For Pensionable Service prior to 2016 Sample Clauses

For Pensionable Service prior to 2016. A Member, who is not a Deferred Member, who retires in accordance with Subsection 7.2(1) and whose age on the date the Member’s pension commences when added to the Member’s Service on that date totals 80 or more years, or who retires in accordance with Subsection 7.2(2) and who has 35 years of Service, is entitled to receive in respect of their Pensionable Service prior to 2016 an immediate lifetime pension and an immediate bridge benefit calculated in accordance with Sections 8.1 and 8.2 and payable in accordance with Section 10.1.
Sample 1
AutoNDA by SimpleDocs
For Pensionable Service prior to 2016. A Member, who is not a Deferred Member, who retires in accordance with Subsection 7.2(1) but whose age on the date the Member’s pension commences when added to the Member’s Service on that date does not total 80 or more years and who has less than 35 years of Service is entitled to receive in respect of their Pensionable Service prior to 2016 an immediate lifetime pension calculated in accordance with Section 8.1 and payable in accordance with Section 10.1. Such immediate pension must be reduced so that it is Actuarial Equivalent in value to the unreduced lifetime pension that would commence on the earlier of i) the date the Member’s age and Service, assuming no service grow-in, will total 80, and ii) the Member’s Normal Retirement Date. The early retirement reduction must not be less than 0.25% for each month applicable.
Sample 1

Related to For Pensionable Service prior to 2016

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.05(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long-term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or via the Government Employees Compensation Act prevents the employee from receiving Employment Insurance or Québec Parental Insurance Plan benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.05(a), other than those specified in sections (A) and (B) of subparagraph 17.05(a)(iii), shall be paid, in respect of each week of benefits under the parental allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of the employee's rate of pay and the gross amount of his or her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.05 for a combined period of no more than the number of weeks during which the employee would have been eligible for parental, paternity or adoption benefits under the Employment Insurance or Québec Parental Insurance Plan, had the employee not been disqualified from Employment Insurance or Québec Parental Insurance Plan benefits for the reasons described in subparagraph (a)(i).

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Service Pay ‌ All regular employees shall be granted service pay in the amount of ten cents (10c/ ) per calendar day for each five (5) years of continuous service completed. After the first five (5) years of service, ten cents (10c/ ); after five (5) further years of service, an additional ten cents (10c/ ); and a like increase for each additional five (5) years of service completed.

  • Vacation Earnings for Partial Years (1) During the first partial year of service a new employee will earn vacation at the rate of three and two-thirds (32/3) days for each month for which the employee earns ten (10) days pay. (2) Subject to Clause 17.8, any unused vacation earned during the first (1st) partial year will be paid to the employee at December 31st of that year. (b) During the first (1st) and subsequent vacation years an employee will earn one-twelfth (1/12) of the annual entitlement for each month in which the employee has received at least ten (10) days' pay at straight-time rates. Where an employee has taken more vacation than earned, the unearned portion taken shall be charged against future earned credits or recovered upon termination whichever occurs first.

  • Effect on Other Bank Benefit Plans Nothing contained in this Executive Plan shall affect the right of the Executive to participate in or be covered by any qualified or non-qualified pension, profit-sharing, group, bonus or other supplemental compensation or fringe benefit plan constituting a part of the Bank's existing or future compensation structure.

  • End of Fiscal Years; Fiscal Quarters The Borrower will cause (i) each of its fiscal years to end on December 31 of each year and (ii) its fiscal quarters to end on March 31, June 30, September 30 and December 31, respectively, of each year.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Reinstatement of Vacation Days - Sick Leave In the event an employee is sick or injured prior to the commencement of his/her vacation, such employee shall be granted sick leave and the vacation period so displaced shall be added to the vacation period if requested by the employee and by mutual agreement, or shall be reinstated for use at a later date.

  • ACCOUNTS SUBJECT TO ERISA The ERISA Rider is applicable to all Customers Under Section II of this Schedule A.

  • Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!