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:
Appears in 6 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
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 they are eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive:
1. An allowance of $60. 60.00 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 they 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:
Appears in 2 contracts
Samples: Collective Agreement, Collective Agreement
