Optional Early Retirement. Age Actuarial Equivalent
Optional Early Retirement. An employee who has attained the age of 60, or who has a sum of at least eighty-five points from completed full years of age and completed full years of service (minimum age 55), may retire on the first of the month following such attainment and receive an unreduced pension. Kitchener employees who are members of the defined benefit provision of the pension plan at May 31, 1999, will continue to be eligible for the unreduced retirement pension at age 60, or with completed full years of age and completed full years of service that add up to 85 with a minimum age of 55, upon their retirement provided such retirement is from active employment with the Company as a Courtland Avenue plant employee or are eligible under a plan windup. An employee who is not eligible for an unreduced pension may elect to retire following the attainment of age 55 and receive a reduced pension only for any period earlier than age 60. An employee may retire on the first of the month following such attainment. This provision applies to members of the defined benefit provisions of the pension plan only.
Optional Early Retirement. Where a contributor is within 5 (five) years of the normal retirement age and his employer agrees in writing, the contributor may elect to retire early, in which event his benefit shall be determined in the same manner as in subclause
Optional Early Retirement. An employee who has attained a sum of at least eighty-five points from completed full years of age and completed full years of service may retire on the first of the month following such attainment and receive an pension. An employee who is within ten years of attaining the normal retirement age may retire with a pension payable on the first of the month following and be entitled to their earned pension for the period, sixty months immediately prior to An employee may elect to retire on the first of the month following the attainment of age receive a reduced only for any period earlier than age All employees must contribute to the Canada Pension Plan. All employees who are members of the pension plan will continue to be members of the plan and new employees will become members of the plan on the first of the month after completing two years of accumulated service. Part-time employees will become members of the plan for pro-rated benefits when they become eligible to join the plan. Effective January and for the term of this contract expiring May members who contribute to the Company Pension Plan are required to contribute of all earnings up to the and in excess of that amount. Earnings shall mean the remuneration by a member from the Company in a calendar year including regular rate of pay and overtime pay, vacation pay and vacation supplement pay, shift premiums and freezer premiums. In addition, employees may contribute voluntary contributions to the Company Group Registered Retirement Savings Plan. Company Pension Plan Benefits Basic benefit from the Company Pension Plan at normal retirement date will be per year for each of contribution made by the employee until December Effective January and for the term of this contract May the basic benefit from the Company Pension Plan at normal retirement date will be of pensionable earnings A non-contributory supplement of per month per each full year of Company service prior to May will be paid to members who retire on or after June (Effective June May Effective June May A contributory supplement of per month for each full year of Company Pension participation prior to May will be paid to employees. The normal form of pension shall be Joint and Survivor with a guaranteed five year payment period. In the event of death of a member prior to retirement, the surviving spouse shall receive an immediate pension benefit of of the members’ earned pension at date of death. Pension vesting (lock in) will take place after ...
Optional Early Retirement. An employee who has attained the age of or who has a sum of at least eighty-five points from completed full years of age and completed full years of service (minimum age may retire on the first of the month following such attainment and receive an unreduced pension. Kitchener employees who are members of the defined benefit provision of the pension plan at May who do not become eligible for the unreduced early retirement prior to May will to be eligible for the unreduced retirement pension at age or with completed full years of age and completed full years of service that add up to with a minimum age of upon their retirement provided such retirement is from active employment with the Company as a Courtland Avenue plant employee or are eligible under a plan windup. An employee who is not eligible for an unreduced pension may elect to retire following the attainment of age and receive a reduced pension only for any period earlier than age An employee may retire on the first of the month following such attainment. This provision applies to members of the defined benefit provisions of the pension plan only.
Optional Early Retirement. An employee may take an early retirement on the first of the month following the attainment of age 55. Members of the Company defined benefit pension plan will be entitled to a pension unreduced actuarially for the period of 48 months immediately prior to the employee’s normal retirement date. Employees retiring with a reduced pension, the benefit is reduced by 1/2 of 1% for each month by which the date of commencement of pension payments precedes the month in which the member attains age 61.
