Bridging Plan. (1) A Locomotive Engineer who is within five years of eligibility for Early Retirement or Normal Retirement under the Company's Pension Plan will be entitled to a bridging benefit as defined herein.
(2) A Locomotive Engineer who elects to be covered by the provisions of this Clause 38.04 will be paid on the same bi-weekly basis as they were paid while on active service with the Company. Normal deductions covering pension, income tax, union dues, etc., will be made in the usual manner. In the application of this Clause 38.04 it is understood that active employment is severed and the Locomotive Engineer will not be entitled to future wage adjustments.
(3) A Locomotive Engineer covered by the provisions of this Clause 38.04 will be compensated on the basis of 65% of the basic weekly pay as defined in sub-clause (9) of this Clause 38.04. Such pay will be considered as pensionable earnings in the application of the Pension Rules.
(4) A Locomotive Engineer covered by the provisions of this Clause 38.04 will, at the time they qualify for early retirement under the Company's Pension Plan, also be entitled to a separation allowance in accordance with the terms contained in Clause 38.03 of this Article.
(5) A Locomotive Engineer covered by the provisions of this Clause 38.04, while on the bridging plan, will accumulate credit for pension eligibility purposes and pension contributions will continue to be made.
(6) A Locomotive Engineer who elects to be covered by the provisions of this Clause 38.04 shall be entitled to have their Group Life Insurance, Extended Health and Vision Care Plan and Dental Plan fully paid by the Company until they qualify for early retirement, at which time they will be entitled to the benefits outlined in sub-clause (2) of Clause 38.03.
(7) A Locomotive Engineer who elects to be covered by the provisions of this Clause 38.04 will at the time of so electing, make an irrevocable application for bridging and early or normal retirement as the case may be to the appropriate Company Officer and, except as provided in this Section of this Article, he will not be entitled to any other benefits provided elsewhere in this Article.
(8) All payments under this Clause 38.04 shall cease upon the death of the Locomotive Engineer.
(9) For the purpose of this Clause 38.04, the term "basic weekly pay" is defined as follows:
(i) For a Locomotive Engineer assigned to a regular position in yard service, five days or 40 hours straight-time pay, including the shi...
Bridging Plan. A Locomotive Engineer who is within five years of eligibility for Early Retirement or Normal Retirement under the Company's Pension Plan will be entitled to a bridging benefit as defined herein.
