Common use of Modifications to the Pension Plan Clause in Contracts

Modifications to the Pension Plan. ‌ The Pension Plan has been modified in previous Collective Agreements to reflect the following changes: (a) There will be no actuarial reductions for early retirement for employees retiring at or after the age of 60. The early retirement penalty for employees will be 3% per year from age 59 to a maximum of 15% at age 55. Early retirement with this penalty provision may commence no earlier than the employee’s 55th birthday. (b) Credit will be granted for each year of pensionable service prior to January 1, 1990 at the rate of 1.65% per year of pensionable earnings up to the average Years Maximum Pensionable Earnings (YMPE) (as defined in the Plan). (c) Credit will be granted for pensionable service during 1990 and 1991 at the rate of 1.3% per year of pensionable earnings up to the average YMPE (as defined in the Plan). (d) Credit will be granted for each year of pensionable service after January 1, 1992 at the rate of 1.5% per year of pensionable earnings up to the average YMPE (as defined in the Plan). (e) Credit will be granted for each year of pensionable service after January 1, 2000 at the rate of 1.70% per year of pensionable earnings up to the average YMPE (as defined in the plan). (f) Effective January 1, 2000, the averaging g of the YMPE will be over five years.

Modifications to the Pension Plan. ‌ The Pension Plan has been modified in previous Collective Agreements to reflect the following changes: (a) There will be no actuarial reductions for early retirement for employees retiring at or after the age of 60. The early retirement penalty for employees will be 3% per year from age 59 to a maximum of 15% at age 55. Early retirement with this penalty provision may commence no earlier than the employee’s 55th birthday. (b) Credit will be granted for each year of pensionable service prior to January 1, 1990 at the rate of 1.65% per year of pensionable earnings up to the average Years Maximum Pensionable Earnings (YMPE) (as defined in the Plan). (c) Credit will be granted for pensionable service during 1990 and 1991 at the rate of 1.3% per year of pensionable earnings up to the average YMPE (as defined in the Plan). (d) Credit will be granted for each year of pensionable service after January 1, 1992 at the rate of 1.5% per year of pensionable earnings up to the average YMPE (as defined in the Plan). (e) Credit will be granted for each year of pensionable service after January 1, 2000 at the rate of 1.70% per year of pensionable earnings up to the average YMPE (as defined in the plan). (f) Effective January 1, 2000, the averaging g of the YMPE will be over five years.

Modifications to the Pension Plan. ‌ The Pension Plan has been modified in previous Collective Agreements to reflect the following changes: (a) There will be no actuarial reductions for early retirement for employees retiring at or after the age of 60. The early retirement penalty for employees will be 3% per year from age 59 to a maximum of 15% at age 55. Early retirement with this penalty provision may commence no earlier than the employee’s 55th birthday55thbirthday. (b) Credit will be granted for each year of pensionable service prior to January 1, 1990 at the rate of 1.65% per year of pensionable earnings up to the average Years Maximum Pensionable Earnings (YMPE) (as defined in the Plan). (c) Credit will be granted for pensionable service during 1990 and 1991 at the rate of 1.3% per year of pensionable earnings up to the average YMPE (as defined in the Plan). (d) Credit will be granted for each year of pensionable service after January 1, 1992 at the rate of 1.5% per year of pensionable earnings up to the average YMPE (as defined in the Plan). (e) Credit will be granted for each year of pensionable service after January 1, 2000 at the rate of 1.70% per year of pensionable earnings up to the average YMPE (as defined in the plan). (f) Effective January 1, 2000, the averaging g of the YMPE will be over five years.