IF YOU LEAVE THE COMPANY Sample Clauses

IF YOU LEAVE THE COMPANY. If your service is terminated (other than retirement or death) you will be entitled to a monthly pension at age 65 equal to the amount of pension that can be provided by your own contributions, if any, and the “vested” portion of the pension provided by the Company’s contributions made on your behalf. The right to a deferred pension paid for by the Company is ”vested” in the employee on a graduated scale basis as shown in the following table: Completed Years of Service Vested Percentage Under 5 years Nil 5 years 50% 6 years 60% 7 years 70% 8 years 80% 9 years 90% 10 or more 100% Vesting as set out above automatically applies with respect to the non-contributory part of the Plan, except for benefits earned after 1986 that are “vested” after 2 years of credited service. The above graduated scale also extends to benefits provided by Company contributions under the contributory part of the Plan but only if you leave your contributions in the Plan. When you terminate service you may elect to withdraw your contributions from the Plan plus interest to your date of termination in which case you forfeit any pension under the contributory part of the Plan. Any such withdrawals, however, are restricted by government legislation. When any contributions are “locked-in” by law, you will receive at age 65 any pension in respect of such contributions including 100% vesting. You may, of course, elect to withdraw those contributions made prior to the lock-in date and forfeit any contributory pension to your credit for service to the lock-in date.
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IF YOU LEAVE THE COMPANY. If you have at least two (2) years of Credited Service or five (5) years of Service when you leave the Company, you will be entitled to a Basic Pension and Lifetime Supplement payable at your normal retirement date calculated as shown in the Normal Retirement Pension section using your Credited Service at the date of your termination and determining the total minimum pension amount using your termination date. You may elect to have the value of the deferred pension transferred to another registered pension plan or to a personal RRSP provided you make the election within thirty (30) days of the time you receive your statement of termination benefits and provided that the recipient agrees to treat the funds as a deferred life annuity. That means, if you elect the transfer, you may not receive the benefit as a lump sum later; the funds must be used to provide you with a lifetime annuity. If you elect to leave your deferred pension in this Plan, you may receive your pension at any time after age 55. The monthly amount of the pension will be actuarially reduced to account for payment before your normal retirement date. If you elect to leave your deferred pension in this Plan and later die before pension payments have started, your Spouse will receive a lifetime pension based on the Commuted Value of your Basic Pension for Service after January 1, 1985. In lieu of this pension, your Spouse may elect to transfer the value of this pension to another registered pension plan or a restricted registered retirement saving plan (RRSP) to provide retirement income at a later date. Your Spouse must make election to transfer within thirty (30) days of the date they receive the statement of benefit entitlement from the Plan. If you have no Spouse, the value of this pension will be paid in a lump sum to your beneficiary or estate.
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IF YOU LEAVE THE COMPANY. If your employment with the Company terminates prior to retirement, coverage under the Group Life and Acciden- tal Death Dismemberment Plans cease immediately. You can, however, convert your coverage under the Group Life Insurance Plan within days after leaving to an individual policy without taking a medical examination. Your premium for the personal policy will be based on the type of policy, the rates in effect and your age, at the time you make the conversion. If your death should occur within that day period (while you were making your decision to convert), the full benefit will be paid to your beneficiary as if you were still an active employee. At Retirement When you retire, the Company provides Life Insurance coverage equal to the greatest of immediately prior to retirement. This coverage continues for the balance of your life. *Increases to on January I, Please Note If you have any questions on any of this material. please don’t hesitate to contact your Store While the Company expects to continue this Plan indefinitely, future While every effort has been made to give accurate information, this Brochure does not purport to fully your benefit Plans. It is designed as a guide to assist you in understanding your benefits. Should any questions arise, the legal Plan Documents will govern in all cases. LETTERS OF UNDERSTANDING January Xxxxxx Xxxxxxx Canadian Director Suite Retail, Wholesale and Department Store Union Drive Xxx Xxxxx, Ontario Dear Sirs: This will confirm the intent and of the agree- ment between Foods Inc. and the Retail, Whole- sale and Department Store Union, Local as set out in the Minutes of