Common use of Early retirement with retirement allowance Clause in Contracts

Early retirement with retirement allowance. In addition to her/his early retirement pension, a permanent employee who has completed fifteen (15) years of service and who is at least fifty-five (55) years old, is eligible to receive a lump sum, calculated as a percentage of her/his annual base salary in effect on the day preceding her/his date of retirement. The amounts are determined as follows: AGE AT THE TIME OF RETIREMENT PERCENTAGE OF ANNUAL BASE SALARY 55 to 60 inclusive 100% 61 80% 62 60% 63 40% 64 20%

Early retirement with retirement allowance. In Effective June 1, 2008, in addition to her/his early retirement pension, a permanent employee who has completed fifteen (15) years of service and who is at least fifty-five (55) years old, is eligible to receive a lump sum, sum calculated as a percentage of according to her/his annual base salary in effect on the day preceding her/his date of age at early retirement. The amounts are amount is determined as follows: AGE AT THE TIME OF RETIREMENT PERCENTAGE OF ANNUAL BASE SALARY 55 to 60 inclusive 100% 61 80% 62 60% 63 40% 64 20%