Common use of Co-ordination of Supplementary Pension and Special Allowance Clause in Contracts

Co-ordination of Supplementary Pension and Special Allowance. A Transferred Employee who meets the requirements for a supplementary pension under Article I, Section 5 when they are considered to break Eligibility Credited Service is entitled to receive a supplementary pension under the Plan. The amount of such supplementary pension shall equal the applicable supplementary pension rate under Article I, Section 5 in effect at the time they are considered to break Eligibility Credited Service, multiplied by the sum of the Transferred Employee’s Benefit Amount Credited Service and credited service under the Purchaser’s Hourly-Rate Plan (not exceeding 30) and further multiplied by the ratio of the Transferred Employee’s Benefit Amount Credited Service to the sum of the Benefit Amount Credited Service and the credited service under the Purchaser’s Hourly-Rate Plan. A Transferred Employee who meets the requirements for a special allowance under Article I, Section 9 when they are considered to break Eligibility Credited Service is entitled to receive a special allowance under the Plan. The amount of such special allowance shall be calculated using as a “Total Monthly Benefit Rate for Determining Monthly Special Allowance”, the applicable amount under Article I, Section 9 in effect at the time they are considered to break Eligibility Credited Service, multiplied by the ratio of the Transferred Employee’s Benefit Amount Credited Service to the sum of the Benefit Amount Credited Service and the credited service under the Purchaser’s Hourly-Rate Plan.

Co-ordination of Supplementary Pension and Special Allowance. A Transferred Employee who meets the requirements for a supplementary pension under Article I, Section 5 when they are the Transferred Employee is considered to break Eligibility Credited Service is entitled to receive a supplementary pension under the Plan. The amount of such supplementary pension shall equal the applicable supplementary pension rate under Article I, Section 5 in effect at the time they are the Transferred Employees is considered to break Eligibility Credited Service, multiplied by the sum of the Transferred Employee’s Benefit Amount Credited Service and credited service under the Purchaser’s Hourly-Rate Pension Plan (not exceeding 30) and further multiplied by the ratio of the Transferred Employee’s Benefit Amount Credited Service to the sum of the Benefit Amount Credited Service and the credited service under the Purchaser’s Hourly-Rate PlanPension Plan (which may exceed 30). A Transferred Employee who meets the requirements for a special allowance under Article I, Section 9 when they are the Transferred Employee is considered to break Eligibility Credited Service is entitled to receive a special allowance under the Plan. The amount of such special allowance shall be calculated using as a “Total Monthly Benefit Rate for Determining Monthly Special Allowance”, the applicable amount under Article I, Section 9 in effect at the time they are the Transferred Employee is considered to break Eligibility Credited Service, multiplied by the ratio of the Transferred Employee’s Benefit Amount Credited Service to the sum of the Benefit Amount Credited Service and the credited service under the Purchaser’s Hourly-Rate Pension Plan.