Settlement effective February and specifically paragraph thereof. It is recognized that following January Foods Inc. may own and operate, on an interim basis, a store which was previously franchised while it seeks a new franchisee for that store. Following January Foods Inc. will be a single employer for all stores it owns and operates. However, for those stores which it owns and operates on an interim basis and subsequently franchises to a xxxx- chisee, the franchisee and Foods Inc. shall not be a single employer and the franchisee shall be party to an individual collective agreement with the Union and shall have the right to bargain individual for its renewals. Yours very truly, Andy Vice President, Administration Central Canada Grocers Inc. Ab Player Retail, Wholesale and Department Store Union Local May Suite Drive Xxx Xxxxx, Ontario AND Xxxxx...
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IF YOU LEAVE THE COMPANY. If your service is terminated on or after January 1, 1996 (other than by retirement or death) and if you have completed at least two (2) years of credited service with the Company, you will be entitled to a deferred monthly pension at age 65 equal to the accrued basic pension and lifetime supplement to your credit. Instead of this deferred pension entitlement you may elect to transfer the commuted value of your pension to your Registered Retirement Savings Plan. Any amount so transferred may be subject to Provincial Locking-In Requirements. If you were a member of the Plan before January 1, 1974, when your service is terminated you may either,
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IF YOU LEAVE THE COMPANY. If your service is terminated on or after January 1, 2023 (other than by retirement or death), you will be entitled to a deferred monthly pension at age 65 equal to the accrued basic pension and lifetime supplement to your credit. Instead of this deferred pension entitlement you may elect to transfer the commuted value of your pension to your Registered Retirement Savings Plan. Any amount so transferred may be subject to Provincial Locking-In Requirements. If you were a member of the Plan before January 1, 1974, when your service is terminated you may either,
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IF YOU LEAVE THE COMPANY. If you leave the Companies for any reason other than total disability or retirement, coverage under the Basic Plan will end on your termination date. If you are laid off, take a company approved leave of absence, or are temporarily disabled, your coverage will continue. You have the option of converting to an individual policy within 31 days after your coverage ends.
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IF YOU LEAVE THE COMPANY. If your employment with the Company terminates prior to retirement, coverage under the Group Life and Accidental Death Dismemberment Plans cease immediately. You can, however, convert your coverage under the Group Life Insurance Plan within days after leaving to an individual policy without taking a medical examination. Your premium for the personal policy will be based on the type of policy, the rates in effect and your age, at the time you make the conversion. If your death should occur within that day period (while you were making your decision to convert), the full benefit will be paid to your beneficiary as if you were still an active employee. At Retirement When you retire, the Company provides Life Insurance coverage equal to the greater of immediately prior to retirement. This coverage continues for the balance of your life.
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IF YOU LEAVE THE COMPANY. If your employment with the Company terminates, your coverage under the Short Term Plan, ceases immediately. Additional Facts The Short Term Plan does not cover any period that you are not under the care of a qualified physician. If you become disabled while on authorized leave of absence, benefits will begin on the day you were scheduled to return to work. The insurance company has the right to have a claimant medically examined at its own expense. SURVIVOR'S SECURITY INTRODUCTION Family protection is a concern of most people. To help provide protection for your family against the loss of your earnings if you were to die prior to retirement, the Benefit Programme provides important coverage: the Group Life Insurance Plan the main source of this protection. Also, if your death occurs as the result of an accident, your beneficiary could receive benefits from: I the Accidental Death and Dismemberment Plan and, Government Benefits could provide additional income.
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IF YOU LEAVE THE COMPANY. If your employment with the Company terminates, your coverage under the Short Term Plan, ceases immediately. Additional Facts The Short Term Plan does not cover any period that you are not under the care of a qualified physician. If you disabled while authorized leave of absence, benefits will begin on the day you were scheduled to return to work. The insurance company has the right to have a claimant medically examined at its expense.
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Related to IF YOU LEAVE THE COMPANY

