Impact of Pension Plan Provisions. An employee whose job is discontinued because of the permanent closing of the plant shall not be eligible for severance pay if (i) he is, or will within the 2 years next following his last day worked be, eligible for an immediate unreduced pension under the Pension Plan, or (ii) within the 2 years next following his last day worked but not earlier than 120 days next following the date of the plant closing or next following his last day worked, if later, he will first become eligible under the Pension Plan for a deferred vested retirement pension (upon making application therefor as specified in the Pension Plan). If such an employee dies without having retired, or without having commenced receipt of his deferred vested retirement benefits, as the case may be, then there shall be paid to his estate an amount equal to (i) the amount of the severance payment he could have elected to receive but for the next preceding sentence less (ii) the aggregate of all Supplemental Unemployment Benefit payments received by him following the date of plant closing.
Impact of Pension Plan Provisions. An employee whose job is because of the permanentclosing of the plant not be eligible for severance pay if he is, or will within the years next followinghislastday an immediate unreduced pension under the Pension Plan, or within the years next following his last day worked but not earlier than days next following the date of plant closing or next following his last day worked, if later, he will first become eligible under the Pension Plan for a deferred vested retirement (upon making application therefor as specified in the Pension Plan). If an employee dies without having or without having commenced receipt of his deferred vested retirement benefits, as the may be, then there be paid to his personal an amount equal to the amount of the severance payment he could have elected to receive but for the next preceding sentence less the aggregate of all Supplemental Unemployment Benefit payments received by following the date of plant closing.
