Common use of Deferred Vested Pension Clause in Contracts

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. Any employee whose services are terminated prior to their normal retirement retire- ment 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 Agreementagreement, 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 deferredvested pension calculated cal- culated in accordance with accordancewith Article 5.01 of this Agreementagreement, 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 Company not earlier than sixty days prior to the commencement com- mencement 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 : to the pension fund of or another pension plan, providing provid- ing the administrator of the other pension plan agrees to accept the payment; (ii) ; Into the employee's ’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) or To a Canadian Life Insurance Company for the purchase pur- chase 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 Any employee whose services are terminated on or after January 1, shall receive written notice of their entitlementsunder the agreement and the options available to them within days of their termination of sen- ice or within days of the Company’s notification of their termination of service, whichever is later.

Deferred Vested Pension. Any employee whose services are terminated prior to their normal retirement date and who has 10 2 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 Agreementagreement, 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 Agreementagreement, 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 Company 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 to the pension fund of or another pension plan, providing the administrator of the other pension plan agrees to accept the payment; (ii) Into the employee's ’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. Any employee whose services are terminated on or after January 1, 1988 shall receive written notice of their entitlements under the Agreement agreement and the options available to them within 30 days of their termination of service or within 30 days of the Company's ’s notification of their An employee whose services are terminated on or after January 1, termination of service, whichever is later.

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. An employee whose services are terminated on or after January 1, 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. Any a) Notwithstanding any other provisions of the Plan, any employee whose services are employment shall be terminated on or after July 1, 1968, and; who shall not be eligible for or receiving any other type of retirement benefit under the Plan based (in whole or part) on service prior to their normal retirement the date and who of such termination, shall i) if he has 10 completed ten or more years of continuous creditable service at the date of termination of employment shall be entitled to receive a deferred vested pension calculated in accordance with Article 5.01 benefit relative to service prior to January 1, 1987, and ii) if he has been a member of this Agreementthe Plan for a continuous period of at least 24 months during which he accrued creditable service, as in effect on the last day of active employment, and payable from their normal retirement date. Any employee whose services are terminated receive a deferred vested pension benefit relative to service 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, 19861987, and payable relative to any increases in benefit which result 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 Plan amendments 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 1987. Such deferred vested pension benefit to be paid out as provided in Section 5.05 of the Plan. b) An Employee who on termination of Employment is entitled to a deferred retirement benefit under this section may elect and direct that the Commuted Value of the deferred retirement pension be paid: i) to the pension fund in a lump sum: (i) To the pension fund of related to another pension plan, providing plan if 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 payment and agrees to administer the these funds in accordance with the requirements provisions of the Pension Benefits Act, 1987; or (ii) into a retirement savings arrangement prescribed for such purposes by the Act, or iii) To a Canadian Life Insurance Company for the purchase of a life annuity, such life annuity that will not commence before the earliest date on which the Employee would have been entitled to commence more than 10 years before their normal retirement date. 1988 shall receive written notice of their entitlements a pension under the Agreement and the options available Plan. c) i) Application for a deferred vested pension benefit based on service prior 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 service1965 must be made to the Board by an applicant otherwise eligible therefor during his lifetime but not earlier than 90 days prior to the date on which he elects to have his benefit commence under Section 5.05, whichever is laterand not later than his 69th birthday; otherwise no such Deferred Vested Pension benefit shall be payable to him at any time.

