Early Retirement Allowance. An employee whose position is abolished by a change made under the provisions of paragraph 22.1 of this article or who is displaced by a senior employee, such displacement being brought about directly by and at the time of implementation of such change will, if he is eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive:

Early Retirement Allowance. An employee whose position is abolished by a change made under the provisions of Section 1(a) of this Article or who is displaced by a senior employee, such displacement being brought about directly by and at the time of implementation of such change will, if he/she is eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive: 1. An allowance of $60. per month commencing in the month immediately following the last month in which the employee received wages and continuing each month until the date at which he/she would have been eligible for the pension without a cutback. The maximum period for which the employee will be eligible for the allowance is 5 years; 2. A lump sum payment calculated as follows:

Early Retirement Allowance. An employee who is working in a group, at a location, which is being adversely affected by a technological, operational or organizational change will, provided he is 55 years of age or older and the total of his age and allowable pensionable service equals 85 or more and elects to receive an early retirement pension, be entitled to receive a monthly separation allowance until the age of 65 which, when added to his company pension, will give him an amount equal to a percentage of his average annual earnings over his best five-year period, as defined under the Company's pension rules, in accordance with the following formula provided this would prevent another employee in his group at that location with two or more years of service from being laid off: Years of Service at Time Employee Elects Percentage Amount Retirement As Defined Above 35 & over 80 34 78 33 76 32 74 31 72 30 70 29 68 28 66 27 64 26 62 25 or less 60 An employee entitled to the separation allowance herein above set out may elect to receive in its stead a lump sum payment equal to the present value of his monthly separation payments calculated on the basis of a discount rate of ten (10) percent per annum. An employee who elects benefits under Article 5.10 will not be entitled to any other benefits provided elsewhere in this Agreement. The early retirement allowance will cease upon the death of the employee.

Early Retirement Allowance. (2010) Effective January 1st, 2007 and every year thereafter, an early retirement allowance based on a fifteen (15) hours per year of service will be introduced and applicable for employees who, during the current year will reach the age of sixty (60) and have achieved twenty (20) years of continuous service. Said early retirement shall be capped at five thousand dollars ($5,000.00). To be eligible an employee who will reach the age of sixty (60) in the year, will have to notify, in writing, the Company no later than thirty (30) calendar days prior to his/her intention to retire. Payment of said early retirement allowance shall be made with the first pay period immediately following the last day of work.

Early Retirement Allowance. A locomotive engineer whose position is abolished by a change made under the provisions of Article 22.1, or who is displaced by a senior employee, such displacement being brought about directly by and at the time of implementation of such change will, if they are eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive:

Early Retirement Allowance. An employee whose position is abolished by a change made under the provisions of Section 1 (a) of this Article and who is: (a) sixty (60) years of age or over, and (b) eligible for early retirement under the rules of the Railway’s Pension Plan, will, if he elects early retirement, be entitled to receive:

Early Retirement Allowance. An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two (2) weeks' salary for each year of service, to a maximum ceiling of fifty-two (52) weeks' salary.

Early Retirement Allowance. An employee whose position is abolished by a change made under the provisions of Article 53.1 or who is displaced by a senior employee, such displacement being brought about directly by and at the time or implementation of such change will, if he/she is eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive: (a) An allowance of $60. per month commencing in the month immediately following the last month in which the employee received wages and continuing each month until the date at which he/she would have been eligible for the pension without a cutback. The maximum period for which the employee will be eligible for the allowance is 5 years; (b) a lump sum payment calculated as follows: Lump sum equivalent of the total value of monthly allowances he/she could have received Age Retirement under this provision 55 75% up to 60 months entitlement 56 80% up to 48 months entitlement 57 85% up to 36 months entitlement 58 90% up to 24 months entitlement 59 95% up to 12 months entitlement An employee who elects benefits under this Article 53.3 will not be entitled to any other benefits provided elsewhere in this Article. The early retirement allowance will cease upon the death of the employee.

Early Retirement Allowance. This allowance will be calculated and paid to the employee as a lump sum as follows: One week’s pay (regular base rate) is given for each year of completed service to the Company up to a maximum of five (5) weeks.

Early Retirement Allowance Sample Clauses

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