Common use of Bridge Benefit Clause in Contracts

Bridge Benefit. There will be available a Term Annuity Benefit which will be funded by the Company in a manner of its own selection. This benefit will be available to those employees who request it and who choose to retire early from active employment commencing at age 60 and up to, but not including, age 65. The Company shall provide a pension bridge annuity of twenty dollars ($20) per month, per year of service to employees aged sixty (60) or older who retire prior to attaining age sixty five (65). The calculation of the pension bridge benefit shall be credited on the same basis as under the terms and conditions of the Pulp and Paper Pension Plan. Payments under this provision will cease at the end of the month immediately preceding the month in which the employee who selects to retire early under this provision attains age 65 or dies, whichever occurs first. Should an employee return to work after commencement of this provision, the payment will be handled on the same basis as the pension benefit is handled under the terms of Section 18 of the Plan Text. An employee who chooses to retire at age fifty-five (55) or later shall have access to the bridging benefit paid by the Company when they reach age sixty (60).

Bridge Benefit. There will be available a Term Annuity Benefit Benefit which will be funded by the Company in a manner of its own selection. This benefit benefit will be available to those employees who request it and who choose to retire early from active employment commencing at age 60 and up to, but not including, age 65. The Company shall provide a pension bridge annuity of twenty dollars ($20) per month, per year of service to employees aged sixty (60) or older who retire prior to attaining age sixty five five (65). The calculation of the pension bridge benefit benefit shall be credited on the same basis as under the terms and conditions of the Pulp and Paper Pension Plan. Payments under this provision will cease at the end of the month immediately preceding the month in which the employee who selects to retire early under this provision attains age 65 or dies, whichever occurs firstfirst. Should an employee return to work after commencement of this provision, the payment will be handled on the same basis as the pension benefit benefit is handled under the terms of Section 18 of the Plan Text. An employee who chooses to retire at age fifty-five fifty-five (55) or later shall have access to the bridging benefit benefit paid by the Company when they reach age sixty (60).

Bridge Benefit. There will be available a Term Annuity Benefit which will be funded by the Company in a manner of its own selection. This benefit will be available to those employees who request it and who choose to retire early from active employment commencing at age 60 and up to, but not including, age 65. The Company shall provide a pension bridge annuity of twenty dollars ($20) per month, per year of service to employees aged sixty (60) or older who retire prior to attaining age sixty five (65). The calculation of the pension bridge benefit shall be credited on the same basis as under the terms and conditions of the Pulp and Paper Pension Plan. Payments under this provision will cease at the end of the month immediately preceding the month in which the employee who selects to retire early under this provision attains age 65 or dies, whichever occurs first. Should an employee return to work after commencement of this provision, the payment will be handled on the same basis as the pension benefit is handled under the terms of Section 18 of the Plan Text. An employee who chooses to retire at age fifty-five (55) or later shall have access to the bridging benefit paid by the Company when they reach age sixty (60). An employee must complete ten (10) years of continuous service to be eligible for this benefit. It is understood that this only applies to new employees hired after date of ratification.