Option One (Enhanced Early Retirement Separation Allowance Sample Clauses

Option One (Enhanced Early Retirement Separation Allowance. Employees who are eligible for early retirement under the CN Pension Plans rules and who have 85 points, will be entitled to a lump sum early retirement separation allowance. The separation allowance is to be calculated in accordance with the VIA formula. Employees who elect to retire under this Option will have their life insurance and extended health care benefits continued until they reach age 65. Employees who will be eligible for early retirement under the CN Pension Plan(s) within 5 years (that is will have 85 points as defined by the Pension Plan(s) within 5 years) may elect to take a bridging package at 65% of the employees basic weekly rate with continued benefit plan coverage (Dental, Extended Health and Vision Care, and Group Life Insurance) until eligible for early retirement, at which time the employee will be given a separation allowance in accordance with Option One above. If an employee is within 5 to 7 years of early retirement under the Pension Plan(s) rules (that is will have 85 points as defined by the Pension Plan(s) rules within 5 to 7 years), the employee may elect to take a bridging package at 65% of the employees basic weekly rate with continued benefit coverage until retirement, at which time the employee will be given a separation allowance in accordance with the following formula: (Dental continued until early retirement - Extended Health and Vision Care and Group Life Insurance continued until normal retirement). Number of Weeks Salary Credited for Each Year of Service Remaining to Normal 34 4.4 33 4.3 32 4.2 31 4.1 30 4.0 29 3.9 28 3.8 27 3.7 26 3.6 25 3.5 Employees may elect to take a lump sum severance payment of $ 65,000. Such employees shall be entitled to Group Life Insurance and Extended Health and Vision Care benefits fully paid by the Company for one year. Employees will be entitled to a leave of absence for educational purposes, with full pay for a period of up to three (3) years while attending an educational training program. The program must be approved by the Labour Adjustment Committee. Employees will be subject to be called to work while not attending courses. All outside earnings during this period of leave will be deducted from the employees’ pay. Upon completion, the employee is to resign from Company service unless there is a permanent position available for which the employee is the qualified successful candidate. Such employee forfeits any future entitlement to Section A) Articles 22.32 to 22.36 or Section...
Sample 1
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Option One (Enhanced Early Retirement Separation Allowance. Employees who are eligible for early retirement under the CN Pension Plans rules and who have 85 points, will be entitled to a lump sum early retirement separation allowance. The separation allowance is to be calculated on the basis of the following formula:
Sample 1
Option One (Enhanced Early Retirement Separation Allowance. Employees who are eligible for early retirement under the CN Pension Plans rules and who have 85 points, may elect to take early retirement with a separation allowance in accordance with the VIA formula (including Group Life Insurance and Extended Health and Vision Care coverage until normal retirement). At normal retirement, these employees will receive a post-retirement life insurance policy of $6,000 paid for by the Company. For employees retiring subsequent to January 1, 2003 and satisfying the requirements outlined above, the life insurance will be increased to $7,000. Employees shall receive a monthly separation allowance until the age of 65 which, when added to their company pension, will give them an amount equal to a percentage of their average annual earnings over their best five year period, as defined under the 1959 pension rules, in accordance with the following formula: 35 and over 80 34 78 33 76 31 72 30 70 29 68 28 66 27 64 26 62 25 or less 60 The separation allowance shall cease upon the death of the employee. Employees entitled to the separation allowance hereinabove set out may elect to receive in its stead a lump sum payment equal to the present value of their monthly separation payments calculated on the basis of a discount rate of ten
Sample 1
Option One (Enhanced Early Retirement Separation Allowance. Employees who are eligible for early retirement under the CN Pension Plans rules and who have 85 points will be entitled to a lump sum early retirement separation allowance. The separation allowance is to be calculated in accordance with the VIA formula. Employees who elect to retire under this Option will have their life insurance and extended health care benefits continued until they reach age 65. Employees who will be eligible for early retirement under the CN Pension Plan(s) within 5 years (that is will have 85 points as defined by the Pension Plan(s) within 5 years) may elect to take a bridging package at 65% of the employees basic weekly rate with continued benefit plan coverage (Dental, Extended Health and Vision Care, and Group Life Insurance) until eligible for early retirement, at which time the employee will be given a separation allowance in accordance with Option One above. If an employee is within 5 to 7 years of early retirement under the Pension Plan(s) rules (that is will have 85 points as defined by the Pension Plan(s) rules within 5 to 7 years), the employee may elect to take a bridging package at 65% of the employees basic weekly rate with continued benefit coverage until retirement, at which time the employee will be given a separation allowance in accordance with the following formula: (Dental continued until early retirement - Extended Health and Vision Care and Group Life Insurance continued until normal retirement).
Sample 1
Option One (Enhanced Early Retirement Separation Allowance. Employees who are eligible for early retirement under the CN Pension Plans rules and who have 85 points, may elect to take early retirement with a separation allowance in accordance with the VIA formula (including Group Life Insurance and Extended Health and Vision Care coverage until normal retirement). At normal retirement, these employees will be entitled to a post-retirement death benefit of $6,000 paid for by the Company. Employees who retire from the service of the Company subsequent to January 1, 2003, upon retirement, will be entitled to a post-retirement death benefit of $7,000 paid for by the Company. Employees shall receive a monthly separation allowance until the age of 65 which, when added to their company pension, will give them an amount equal to a percentage of their average annual earnings over their best five year period, as defined under the 1959 pension rules, in accordance with the following formula: 35 and over 80 34 78 33 76 32 74 31 72 30 70 29 68 28 66 27 64
Sample 1

Related to Option One (Enhanced Early Retirement Separation Allowance

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • Plan Benefits Each year, prior to the annual enrollment period, EMPLOYEES will receive Enrollment information that will outline the benefits offered next calendar year. Information relative to specific health insurance benefits and limitations will be updated regularly and contained in the SPD. In the event there is a conflict between the provisions of the collective bargaining agreement and the SPD, the District's SPD shall control.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

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