Deferred Vested Pension. Any employee whose services are terminated prior to their normal retirement date and who has 10 or more years of continuous service at the date of termination of employment shall be entitled to a deferred vested pension calculated in accordance with Article 5.01 of this Agreement, as in effect on the last day of active employment, and payable from their normal retirement date. Any employee whose services are terminated on or after January 1, 1988 and prior to their normal retirement date and who has 2 or more years of credited service but less than 10 years of continuous service at the date of termination of employment shall be entitled to deferred vested pension calculated in accordance with Article 5.01 of this Agreement, as in effect on the last day of active employment, reduced by their accrued pension benefit as at December 31, 1986, and payable from their normal retirement date. A person entitled to a deferred vested pension benefit shall make written application to the committee not earlier than sixty days prior to the commencement of such pension. Upon application made later than normal retirement date, retroactive payments will be made for the elapsed months after normal retirement date. An employee whose services are terminated on or after January 1, 1988 and who is not entitled to the immediate payment of a pension benefit shall have the right to elect that, in lieu of their deferred vested pension, an amount equal to the commuted value of their deferred vested pension be paid out of the pension fund in a lump sum:
(i) To the pension fund of another pension plan, providing the administrator of the other pension plan agrees to accept the payment;
(ii) Into the employee's registered retirement savings plan (RRSP), providing the institution receiving the funds agrees to administer the funds in accordance with the requirements of the Pension Benefits Act, 1987; or
(iii) To a Canadian Life Insurance Company for the purchase of a life annuity, such life annuity not to commence more than 10 years before their normal retirement date. 1988 shall receive written notice of their entitlements under the Agreement and the options available to them within 30 days of their termination of service or within 30 days of the Company's notification of their An employee whose services are terminated on or after January 1, termination of service, whichever is later.
Deferred Vested Pension. An employee with 5 or more years of service who leaves the employ of MTA shall be eligible for a deferred vested pension benefit accrued to the date of termination and paid monthly beginning at age 65. No other retirement benefits apply. For employee newly hired by the MTA on or after May 18, 2013, eligibility for a deferred vested pension is seven (7) or more years of service. For employees newly hired by the MTA on or after July 1, 2016, eligibility for a deferred vested pension is
Deferred Vested Pension. Any participant not eligible to receive a pension under any other provision of this Section 2 whose continuous service is broken on or after the effective date for any reason and who, at the time of such break in continuous service, shall have had at least 5 years of continuous service, shall be eligible for a pension (hereinafter “deferred vested pension”), subject to the provisions relating to application set forth in paragraph 3.6(c) and commencement of pension set forth in paragraph 3.7(d).
Deferred Vested Pension. An Employee whose employment with the Controlled Group is terminated on or after the Effective Date shall be eligible for a deferred vested pension as provided in Paragraph 4 of Article V, if such Employee, at the time of such termination of employment, (a) shall have had at least 5 years of credited service prior to such termination, (b) shall not have attained his normal retirement age, and (c) shall not be eligible for any other pension. However, if an Employee is eligible for and elects, with spousal consent, to receive a special distribution pursuant to Paragraph 11(b) or Paragraph 13 of Article VII or if he receives a distribution pursuant to Paragraph 14 of Article VII, he shall not be eligible for that deferred vested pension upon which such distribution is determined. An Employee whose employment is terminated and who is entitled to a deferred vested pension based upon information then on file with the Employer, will be notified of his eligibility for such deferred vested pension at the time he is interviewed following termination.
Deferred Vested Pension. Retirement of & Crediting Service for Certain Employees as if They had been Recalled & Rehired .........................................................................................................
Deferred Vested Pension. Deductions.......................................................................................................................
Deferred Vested Pension. An employee who no longer works for the Company and fulfills the requirements of the vesting provision will receive a Deferred monthly Pension commencing as of the ex-employee’s normal retirement date (age 65) or early retirement date (subject to a reduction of one-half of one percent for each full month below age 65) equal to his years of credited service, times the monthly pension unit in effect at his date of termination. Vesting requirements are: For benefits accrued prior to January 1, 1987, ten (10) or more years of credited service is required. For benefits accrued after January 1, 1987, two (2) or more years of credited service is required. The Company and the Union have entered into a Pension Agreement which will continue at least until March 15, 2008. Such Pension Agreement will become part of this Collective Agreement as if set out fully herein. 1. Skilled trades will include all employees who are, at date of signing this Agreement, in Classification 6 as listed in Appendix “A” and these employees will be covered by both the applicable sections of the General Agreement and Appendix “C”, as described herein and where there is a conflict of meaning between the General Agreement and Appendix “C”, then the meaning as described by Appendix “C” shall be used. All hiring in the Skilled Trades shall be limited to journeymen in the respective trade. A Journeyman shall mean:
Deferred Vested Pension. “A” ELIGIBILITY
Deferred Vested Pension. Notwithstanding any other provisions of the Plan, any employee who shall incur a break in his seniority on or
(i) who then shall have 10 or more years of creditable
Deferred Vested Pension. Any employee whose services are terminated prior to their normal retirement date and who has or more years of continuous service at the date of termination of employment shall be entitled to a deferred vested pension calculated in accordance with Article of this agreement, as in effect on the last day of active employment, and payable from their normal retirement date. Any employee whose services are terminated on or after January and prior to their normal retirement date and who has or more years of credited service but less than years of continuous service at the date of termination of employment shall be entitled to deferred vested pension calculated in accordance with Article of this agreement, as in effect on the last day of active employment, reduced by their accrued pension benefit as at December and payable from their normal retirement
