (3), or; (b) the Participant’s nominal salary in which case, the Member will pay the cost of additional premiums. The additional premiums will be paid in a lump sum from the Participant’s retirement supplement. 19.5.3 Long Term Disability benefits will be payable only up to the Participant's irrevocable retirement date, or, if earlier, the TRD, with such premiums and benefits being calculated based on the Participant’s nominal salary. A Participant who is eligible and qualifies for Long Term Disability Benefits during the phased retirement program may opt out of the program and retire instead of receiving Long Term Disability Benefits. Participants who are not eligible for Long Term Disability benefits but who meet the criteria for Long Term Disability during the phased retirement program may opt out of the program and retire.