Bridging Supplement Sample Clauses

Bridging Supplement. Article F, Section F - 7 of the Pension Plan shall be amended as follows: (i) Effective February 1, 1988 the Bridging Supplement for a member with twenty-five (25) years or more of Westshore service shall be equivalent to the Old Age Security and Canada Pension Plan Benefits. A member with less than twenty-five (25) years of Westshore service shall receive a prorated benefit based on the equivalent Old Age Security and Canada Pension Plan Benefits, divided by twenty-five, and multiplied by the number of years of Westshore service. (ii) The adjustments in the Old Age Security and Canada Pension Plan benefits, as such adjustments occur, shall apply to members who retire on or after their 60th birthday. (iii) The Bridging Supplement for such credited B.C.M.E.A. service shall be the B.C.M.E.A. rate in effect at the time of the Member’s retirement date based on the years of such service to bring the total years of Credited Service to a maximum of twenty-five (25) years, less any benefit received from the B.C.M.E.A. Pension Plan.

Bridging Supplement. Effective September 1, 2007 a bridging supplement will be introduced under the following terms: Active employees who have worked more than twenty-five (25) years for the Company and who retire at age sixty (60) or later will be eligible for a bridging supplement equal to fifteen dollars ($15) per month per year of service to a maximum of thirty (30) years of service. The above bridging supplement will be paid on a monthly basis until the attainment of age sixty-five (65) or the death of the retiree, whichever occurs first. The bridging amount is paid by the Company to eligible members. It is the Company’s responsibility in consultation with the Pension Committee, to select the Financial Institution where the contributions are deposited. Parties agree to temporarily change the bridging supplement from $15.00 to $20.00 effective date of ratification. This amount will be reduced to $15.00 on October 31, 2018.

Bridging Supplement. Any active member who elects to retire early and has attained age fifty-eight and completed at least twenty years of continuous service, shall be entitled to a bridging supplement in addition to his/her pension benefit. The bridging supplement is equal to: Thirty dollars per month multiplied by the number of his/her full years of Credited Service up to a maximum of thirty years (with no proportionate allowance for a fraction of a year), with the thirty dollars reducing to fifteen dollars per month from the of the month immediately following his/her sixtieth birthday .

Bridging Supplement. Any member who has attained age sixty (60) and has accumulated a minimum of ten (10) years of continuous service shall be eligible to the following bridging supplement. Those employees retiring early on or after age 60 with at least ten (10) years of continuous service shall receive a bridging supplement of sixteen dollars ($16.00) per month per year of continuous service to a maximum of thirty

Bridging Supplement. Effective January 1, 1999, an employee who has accumulated at least 20 years of continuous service and who retires upon attainment of age 55 or more shall be entitled to receive a bridging supplement equal to the number of full years of continuous service up to a maximum of 30 years, multiplied by the following amount, subject to the maximum bridging under the Regulations of the Income Tax Act. (a) for those who retire after their 60th birthday: $16 per month; (b) for those who retire after their 58th birthday, but no later than their 60th birthday; $32 per month reducing to $16 per month upon the first of the month following attainment of age 60; the above $32 amount will increase to $33 for employees retiring from January 1, 2003.

Bridging Supplement. Active employees who have worked more than twenty-five (25) years for the Company and who retire at age 60 or later will be eligible for a bridging supplement equal to $10.00 per month per year of service to a maximum of 30 years of service. The above bridging supplement will be paid on a monthly basis until the attainment of age 65 or the death of the retiree, whichever occurs first. Effective September 1st, 2010, increase to $12.00 per month per year of service. Effective August 31st, 2011, increase to $15.00 per month per year of service. Effective date of ratification, on a quarterly basis, the Company agrees to pay to the Union Office, one (.01) cent per regular hour worked for each employee, in order to pay for Educational needs of the members. Effective, September 1, 2000, increase to two (.02) cents per regular hour. Effective, September 1, 2001, increase to three (.03) cents per regular hour.

Bridging Supplement. The Company agrees to per month per year of services bridging supplement to employees who retire prior to age commencing at age for employees who worked more than twenty-five (25) years for the Company. This bridging supplement to be paid on a monthly basis until attainment of age or the death of the retire, which ever occurs first.

Bridging Supplement. Any active member who elects to retire early on or after January has attained age fifty-eight (58) and completed at least twenty (20) years of continuous service, shall be entitled to a bridging supplement in addition to his pension benefit. This bridging supplement is equal to: Thirty-two dollars ($32) per month multiplied by the number full years of Contributory Credited up to a maximum of thirty (30) years, with the thirty-two dollars ($32) reducing to sixteen dollars ($16) per month from the first of the month immediately following his sixtieth birthday. A member retiring on or after January 2002: thirty-three dollars ($33) multiplied by his full years Credited Service, (instead two dollars under the same conditions as sub-paragraph above. Any active member who elects to retire early, has attained age fifty-five and completed twenty (20) years of continuous service shall be entitled to a bridging supplement, as described in a) above, in addition to his pension benefit. The bridging supplement,described in a) above, will be reduced by one-twelfth percent (8%) for each month that early retirement precedes attainment of age fifty-eight (58). The bridging supplement will commence on the early retirement date and will cease with the payment made on the first day of the month during which the member reaches age sixty-five (65) or dies, whichever is earlier.

Bridging Supplement. The Company agrees to implement a bridging supplement effective date of ratification under the following terms: Active employees who have worked more than twenty-five (25) years for the Company and who retire at age sixty (60) or later will be eligible for a bridging supplement equal to ten dollars ($10.) per month per year of service to a maximum of thirty (30) years of service. The above bridging supplement will be paid on a monthly basis until the attainment of age sixty-five (65) or the death of the retiree, whichever occurs first.