Common use of Early Retirement - Without Discount Clause in Contracts

Early Retirement - Without Discount. 1. Effective January 1, 1981 employees with the following age/service combinations may retire early with no loss of accrued benefits: - Age 60 or over with 25 years' service. - Age 59 or over with 26 years' service. - Age 58 or over with 27 years' service. - Age 57 or over with 28 years' service. 2. Employees may retire without discount when their age and years of continuous service equals 82 or more. 3. Employees who do not qualify for an unreduced early retirement pension under 14.2.5(1.) or 14.2.5(2.) may retire without discount after completing 35 years of continuous service. 55 15 55 25 50 25 56 12 56 22 51 22 57 9 57 19 52 19 58 6 (0)* 58 16 53 16 59 3 (0)* 59 13 54 13 60 0 60 10 55 10 61 0 61 8 56 8 62 0 62 6 57 6 63 0 63 4 58 4 65 Normal Retirement 65 Normal Retirement 60-65 Normal Retirement

Early Retirement - Without Discount. 1. Effective January 1, 1981 employees with the following age/service combinations may retire early with no loss of accrued benefits: - Age 60 or over with 25 years' service. - Age 59 or over with 26 years' service. - Age 58 or over with 27 years' service. - Age 57 or over with 28 years' service. 2. Employees may retire without discount when their age and years of continuous service equals 82 or more. 3. Employees who do not qualify for an unreduced early retirement pension under 14.2.5(1.) or 14.2.5(2.) may retire without discount after completing 35 years of continuous service. 55 15 55 25 50 25 56 12 56 22 51 22 57 9 57 19 52 19 58 6 (0)* 58 16 53 16 59 3 (0)* 59 13 54 13 60 0 60 10 55 10 61 0 61 8 56 8 62 0 62 6 57 6 63 0 63 4 58 4 65 Normal Retirement 65 Normal Retirement 60-65 Normal RetirementRetirement The above factors apply to employees who do not otherwise qualify for undiscounted early retirement pension.

Early Retirement - Without Discount. 1. Effective January 1, 1981 employees with the following age/service combinations may retire early with no loss of accrued benefits: - Age 60 or over with 25 years' service. - Age 59 or over with 26 years' service. - Age 58 or over with 27 years' service. - Age 57 or over with 28 years' service. 2. Employees may retire without discount when their age and years of continuous service equals 82 or more. 3. Employees who do not qualify for an unreduced early retirement pension under 14.2.5(1.) or 14.2.5(2.) may retire without discount after completing 35 years of continuous service. All employees with 25 or more years’ continuous service (except females hired prior to 1976) * effect. July 1, 2000 All employees with 15 or more but less than 25 years’ continuous service (except females hired prior to 1976) Female employees hired prior to 1976 with 15 or more years’ continuous service 55 15 55 25 50 25 56 12 56 22 51 22 57 9 57 19 52 19 58 6 (0)* 58 16 53 16 59 3 (0)* 59 13 54 13 60 0 60 10 55 10 61 0 61 8 56 8 62 0 62 6 57 6 63 0 63 4 58 4 65 Normal Retirement 65 Normal Retirement 60-65 Normal Retirement

Early Retirement - Without Discount. 1. Effective January 1, 1981 employees with the following age/service combinations may retire early with no loss of accrued benefits: - Age 60 or over with 25 years' service. - Age 59 or over with 26 years' service. - Age 58 or over with 27 years' service. - Age 57 or over with 28 years' service. 2. Employees may retire without discount when their age and years of continuous service equals 82 or more. 3. Employees who do not qualify for an unreduced early retirement pension under 14.2.5(114.2.4(1.) or 14.2.5(214.2.4(2.) may retire without discount after completing 35 years of continuous service. 55 15 55 25 50 25 56 12 56 22 51 22 57 9 57 19 52 19 58 6 (0)* 58 16 53 16 59 3 (0)* 59 13 54 13 60 0 60 10 55 10 61 0 61 8 56 8 62 0 62 6 57 6 63 0 63 4 58 4 65 Normal Retirement 65 Normal Retirement 60-65 Normal Retirement