Normal Form of Pension. The normal pension will be guaranteed for the lifetime of the retired member, however, a minimum guarantee period (eg. 10 years) can be applicable. Some other options available:
1) Life annuity only
2) Life annuity with five (5) year guarantee
3) Joint and survivor annuity
4) Joint and survivor annuity reducing on first death
5) Life annuity with or without guarantee indexed to maximum of 6% Pension form chosen will be determined by the member based on current situation at retirement and can be purchased from any financial institution licensed to sell annuities in Canada.
Normal Form of Pension. The normal form of pension will be life only. Termination - After completing 2 years of continuous service, a terminating member, other than termination on account of death or retirement, will be entitled to a pension payable at the employee’s Normal Retirement Date, or to transfer to a locked-in Registered Retirement Savings Plan the actuarial equivalent value for the employee’s deferred retirement income under the Plan.
Normal Form of Pension. The normal pension will be guaranteed for the lifetime of the retired member, however, a minimum guarantee period (e.g. 10 years) can be applicable. Some other options available:
Normal Form of Pension. Under the normal form, the pension is payable monthly for as long as the member lives after retirement with the guarantee that should he die before he has received 60 monthly payments, the payments shall be continued to his designated beneficiary until 60 monthly payments in all shall have been made.
Normal Form of Pension. Members Without A Spouse If the Member does not have a Spouse at the date on which his pension payments commence, the normal form of pension provides for payment of equal monthly installments of pension at the beginning of each month for the Pensioner’s lifetime.
Normal Form of Pension. The normal form of pension under the agreement is payable for the life- time of the employee.
Normal Form of Pension. (1) The Normal Form of lifetime pension is a monthly payment payable for life with monthly payments guaranteed for 60 months. The first payment is due on the last day of the month in which the Member’s pension commences, and is prorated to reflect the proportion of the month remaining after the date the Member’s pension commences. The last payment is due on the last day of the month in which the Member dies and is a full month's payment. If the Member dies before receiving 60 monthly payments, the balance of the payments are payable to the Member’s Post Retirement Beneficiary.
(2) Despite Subsection (1), if a Member has a Spouse on the date the Member’s pension commences the Normal Form of lifetime pension is a monthly payment payable to the Member for the Member's lifetime with 60% of the Member's monthly pension, or less than 60% if the Member and the Member’s Spouse so elect in accordance with Subsection (4), continuing after the Member's death to that surviving Spouse for the Spouse’s lifetime.
(3) The amount of pension paid to a Member in the form described in Subsection (2) must be adjusted so that it is Actuarial Equivalent in value to the pension that would have been paid to the Member in the form described in Subsection (1).
(4) A Member may elect any form of pension if the Spouse waives the Spouse’s entitlement to a survivor pension pursuant to Subsection (2) within 90 days before commencement of payment on a form and in the manner prescribed by the Pension Benefits Act.
(5) Despite Subsections (1), (2), (3) and (4), if a Member and, if applicable, the Member’s surviving Spouse, do not during their lifetime(s) receive payments that are at least equal to the Member's Pension Contributions accumulated with Credited Interest to the Member's pension commencement date, the unpaid balance of this amount must be paid to the Member’s Post Retirement Beneficiary.
Normal Form of Pension. A long-term agreement of ten 0) years, from May to April 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 rules will be amended so that 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 rules will be modified such that an active employee retiring at age or more with at least years of continuous service will be entitled to an unreduced pension and bridge benefit, subject to the minimum reductions imposed under the regulations of the Income Tax Act (Rule of Effective January Optional Life Insurance, fully paid by the employee, will be made available to employees less than years old. This Optional Life Insurance will be available to a maximum of in increments of With notification to the Divisional Human Resources Department, employees will be permitted once a year to amend their level of coverage. Formal notification of such change must be made November of the preceding year to be effective January of the following year or later, upon acceptance from the insurance carrier following proof of good health. Coverage premiums will be based on sex, age and smoker or non-smoker status; restrictions and exclusions will he subject to the insurance provider’s plan policies. Associated premium costs will be administered through payroll deductions. Coverage will end at termination or upon retirement. The Company and the Union will jointly approach the government authorities with the objective of getting permission to extend the amortization period of the solvency deficit payment. A letter of intent supporting this commitment is attached hereto to Appendix An employee who is required to work more than two (2) hours beyond the end of his regular shift will be provided with a hot meal. Thereafter an additional hot meal will be provided at four (4) hour intervals. If the Company changes, amends or alters an employee’spunch card for any reason, the employee will be notified before the end of the current pay period. Card rates will be updated to reflect the level of operation, permanent promotion or demotion. The Compan...
Normal Form of Pension. Members Without A Spouse If the Member does not have a Spouse at the date on which his pension payments commence, the normal form of pension provides for payment of equal monthly of pension at the beginning of each month for the Pensioner’s lifetime. If a Member has a Spouse at the date on which his pension payments commence the automatic form of the pension benefit in respect of Membership service shall be a pension benefit payable to the life of the member, with a survivor annuity for the life of his spouse, of of the amount of retirement benefit received by the member. The Pensioner and the Pensioner’s Spouse may jointly waive the requirements of Section above, by completing a written witnessed declaration to that effect in a form as prescribed by the Pension Benefits Act. Benefits shall then be paid in accordance with Section above, or Article VII herein, as applicable.
Normal Form of Pension. The normal form of pension commences on the Member's retirement date and is payable in equal monthly installments during the lifetime of the Member, with payments guaranteed for 60 months. The amount of monthly payments arising from the Member's Money Purchase Component Account during each Plan Year will not vary, but will be adjusted at the beginning of each Plan Year to take into account the average rate of Fund Interest for the preceding four years. For retirees who have been retired for less than four years, the averaging period will be based on the number of full years since retirement. The amount of supplementary pension required to provide the Member with the Minimum Guaranteed Benefit for that year, if any, will be payable from the Minimum Guarantee Fund in accordance with Sections 7.01(b), 7.02(b) or 7.03(b), as appropriate. The form of benefit arising from voluntary or special lump sum voluntary contributions will be the same form of benefit as that arising from the Member's Money Purchase Component Account.
