Common use of Early Retirement Reduction Clause in Contracts

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.

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. Employees aged 55 and over as of January 1, 2019, will not be eligible to take the commuted value of their pension under the defined benefit provision of the Plan.