Bridging Benefit Sample Clauses

Bridging Benefit. 1. This benefit is payable to eligible employees who retire after January 1, 1997 and this benefit replaces the existing bridge benefit. This amendment does not change the amount of pension payable after age 65. The purpose of the amendment is to pay the bridge benefit now payable to members who retire before age 65 with 35 years of credited service to a member retiring after January 1, 1997 before age 65 with 30 years of credited service. For members who retire before age 65 with less than 30 years of credited service, the bridge benefit will be prorated in proportion to credited service. The bridge benefit will be reduced by the same percentages as is applied to the lifetime pension if a member retires prior to qualifying for an unreduced pension. 2. For people retiring on or after January 1, 1997 the bridge benefit payable when a member eligible for an unreduced pension retires will be increased from: A x B x C where: A equals 0.625% B equals post 1965 credited services to a maximum of 35 years C equals the lesser of the member's average earnings in the 60 consecutive months when the earnings were the highest and the average of the YMPE's during the 60 consecutive months when the earnings were the highest. to;