Normal Pension. Pension payable for life with the provision that, upon death, the beneficiary will receive the excess, if any, of the accumulated member contributions with interest over the sum of the pension payments made.
Normal Pension. A Member is eligible for a Normal Pension as of his Normal Retirement Date which is the first day of the calendar month which next follows the latest of:
(a) Attainment of sixty-five (65) years of age; and
(b) Termination of Continuous Service prior to the date upon which distributions to such Member must commence pursuant to Section 6.11, and
(c) Except as may be permitted by Section 7.2(b), completion of an application for Normal Pension.
Normal Pension. Each Member who terminates employment with the Company and qualifies for a Normal Pension on or after the date of ratification (“Date of Ratification”) of the Collective Bargaining Agreement, shall be entitled to receive a monthly amount, in the applicable form described in Section 5.4, equal to:
(a) for a Member who is classified by the Company as a Plant Services Employee and who retires on or after the Date of Ratification, $25.00 multiplied by the Member’s years and fractions of years of Credited Service, and
(b) for a Member who is classified by the Company as a Maintenance Employee and who retires on or after the Date of Ratification, $53.00 multiplied by the Member’s years and fractions of years of Credited Service (effective for retirements occurring after August 12, 2013).
Normal Pension. An Employee who is eligible for a pension pursuant to Paragraph 1 of Article IV shall be entitled upon his retirement at or after his Normal Retirement Date and on or after the Effective Date to receive a monthly pension equal to (a) $58.00 (effective for retirements occurring after August 8, 2013), multiplied by the Employee's years of credited service reduced by (b) the immediate annuity equivalent of the Employee's Additional Employer Contributions Account under the Bridgestone Americas , Inc. Employee Savings Plan for Bargaining Unit Employees (the "Savings Plan") as of the date his pension commences hereunder. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee's pension commences hereunder shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including a hardship withdrawal pursuant to Section 6.7 of the Savings Plan, any amount withdrawn from such Account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of any such withdrawal through the date the Employee's pension commences hereunder at the rate of 7.75% per annum compounded monthly. The immediate annuity equivalent of the Employee's Additional Employer Contribution Account under the Savings Plan shall be the amount in such Account as of the date the Employee's pension commences hereunder (determined as described in the preceding sentence) converted to an annuity payable as a single life and five year certain annuity to the Employee commencing as of the date the Employee's pension commences hereunder using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service. For purposes of this Paragraph, the amount of an Employee's Normal Pension shall be the greater of the Early Pension calculated under Paragraph 2 of this Article V or the Normal Pension calculated at normal retirement age. Such pension shall be subject to the provisions of Paragraph 5 of this Article V, and shall commence in the month following that in which the Employee retires if an application is made therefor in the month of retirement. In the event application is not made in the month of retirement, the pensio...
Normal Pension. The Parties, during this collective agreement, agree to investigate the cost benefits of converting from an to Pension Plan including the cost sharing of converting previous service for Local employees, and should it be deemed appropriate by the Corporation and Local that joint submission be made to the Provincial government and Board of Directors requesting their approval to offer an Plan to eligible Homes for the Aged employees, with consideration to convert past service under the existing Plan to an Plan. VACATION SCHEDULING MARCH BREAK AND
Normal Pension. The term “
Normal Pension a. A Participant may retire on a Normal Pension on the first day of any month after he/she has attained his/her Normal Retirement Date, provided he/she has filed an application for benefits prior to the commencement of his/her pension.
b. The Normal Pension shall be a monthly amount equal to one and 85/100 percent (1.85%) of the Participant's Final Average Earnings multiplied by his/her Credited Service with the Employer as a full-time municipal Employee, subject to a maximum yearly pension of fifty- five percent (55%) of his/her Final Average Earnings. One-twelfth (1/12th) of this amount will be paid monthly. The monthly pension may be provided, in full or in part, from an annuity purchased under the terms of a Prior Group Annuity Contract.
c. Effective October 1, 2001, the Normal Pension shall be a monthly amount equal to two and one-tenth percent (2.1%) of the Participant's Final Average Earnings multiplied by his/her credited service with the Employer, as a full-time municipal employee, subject to a maximum yearly pension of sixty-three percent (63%) of his/her Final Average Earnings. One-twelfth (1/12th) of this amount will be paid monthly. The monthly pension may be provided, in full or part from an annuity purchased under the terms of a Prior Group Annuity Contract.
