Bridging. An employee whose position has been abolished and has at least ten (10) years of service, may choose to apply for a leave without pay, until the month in which he/she reaches age fifty-five (55) and then retire effective the last day of that month. The maximum duration of such leave without pay, will be equal to twenty percent (20%) of his/her years of service, up to a maximum of five years minus all periods of unpaid leave taken while employed. The employee may choose to receive the amount owed in virtue to the present article in the form of a single lump sum payment, two separate payments, or in the form of bi-weekly payments over the period of the unpaid leave. During this period, the employee retains his/her status as an active member of the university pension plan and maintains his/her participation in the group insurance plan with the exception of sick leaves and long term disability. The employee and the University continue their respective contributions to the pension and group insurance plans unless the employee chooses to become a non-contributing member of the pension plan in which case the employee’s contribution shall cease. The contributions are calculated based on the annual salary at the time of the abolishment of his/her position. An employee taking advantage of the bridging option is entitled to the tuition waivers set out in clause 14.03, as are his/her any dependents who register before or during the unpaid leave. An employee who chooses a bridging option is not eligible for early retirement lump-sum benefits set out in clause 38.03.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
