Level of Benefits for Service before July 1, 2003 Sample Clauses

Level of Benefits for Service before July 1, 2003. A Pilot who retires or terminates above age 50 with the right to an immediate pension, on or after January 1, 2001, shall be entitled, in respect of his pensionable service before July 1, 2003 excluding service bought back, to a total pension from the Plan, calculated in accordance with the rules of the Registered Plan except for the following: The annual amount of maximum lifetime pension defined in the rules of the Registered Plan shall be equal to Maximum Pension Units (“MPUs”) multiplied by the Pilot’s years of pensionable service. The Maximum Pension Unit shall vary with the year of retirement and will be subject to meeting the Benchmarks defined in A17.01.03 as follows: Benchmark Year of retirement Maximum Pension Unit for years of pensionable service before January 1, 1990 Maximum Pension Unit for years of pensionable service from January 1, 1990 to December 31, 2000 Maximum Pension Unit for years of pensionable service from January 1, 2001 to July 1, 2003 2001 $2,444 $2,491 $3,505 2002 $2,542 $2,640 $3,645 2003 $2,644 $2,799 $3,791 2004 $2,750 $2,967 $3,942 2005 $2,860 $3,145 $4,100 2006 until 2016 $2,974 $3,334 $4,264 2017 Benchmark 2017 $3,048 $3,434 $4,349 2018 $3,124 $3,537 $4,436 2019 $3,202 $3,643 $4,525 2020 Benchmark 2020 $3,282 $3,752 $4,616 2021 $3,364 $3,865 $4,708 2022 $3,448 $3,981 $4,802 2023 Benchmark 2023 $3,534 $4,100 $4,898 2024 $3,622 $4,223 $4,996 The MPU increases set out in the table above as the 2017, 2020 and 2023 Benchmarks will only take effect on the same basis as those set out in A
Sample 1
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Level of Benefits for Service before July 1, 2003. A Pilot who retires or terminates above age 50 with the right to an immediate pension, on or after January 1, 2001, shall be entitled, in respect of his pensionable service before July 1, 2003 excluding service bought back, to a total pension from the Plan, calculated in accordance with the rules of the Registered Plan except for the following: 17.02.02.01 The annual amount of maximum lifetime pension defined under Section 5 of Article VI (“Maximum Pension Limitation”) in the rules of the Registered Plan shall be equal to Maximum Pension Units (“MPUs”) multiplied by the Pilot’s years of pensionable service. The Maximum Pension Unit shall vary with the year of retirement as follows: Year of retirement Maximum Pension Unit for years of pensionable service before January 1, 1990 Maximum Pension Unit for years of pensionable service from January 1, 1990 to December 31, 2000 Maximum Pension Unit for years of pensionable service from January 1, 2001 to July 1, 2003 2001 $2,444 $2,491 $3,505 2002 $2,542 $2,640 $3,645 2003 $2,644 $2,799 $3,791 2004 $2,750 $2,967 $3,942 2005 $2,860 $3,145 $4,100 17.02.02.02 The Maximum Pension Units referred to above shall be reduced upon early retirement by the early retirement reduction factors provided for under Section 2. of Article VI of the Registered Plan, provided however the resulting amount of maximum pension from the Plan shall not be less than the maximum pension calculated based on an MPU of $2,350 without applying such early retirement factors. 17.02.02.03 The provisions of Section 5. of Article VI of the Registered Plan shall be modified effective July 1, 2003 to provide that the maximum pension payable upon early retir ement as defined in the Registered Plan shall be reduced by ¼ of 1% for each complete month that the Pilot’s retirement date precedes age 60. 17.02.02.04 A retirement is defined as occurring after the completion of 25 years of qualifying service or after attainment of 80 points where points are defined as the sum of age and qualifying service. Qualifying service shall be defined as under the Air Canada Pension Plan – Pilots and includes service bought back under XXXX rules.
Sample 1
Level of Benefits for Service before July 1, 2003. A Pilot who retires or terminates above age 50 with the right to an immediate pension, on or after January 1, 2001, shall be entitled, in respect of his pensionable service before July 1, 2003 excluding service bought back, to a total pension from the Plan, calculated in accordance with the rules of the Registered Plan except for the following: 17.02.02.01 The annual amount of maximum lifetime pension defined in the rules of the Registered Plan shall be equal to Maximum Pension Units (“MPUs”) multiplied by the Pilot’s years of pensionable service. The Maximum Pension Unit shall vary with the year of retirement and will be subject to meeting the Benchmarks defined in Art 17.01.03 as follows: Benchmark Year of retirement Maximum Pension Unit for years of pensionable service before January 1, 1990 Maximum Pension Unit for years of pensionable service from January 1, 1990 to December 31, 2000 Maximum Pension Unit for years of pensionable service from January 1, 2001 to July 1, 2003 No Benchmark 2001 $2,444 $2,491 $3,505 The MPU increases set out in the table above as the 2017, 2020 and 2023 Benchmarks will only take effect on the same basis as those set out in
Sample 1

Related to Level of Benefits for Service before July 1, 2003

  • Cessation of Benefits An employee shall cease to be eligible for benefits of this Plan at the earliest of the following dates: (a) at the end of the month in which the employee reaches his/her sixty-fifth (65th) birthday; (b) on the date of commencement of paid absence prior to retirement; (c) on the date of termination of employment with the Employer. Benefits will not be paid when an employee is serving a prison sentence. Cessation of active employment as a regular employee shall be considered termination of employment except when an employee is on authorized leave of absence with or without pay.

  • Denial of Benefits Subject to prior notification and consultation, a Party may deny the benefits of this Chapter to: (a) investors of the other Party where the investment is being made by a enterprise that is owned or controlled by persons of a third State and the enterprise has no substantive business activities in the territory of the other Party; or (b) investors of the other Party where the investment is being made by a enterprise that is owned or controlled by persons of the denying Party.

  • Application for Benefits Requests for short-term leaves shall be in writing, upon the appropriate form prescribed and provided by the District, and shall be filed with the unit member's supervisor and the appropriate manager five (5) days in advance of the intended leave (except in emergency situations), unless otherwise stated by the provisions of the specific leave.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Distribution of Benefits Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).

  • Duration of Benefits Eligibility for Income Protection benefits will cease upon the earliest of the following dates: 1.09.01 the date the member is no longer disabled from performing the duties of their regular position, or any alternative employment made available to the member by the City. 1.09.02 the date the member's Income Protection benefits have been expended. 1.09.03 the date the member dies.

  • Retention of Benefits Union leave under the following four (4) sections will be unpaid. The Employer will maintain regular pay and xxxx the Union for the costs of the employee’s salary and benefits. If the Union member is part-time or casual, and the leave is greater than their normal work hours, the Employer will pay the employee for the full length of the leave requested by the Union. The Employer will xxxx the Union for these days as noted above. The Union will pay these invoices within twenty-eight (28) days. Union leave is not unpaid leave for the purposes of Article 22.02 [i.e. such leave will not affect the employee’s benefits, seniority or increment anniversary date].

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Non-Duplication of Benefits Executive is not eligible to receive benefits under this Agreement more than one time.

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