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  • Long Term Disability (LTD 4.7.1 The school board shall cooperate in the administration of the LTD Plan. It is understood that administration means that the school board will co-operate with the enrolment and deduction of premiums and provide available necessary data to the insurer, upon request. The school board will remit premiums collected to the carrier on behalf of the teachers.

  • Long Term Disability The Employer agrees to provide Long Term Disability benefits for active full-time employees after fifty-two (52) weeks if an Employee is unable to perform any occupation (reasonably suited by means of training, education or experience). The Plan will provide for sixty-six and two thirds percent (66 2/3%) of an Employee's basic monthly earnings to a maximum of $1,500.00. Coverage would cease the date an Employee attains normal retirement age.

  • LEAVE AND LONG-TERM DISABILITY (Articles to are related to Sick Leave and Long-term Disability will be incorporated in all collective agreements:) The Hospital shall provide a short-term sick leave plan at least equivalent to that described in the Hospitals of Ontario Disability Income Plan brochure. Copies of the brochure will be made available to employees upon request. The Hospital will pay seventy-five percent (75%) of the billed premium towards coverage of eligible employees under the long term disability plan or equivalent); employees shall pay the balance of the billed premiums through payroll deduction. The Hospital further agrees to pay employees an amount equal to any loss of benefits under for the first two days of the fourth and subsequent period of absence in any calendar year. Effective April employees with or more years service will be paid at the benefit level for all incidences of absence covered by Any dispute which may arise concerning an employee's entitlement to term or long-term benefits under may be subject to grievance and arbitration under the provisions of this Agreement. An employee who is absent from work as a result of an illness or injury sustained at work and who has been awaiting approval of a claim for Worker's Compensation for a period longer than one complete pay period may apply to the Hospital for payment equivalent to the lesser of the benefit the employee would receive from Workers' Compensation if the employee's claim was approved, or the benefit to which the employee would be entitled under the short term sick portion of the disability income plan or equivalent plan). Payment will be provided only if the employee provides evidence of disability satisfactory to the Hospital and a written undertaking satisfactory to the Hospitalthat any paymentswill be refunded to the Hospital following final determination of the claim by The Workers' Compensation Board. If the claim for Workers' Compensation is not approved, the monies paid as an advance will be applied towards the benefits to which the employee would be entitled under the short term portion of the disability income plan. Any payment under this provisionwill continue for a maximum of fifteen (15) weeks. (The following clause will only appear in those collective agreements at hospitals where sick leave banks were established on the transfer to or equivalent:) Sick leave banks standing to the credit of an employee shall be utilized to supplement payment for sick leave days which would otherwise be paid at less than full wages, or for sick leave days at no wages. (Articles and will only appear in those collective agreements at hospitals which had sick leave credit pay out provisions in their collective agreements expiring December, Pay out of sick leave credits shall be made on termination of employment or, in the case of death, to the employee's estate. The amount of the payment shall be a cash settlement at the employee's then current salary rate for any unused sick credits to the maximum provided under the previous accumulating sick leave credit plan. Where an employee, employed as of the effective date of the transfer to or equivalent, did not have the required service to qualify for pay out on termination, he shall be entitled to the same pay out provisions as set out in Article above, providing he subsequently achieves the necessary service to qualify for pay out under those provisions. Where an employee, with accumulated sick leave credits remaining, is prevented from working for the Hospital because of an occupational illness or accident that is recognized by the Workers' Compensation Board as compensable within the meaning of the Workers' Compensation Act the Hospital, on application from the employee, will supplement the award made by the Workers' Compensation Board for loss of wages to the employee by such amount that the award of the Workers' Compensation Board for loss of wages, together with the supplementation of the Hospital, will equal one hundred percent (100%) of the employee's net earnings to the limit of the employee's accumulated sick leave credits. Employees may utilizesuch sick leave credits while awaiting approval of a claim for Workers' Compensation. (Note: The Hospital shall pay for such medical as it may require from time-to-time to certify an employee’s illness or ability to return to work. Any other related to Sick Leave and Long-Term Disability that existed in theexpiring Collective Agreementwill be continued and numbered in sequence as provisions of this Article, except such of an administrative nature related to this Article which will be continued in the Local Provisions Appendix.)

  • Leave When Employment Terminates 31.7.1 Except as provided in sub-clause 31.7.3, when the employment of an employee is terminated for any reason, the employee or his estate shall, in lieu of earned but unused vacation leave, be paid an amount equal to the product obtained by multiplying the number of days of earned but unused vacation leave by the daily rate of pay applicable to the employee immediately prior to the termination of his employment.

  • TEACHER EMPLOYMENT 8.1. The Board agrees to employ only those teachers who hold at least a bachelors degree from an accredited college or university and are certifiable by the New Hampshire State Department of Education. This provision shall not apply in the instance where the availability of personnel is critical and an appropriate waiver is granted by the New Hampshire State Department of Education.

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