Minimum Pension Sample Clauses

Minimum Pension. Subject to approval by Pension Commission of Ontario and Revenue Canada the Abitibi-Consolidated Company of Canada Pension Plan for Ontario Hourly Employees will be amended so as to provide: Effective May 1, 2004, the minimum pension provided under the Plan shall be effective until the later of April 30, 2014 or the date the applicable Labour Agreement covering the period May 1, 2004, through April 30, 2014, is terminated under the provision thereof:
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Minimum Pension. Subject to approval by Pension Commission of Ontario and Revenue Canada the Cascade Canada Ltd. Pension Plan for Ontario Hourly Employees will be amended so as to provide: Effective May the minimum pension provided under the Plan shall be effective until the later of April or the date the applicable Labour Agreement covering the period May through April is terminated under the provision thereof; of the employee’s average base earnings during the five years prior to May for which his/her earnings were highest times years of credited service prior to retirement, of the benefits in effect in the calendar year of retirement times years of credited service between January and date of retirement. Earnings for purposes of this calculation shall be the employees classified rate of pay as of May 1 times his/her number of hours normally scheduled during the following months. The number of hours shall be for employees who work hours per week, for employees who work an average of hours per week and for employees who work hours per week. In the event that an employee’s earnings in any of the five 1 periods immediately preceding retirement do not reflect a normal annual schedule of hours for that period for reasons other than a leave of absence, the employee’s earnings for that period will be adjusted to reflect his/her normal annual schedule of hours, provided the employee has been actively at work for at least three months during that 1 period.
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Minimum Pension. An employee who retires after January 31, 1983 at age 65 and who has 15 years of seniority shall be entitled to a minimum monthly pension payable during his lifetime equal to $20.00 times years of service with the current company and a Selling Company, as defined in Schedule "D" of the collective agreement to a maximum of 30 years made up of pension from the current company plan, the prior company plan and a special supplement from the current company. For the purpose of determining the minimum pension, years for which the employee has received a refund of his own contributions to the pension plan of a Selling Company as defined in Schedule "D" of the collective agreement shall be credited at half the normal rate. This provision shall not apply to those employees who elected not to join the pension plan of their current company.
Sample 1
Minimum Pension. 22.2.1. The minimum pension for widows shall be Two Hundred and Fifty Dollars ($250.00), effective July 1, 1987. 22.2.2. (Award 2013-2017) The minimum pension for retirees with 20 or more years of services or those receiving a service-connected disability pension will be increased to $1000 per month. Only the initial unadjusted monthly pension amount shall be subject to this minimum, and the amount is prior to any division of the pension by court order (including a Domestic Relations Order) or agreement by the member.
Sample 1
Minimum Pension. Subject to approval by Pension Commission of Ontario and Revenue Canada the Company of Canada Pension Plan for Ontario Hourly Employees will be amended so as to provide: Effective May the minimum pension provided under the Plan shall be effective until the later of April or the date the applicable Labour Agreement covering the period May through April is terminated under the provision thereof: of the employee's average base earnings during the five years prior to May for which his earnings were highest years of credited service prior to retirement. Effective May the Pension Plan will be amended so that for an active member retiring on or after May the minimum pension will be calculated as follows: of final average earnings as defined in the Pension Plan multiplied by the number of years of service recognized under the Plan. Effective May the Pension Plan will be amended so that for an active member retiring on or after May the minimum pension formula will be calculated based on of final average earnings as defined in the Pension Plan multiplied by the number of years of service recognized under the Plan. Earnings for purposes of this calculation shall be the employee's classified rate of pay as of May times his of hours normally scheduled during the following months. The number of hours shall be for employees who work hours per week, for employees who work an average of hours per week and for employees who work hours per week. In the event that an employee's earnings in any of the five 12-month periods immediately preceding retirement do not reflect a normal annual schedule of hours for that period for reasons other than a leave of absence, the employee's earningsfor that period will be adjusted to reflect his normal annual schedule of hours, provided the employee has been actively at work for at least three months during that month period.
Sample 1

Related to Minimum Pension

  • Minimum Payments (a) Where the employee is under 45 years of age, the employer shall pay the employee Less than 1 year Nil 1 year and less than 2 years 4 weeks pay 2 years and less than 3 years 7 weeks pay 3 years and less than 4 years 10 weeks pay 4 years and less than 5 years 12 weeks pay 5 years and less than 6 years 14 weeks pay 6 years and over 16 weeks pay. (b) Where the employee is 45 years of age or over, the employer shall pay the employee in accordance with the following scale: Less than 1 year Nil 1 year and less than 2 years 5 weeks pay 2 years and less than 3 years 8.75 weeks pay 3 years and less than 4 years 12.5 weeks pay 4 years and less than 5 years 15 weeks pay 5 years and less than 6 years 17.5 weeks pay 6 years and over 20 weeks pay

  • Minimum Payment (a) Overtime worked on a Saturday or Sunday will be paid for at the rate of double Ordinary Rates. Employees required to work on a Saturday or Sunday will be afforded a minimum 4 hours work, or be paid as if for 4 hours at the aforementioned overtime rates.

  • Minimum Balance Xxxxxxxx agrees to maintain a minimum balance of funds in the Settlement Account as Processor may specify to Merchant in writing from time to time.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

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