Common use of MONTHLY PENSION Clause in Contracts

MONTHLY PENSION. The monthly pension payable to a member at his normal retirement date shall be the sum of: (a) $17.00 for each year of pensionable service up to May 31, 1990, plus (b) Effective June 1, 2016, $49.50 for each year of pensionable service from June 1, 1990. However, for a member whose employment ceases on or after June 1, 2017, the monthly pension payable for each year of pensionable service after June 1, 1990 will increase to $50.25 and, for a member whose employment ceases on or after June 1, 2020, the monthly pension payable for each year of pensionable service from June 1, 1990 will increase to $51.00.

MONTHLY PENSION. The monthly annual pension payable to a member at his normal retirement date shall be the sum of: (a) $17.00 per month for each year of pensionable service Pensionable Service up to May 31, 1990, plus (b) Effective June 1, 20162010, $49.50 45.25 for each year of pensionable service Pensionable Service from June 1, 1990. However, for a member whose employment ceases on or after June 1, 20172011, the monthly pension payable for each year of pensionable service Pensionable Service after June 1, 1990 1990. will increase to $50.25 46.25 and, for a member Member whose employment ceases on or after June 1, 20202012, the monthly pension payable for each year of pensionable service Pensionable Service from June 1, 1990 will increase to $51.00.to

MONTHLY PENSION. The monthly pension payable to a member at his normal retirement date shall be the sum of: (a) $17.00 for each year of pensionable service up to May 31, 1990, plus (b) Effective June 1, 20162013, $49.50 47.50 for each year of pensionable service from June 1, 1990. However, for a member whose employment ceases on or after June 1, 20172014, the monthly pension payable for each year of pensionable service after June 1, 1990 1990. will increase to $50.25 48.25 and, for a member whose employment ceases on or after June 1, 20202015, the monthly pension payable for each year of pensionable service from June 1, 1990 will increase to $51.0049.25.