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. Option Two (Bridging) 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). Years of Cumulative Compensated Service Number of Weeks Salary Credited for Each Year of Service Remaining to Normal 35 or more 4.5 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 or less 3.5 Note: A partial year of service remaining to normal retirement is to be expressed on a monthly basis, e.g. 4 years and 1 month (or major portion thereof) equals 4 1/12 (4.083) years. Option Three (Severance Payment) 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. Option Four (Educational Leave) 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 durin...
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: Years of Service at Time Employee elects Retirement Percentage Amount as Defined Above 35 and over 80 34 78 33 76 32 74 31 72 30 70 29 68 28 66 27 64
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: Years of Service at Time Employee elects Retirement Percentage Amount as Defined Above 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
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: Years of Cumulative Compensated Service
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. Option Two (Bridging) 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).
