Early Retirement Reduction Sample Clauses

Early Retirement Reduction. Factors - Annual Age 61 - 4% reduction in retirement benefit Age 60 - 8% reduction in retirement benefit Age 59 - 14% reduction in retirement benefit Age 58 - 20% reduction in retirement benefit Age 57 - 26% reduction in retirement benefit Age 56 - 32% reduction in retirement benefit Age 55 - 38% reduction in retirement benefit Early Retirement Reduction Factors - Monthly From age 60 to age 62 - 0.33% per month From age 55 to age 60 - 0.5% per month It is agreed that the retirement benefits provided by the Pension Plan for employees in the bargaining unit (including changes negotiated in this Collective Agreement) shall not be changed without the agreement of the Union during the operation of this Collective Agreement, except for changes which are necessary in order to comply with legislation or to protect the value of retired members’ benefits against inflation.
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Early Retirement Reduction. Factors - Annual Age 61 - 4% reduction in retirement benefit Age 60 - 8% reduction in retirement benefit Age 59 - 14% reduction in retirement benefit Age 58 - 20% reduction in retirement benefit Age 57 - 26% reduction in retirement benefit Age 56 - 32% reduction in retirement benefit Age 55 - 38% reduction in retirement benefit Early Retirement Reduction Factors - Monthly From age 60 to age 62- 0.33% per month From age 55 to age 60- 0.5% per month
Sample 1Sample 2
Early Retirement Reduction. Factor* x 0.85 ------------- Total All Service Early Retirement Benefit N/A N/A N/A $ 432.01 ANC Age 65 Benefit $ 77.00 Early Retirement Reduction Factor* x 0.85 ------------- ANC's Portion of Early Retirement Benefit N/A N/A N/A $ 65.45 Pechiney Plastics' Portion of Early Retirement Benefit N/A N/A N/A $ 366.56 * 3% early retirement reduction from age 62 if 30 years of service; otherwise, 3% reduction from age 65 ** Benefit Level at Separation Date is highest negotiated Benefit Level at Separation Date; assumed $0.50 increase in the Benefit Level per year thereafter 4 of 5 19 EXHIBIT D-5 AMERICAN NATIONAL CAN COMPANY BENEFIT ILLUSTRATIONS FOR TRANSFERRED HOURLY EMPLOYEES EXAMPLE FOR JOINT GCIU PLAN 067 AND JOINT UPIU PLAN 068 EXAMPLE 5 - TRANSFERRED HOURLY EMPLOYEE WHO TRANSFERS BETWEEN BENEFIT STRUCTURES BEFORE THE SEPARATION DATE FACTS A Transferred Hourly Employee works at a facility and accrues a $50 monthly pension benefit under Plan I (which may be the ANC Salaried Pension Plan or one of the ANC Hourly Pension Plans but for purposes of this example is the Joint GCIU Plan 067). Before the Separation Date, the Transferred Hourly Employee transfers to a different facility and accrues an additional $100 monthly pension benefit in one of the ANC Hourly Pension Plans, i.e., the Joint UPIU Plan 068, and the Transferred Hourly Employee is not eligible for an early retirement benefit on the Separation Date. Assume that after the Separation Date the Transferred Hourly Employee accrues an additional monthly pension benefit under the Pechiney Plastics mirror-offset plan (for the Joint UPIU benefit structure) of $200 and retires at age 55 with 15 years of combined ANC and Pechiney Plastics service. (He has "grown in" to an early retirement benefit). The Pechiney Plastics mirror-offset benefit is ONLY based on the $100 "ANC" accrued monthly pension benefit under the Joint UPIU Plan 068. NOTE: the $50 accrued monthly pension benefit under the Plan I - ANC Joint GCIU Plan 067 is ignored for mirror-offset purposes. The Transferred Hourly Employee is also eligible for a terminated vested benefit with respect to the $50 accrued monthly pension benefit (under the Plan I - ANC GCIU Plan 067). Therefore, the Plan I - ANC Joint GCIU Plan 067 will be amended to recognize service with Pechiney Plastics after the Separation Date (for vesting and benefit eligibility purposes) so that in the example the Transferred Hourly Employee is eligible for an early retirement benefit wi...
Sample 1
Early Retirement Reduction. Retirement Retirement At Age Benefit Percent Normal 64 95% 63 90% 62 85% 61 80% 60 75% 59 70% 58 65% 57 60% 56 55% 55 50% Section 2 - Xxxxxx Permanente 401(k) Plan All Genetic Counselors and Genetic Counselor Coordinators are eligible to participate in the Xxxxxx Permanente 401(k) Plan on date of hire. Genetic Counselors and Genetic Counselor Coordinators may contribute to the Plan on a pre-tax basis and have a variety of investment options.
Sample 1

Related to Early Retirement Reduction

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • Early Retirement Age Early Retirement Age is the later of: (i) the date a Participant attains age ; (ii) the date a Participant reaches his/her anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan; or (iii) the date a Participant completes Years of Service. [Note: The Employer should leave blank any of clauses (i), (ii), and (iii) which are not applicable.] "Years of Service" under this Election 30 means (Choose one of (1) or (2) as applicable):

  • Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

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