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. 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 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 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. An 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 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. An Any employee whose services are terminated on or after January 1, 1988 shall receive written notice of their entitlements under entitlementsunder the Agreement agreement and the options available to them within 30 days of their termination of service sen- ice or within 30 days of the Company's ’s notification of their termination of service, whichever is later.