Partial Pension Sample Clauses

Partial Pension. The Board and the Association agree to discuss the possibility of introducing partial pension payment features during phased retirement if and when legislation is passed permitting the payment of a partial pension under a registered pension plan.
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Partial Pension. ‌ a. A Partial Pension shall be provided if the Employee would not otherwise qualify for a pension because such Employee’s years of employment have been divided between the jurisdiction of this Plan and other xxxxxxxxx pension funds which are also party to the United Brotherhood of Carpenters Pro-Rata Pension Agreement. b. The Participant is eligible to receive a Partial Pension if such Participant: 1. would be entitled to a Normal Pension, Reduced Pension, Early Retirement Pension or Disability Pension under the Plan if such Participant’s combined pension credits, which are credits earned under this Plan and added to those earned under other xxxxxxxxx pension plans, are treated as credits under this Plan; and 2. has earned at least one Year of Pension Credit under this Plan since January 1, 1975; and 3. is eligible for a Partial Pension from at least one other carpenters pension plan under the United Brotherhood of Carpenters Pro-Rata Pension Agreement and commences receiving benefits from the other plan. c. In the event an Employee applies for a Disability Pension, he must satisfy the definition of and the qualification requirements for a Disability Pension in both the other plan and this Plan, or in the case of an Employee applying for a Pension based on age, he must satisfy the minimum age requirement in the other plan and this Plan.
Sample 1
Partial Pension. (a) A Participant (including a former Participant) shall be eligible for a Partial Pension described in the succeeding paragraphs of this Section if he satisfies all of the following requirements: (1) He is credited with at least two (2) full Pension Credits in accordance with the provisions of Section 3.01 based on Covered Employment since January 1, 1955, or he is credited with at least one (1) partial Pension Credit in accordance with the provisions of Section 3.01 based on Covered Employment since January 1, 1983; (2) He would meet all of the requirements for a pension or a lifetime benefit under Sections 5.02 - 5.10 of this Plan (other than a Partial Pension under this Section) if the Participant’s “Combined Service Credits” [as defined in paragraph (f) below] were treated as Pension Credits under this Plan; (3) He has qualified to receive a Partial Pension from a “Related Plan” [as defined in paragraph (f) below]; and (4) He has qualified to receive a Partial Pension from his “Terminal Plan” [as defined in paragraph (f) below]. (b) Notwithstanding the provisions of paragraph (a) to the contrary, a Participant shall not qualify for a Partial Pension under this Plan if he qualifies to receive any pension under a Related Plan other than a Partial Pension, unless he elects to waive such other pension under the Related Plan in favor of a Partial Pension under this Plan and the Related Plan. (c) The Participant’s Partial Pension shall be: (1) A monthly benefit amount at Normal Retirement Age equivalent to the calculated lifetime monthly benefit to which the Participant would be entitled under Sections 5.02, 5.03, 5.04, 5.05, 5.06, 5.08, 5,09 or 5.10 if the Participant’s Pension Credits for such calculation were deemed to be equivalent to his Combined Service Credits; multiplied by (2) A fraction, the numerator of which is the aggregate number of Pension Credits actually earned and credited to the Participant under this Plan since January 1, 1955, and the denominator of which is the Participant’s Combined Service Credits earned and credited since January 1, 1955. The Participant’s Partial Pension shall be actuarially adjusted to reflect early or late commencement of benefits as provided in Sections 5.02, 5.05 or 5.06. (d) Payment of the Participant’s Partial Pension shall commence as of his Annuity Starting Date next following the date upon which the Participant Retires and makes due application for his Partial Pension, unless the Participant elects in writ...
Sample 1
Partial Pension. On the consent of the employer, employees who work 60 per cent or more of a full-time post may draw a partial pension, thereby allowing them to reduce their working week by a maximum of 40 per cent compared with a full-time post (100 per cent).
Sample 1

Related to Partial Pension

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Allocation of Partial Prepayments In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.

  • Partial Payment If in any distribution described in Section 4(a) above the assets of the Issuer or proceeds thereof are not sufficient to pay in full the amounts payable with respect to all outstanding shares of Designated Preferred Stock and the corresponding amounts payable with respect of any other stock of the Issuer ranking equally with Designated Preferred Stock as to such distribution, holders of Designated Preferred Stock and the holders of such other stock shall share ratably in any such distribution in proportion to the full respective distributions to which they are entitled.

  • Partial payments (a) If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: (i) first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents; (ii) secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; (iii) thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and (iv) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. (b) The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above. (c) Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

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