Past Service Pension Credit Sample Clauses

Past Service Pension Credit. Effective January 1, 1987, an employee who was in the service of the Company prior to the introduction of the pension plan will be awarded an annual past service pension of $120.00 for each year of service prior to January 1, 1962.

Past Service Pension Credit. Effective January an employee who was in the service of the Company prior to the introduction of the pension plan will be awarded an annual past service pension of for each year of service prior to January Pension Contributions Effective January an eligible employee will contribute of each year’s pensionable earnings to the pension plan. Pension Plan Enrollment Effective January an employee under age thirty (30) may join the pension plan after one (1) year of service. An employee attaining age thirty (30) must join the pension plan providing has completed one (1) year of service. Review of Pensioner’s Pension Income Effective January pensioner’s income will increase by Xxxxxxxxx’s income will be reviewed during contract negotiations with the intent to provide annual upgrades dependent upon pension plan surplus availability. Pension benefits of active employees will be reviewed every three (3) years at the time of plan evaluation with the intent to provide pension benefit upgrades dependent upon pension plan surplus availability.