Common use of Early Retirement Allowance Clause in Contracts

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. 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 Retirement 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. 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. 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 Retirement 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.ten