Over Thirty Option - Special Retirements. It is understood and agreed between the parties that the enhanced pension benefits negotiated in this Article are based on and in lieu of wage increases in the 1997 of this Collective Agreement. This Letter sets out a special bonus payable outside of the pension plan applicable to certain employees who will have greater than 30 years of pensionable service and who will retire between the ages of 55 and 60. An employee who has attained age 55 and retires on or before their 60th birthday, will be eligible for a cash bonus of $5,000.00 for each year of pensionable service in excess of 30 years. The bonus will be prorated for partial years of pensionable service and will be paid upon retirement. An employee terminating prior to age 55 or retiring after their 60th birthday will not be eligible for any part of this bonus. Any new employees achieving benefit status (Member) after the date of ratification of this Collective Agreement will not be eligible for this bonus.
Over Thirty Option - Special Retirements. It is understood and agreed between the parties that the enhanced pension benefits negotiated in this Article are based on and in lieu of wage increas- es in the third year of this Collective Agreement. This Letter of Understanding sets out a special bonus payable outside of the pension plan applicable to certain employees who will have greater than years of pen- sionable service and who will retire between the ages of and An employee who has attained age and retires on or before 60th birthday, will be eligible for a cash bonus of for each year of pen- sionable service in excess of years. The bonus will be prorated for par- tial years of pensionable service and will be paid upon retirement. An employee terminating prior to age or retiring after 60th birthday will not be eligible for any part of this bonus. Any new employees achiev- ing benefit status (Member) after the date of ratification of this Collective Agreement will not be eligible for this bonus.
