Common use of EARLY RETIREMENT BRIDGE BENEFIT Clause in Contracts

EARLY RETIREMENT BRIDGE BENEFIT. OUTSIDE THE PENSION PLAN – CUPE 3261 Available to members who retire with an Unreduced Early Retirement Pension under the 60/80 provision of the Plan Effective for retirements on or after December 31, 2017 up to and including March 31, 2020. Member can elect, prior to retirement, to take the Bridge Benefit in the form of: - A monthly payment on the 28th of each month from date of Early Retirement up to and including the month prior to the member's 65th birthday; OR - A lump sum retiring allowance at the date of early retirement, tax sheltered to the extent possible under the provisions of the Income Tax Act

EARLY RETIREMENT BRIDGE BENEFIT. OUTSIDE THE PENSION PLAN – CUPE 3261 Available to members who retire with an Unreduced Early Retirement Pension under the 60/80 provision of the Plan Effective for retirements on or after December 31, 2017 2020 up to and including March 31April 30, 20202021. Member can elect, prior to retirement, to take the Bridge Benefit in the form of: - A monthly payment on the 28th of each month from date of Early Retirement up to and including the month prior to the member's 65th birthday; OR - A lump sum retiring allowance at the date of early retirement, tax sheltered to the extent possible under the provisions of the Income Tax Act