Deferred Vested Pension. Any employee whose services are terminated prior An Employee who is eligible for a deferred vested pension pursuant to their normal retirement date and who has 10 or more years Paragraph 4 of continuous service at the date of termination of employment Article IV shall be entitled to a deferred vested monthly 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 equal to their normal retirement date and who has 2 or more (a) $60.00 multiplied by his years of credited service but less if the date his employment with the Employer terminated was on or after the Effective Date reduced by (b) the age 65 annuity equivalent of the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee terminates employment. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee terminates employment shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including a hardship withdrawal pursuant to Section 6.7 of the Savings Plan, a withdrawal from such Account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of any such withdrawal through the date the Employee terminates employment at the rate of 7.75% per annum compounded monthly. The age 65 annuity equivalent of the Employee's Additional Employer Contribution Account under the Savings Plan shall be the amount in such Account as of the date the Employee terminates employment (determined as described in the preceding sentence), increased with interest at the rate of 7.75% per annum compounded monthly from such date until the date the Employee would turn age 65, and then converted to an annuity payable as a single life and five-year certain annuity to the Employee commencing as of the date the Employee would turn age 65 using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service. The Employee's years of credited service shall be determined as of the date his employment with the Employer terminated. Such pension shall be subject to the provisions of Paragraph 5 of this Article V, and shall commence in the month following that in which application is made; provided, however, (i) no such application may be filed earlier than 60 days prior to such former Employee's 55th birthday, (ii) such pension may not commence earlier than the month following that month in which the Employee attains age 55 nor later than the January 1st after the October 31st next following the Employee's attainment of age 65 and (iii) notwithstanding the foregoing, the deferred vested pension of an Employee who has fewer than 10 years of continuous credited service at may commence no earlier than the date first day of the month following the Employee's attainment of age 65. Notwithstanding the preceding provisions of this Paragraph, effective on and after August 17, 2017, if the actuarial equivalent present value of the Employee’s deferred vested pension (determined as of the first day of the month following his termination of employment shall be entitled to with the Controlled Group) is $250,000 or less, such Employee may elect that his deferred vested pension calculated in accordance with Article 5.01 of this Agreement, as in effect commence on the last first day of active any month after his employment terminates and on or before the first day of the month immediately following the month that includes the six-month anniversary of his termination of employment, reduced by their accrued pension benefit as at December 31, 1986, and payable from their normal retirement date. A person entitled to The amount of a deferred vested pension benefit shall make written application be actuarially reduced if such pension commences earlier than the month following the former Employee's attainment of age 65. If the provisions of Paragraph 8(a) of this Article V are not applicable to a pension payable pursuant to this Paragraph 4, the last installment of such pension shall be payable for the month of the former Employee's death, provided, however, that if fewer than sixty (60) monthly payments shall then have been made to the committee not earlier than sixty days prior former Employee the balance of such 60 monthly payments shall be made 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 employeeformer 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 laterdesignated beneficiary.

Deferred Vested Pension. Any employee whose services are terminated prior An Employee who is eligible for a deferred vested pension pursuant to their normal retirement date and who has 10 or more years Paragraph 4 of continuous service at the date of termination of employment Article IV shall be entitled to a deferred vested monthly 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 equal to their normal retirement date and who has 2 or more (a) $58.00 multiplied by his years of credited service but less than 10 years if the date his employment with the Employer terminated was on or after the Effective Date reduced by (b) the age 65 annuity equivalent of continuous service at the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee terminates employment. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee terminates employment shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including a hardship withdrawal pursuant to Section 6.7 of the Savings Plan, a withdrawal from such Account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of termination any such withdrawal through the date the Employee terminates employment at the rate of employment 7.75% per annum compounded monthly. The age 65 annuity equivalent of the Employee's Additional Employer Contribution Account under the Savings Plan shall be entitled the amount in such Account as of the date the Employee terminates employment (determined as described in the preceding sentence), increased with interest at the rate of 7.75% per annum compounded monthly from such date until the date the Employee would turn age 65, and then converted to deferred vested an annuity payable as a single life and five-year certain annuity to the Employee commencing as of the date the Employee would turn age 65 using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service. The Employee's years of credited service shall be determined as of the date his employment with the Employer terminated. Such pension calculated in accordance with Article 5.01 shall be subject to the provisions of Paragraph 5 of this Agreement, as in effect on the last day of active employment, reduced by their accrued pension benefit as at December 31, 1986Article V, and payable from their normal retirement date. A person entitled to a deferred vested pension benefit shall make written commence in the month following that in which application to the committee not is made; provided, however, (i) no such application may be filed earlier than sixty 60 days prior to the commencement of such pension. Upon application made later than normal retirement dateformer Employee's 55th birthday, 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 such pension may not commence earlier than the employeemonth following that month in which the Employee attains age 55 nor later than the January 1st after the October 31st next following the Employee's registered retirement savings plan (RRSP), providing the institution receiving the funds agrees to administer the funds in accordance with the requirements attainment 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.age 65 and