Common use of Payment of Retirement Allowance Clause in Contracts

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 and who therefore remains eligible for a retirement allowance may select one (1) of the following two (2) options for the payment of their retirement allowance earned up to March 31, 2016: (i) an immediate single lump sum payment based on the employee’s full years of continuous and the prorated amount for each partial year of continuous service and regular rate of pay on March 31, 2016; or (ii) a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years. (b) The immediate lump sum payment option in (a) (i) is also available to employees with a continuous service falling before March 31, 2016 and who have not yet accumulated five years or more of continuous service. (c) An employee who selects an immediate lump sum payment under 32.06 (a) (i) will not be eligible for any further retirement allowance payment at their retirement. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years and partial years of continuous service for the purpose of calculating the retirement allowance no later than three (3) months after the date of signing of the Collective Agreement.

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 and who therefore remains eligible for a retirement allowance may select one (1) of the following two (2) options for the payment of their retirement allowance earned up to March 31, 2016: (i) : an immediate single lump sum payment based on the employee’s full and partial years of continuous and the prorated amount for each partial year of continuous service and regular rate of pay on March 31, 2016; or (ii) or a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At The immediate lump sum payment option in (a)(i) is also available to employees with a continuous service date falling before March 31, 2016 and who have not yet accumulated five years or more of continuous service. An employee who selects an immediate lump sum payment under (a)(i) will not be eligible for any further retirement allowance payment at their retirement. To assist the written request employees in making their payment selection, the Employer will advise eligible employees of their full and partial years of continuous service for the purpose of calculating the retirement allowance no later than June 30, 2016. Employees will have until September 30, 2016 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their selection of an employeeimmediate payment by September 30, 2016, the employee will be deemed to have deferred his/her payment until retirement. Where an employee has elected a retirement allowance deferral in accordance with 44.02 (a) (ii) they may, at the time of retirement, request in writing payment of the deferred retirement allowance in whole or in part may to be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years. (b) The immediate lump sum payment option in (a) (i) is also available to employees with a continuous service falling before March 31, 2016 and who have not yet accumulated five years or more of continuous service. (c) An employee who selects an immediate lump sum payment under 32.06 (a) (i) will not be eligible for any further retirement allowance payment at their retirement. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years and partial years of continuous service for the purpose of calculating the retirement allowance no later than three (3) months after the date of signing of the Collective Agreement.

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 2106 and who therefore remains eligible for a retirement allowance may select one (1) of the following two (2) options for the payment of their retirement allowance earned up to March 31, 2016: (i) an immediate single lump sum payment based on the employee’s full and partial years of continuous and the prorated amount for each partial year of continuous service and regular rate of pay on March 31, 2016; or (ii) a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years.the (b) The immediate lump sum payment option in (a) (ia)(i) is also available to employees with a continuous service falling before March 31, 2016 and who have not yet accumulated five years or more of continuous service. (c) An employee who selects an immediate lump sum payment under 32.06 (a) (ia)(i) will not be eligible for any further retirement allowance payment at their retirement. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years and partial years of continuous service for the purpose of calculating the retirement allowance no later than three (3) months after the date of signing of the collective agreement. In the event the employer does not provide employees with the required information within the three (3) months after the date of signing, employees will be able to have access to the layoff allowance in Article 32.06 and the retirement allowance in Article 32.05 until such time as the employee is provided the required information. (e) Employees will have until September 30, 2016 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their selection of an immediate payment by September 30, 2016, they will be deemed to have deferred their payment until retirement. (f) Notwithstanding that the retirement allowance will be discontinued effective March 31, 2016, an employee with a continuous service date falling before March 31, 2016 may voluntarily choose to discontinue his retirement allowance early and receive his single lump sum payment at any point between the date of signing of the Collective Agreement.Agreement and March 31, 2016 as follows: (i) The employee will notify the Employer in writing of his decision to discontinue his retirement allowance early and confirm his selected effective date for the discontinuance;

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 and who therefore remains eligible for a retirement allowance may select one (1) of the following two (2) options for the payment of their retirement allowance earned up to March 31, 2016: (i) an immediate single lump sum payment based on the employee’s full years of continuous service and the prorated amount for each partial year years of continuous service and regular rate of pay on March 31, 2016; or (ii) a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for each partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years. (b) The immediate lump sum payment option in (a) (ia)(i) is also available to employees with a continuous service falling before March 31, 2016 and who have not yet accumulated five (5) years or more of continuous service. (c) An employee who selects an immediate lump sum payment under 32.06 (a) (ia)(i) will not be eligible for any further retirement allowance payment at their retirement. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years and partial years of continuous service for the purpose of calculating the retirement allowance no later than three (3) months after the date of signing of the Collective Agreement. (e) Employees will have until September 30, 2016 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their selection of an immediate payment by September 30, 2016, they will be deemed to have deferred their payment until retirement. (f) At the written request of an employee, payment of retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one payment in each of the two (2) taxation years.

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 2106 and who therefore remains eligible for a retirement allowance may select one (1) of the following two (2) options for the payment of their retirement allowance earned up to March 31, 2016: (i) an immediate single lump sum payment based on the employee’s full and partial years of continuous and the prorated amount for each partial year of continuous service and regular rate of pay on March 31, 2016; or (ii) a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for partial years of continuous service on March 31, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years. (b) The immediate lump sum payment option in (a) (ia)(i) is also available to employees with a continuous service falling before March 31, 2016 and who have not yet accumulated five years or more of continuous service. (c) An employee who selects an immediate lump sum payment under 32.06 (a) (ia)(i) will not be eligible for any further retirement allowance payment at their retirement. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years and partial years of continuous service for the purpose of calculating the retirement allowance no later than three (3) months after the date of signing of the collective agreement. In the event the employer does not provide employees with the required information within the three (3) months after the date of signing, employees will be able to have access to the layoff allowance in Article 32.06 and the retirement allowance in Article 32.05 until such time as the employee is provided the required information. (e) Employees will have until September 30, 2016 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their selection of an immediate payment by September 30, 2016, they will be deemed to have deferred their payment until retirement. (f) Notwithstanding that the retirement allowance will be discontinued effective March 31, 2016, an employee with a continuous service date falling before March 31, 2016 may voluntarily choose to discontinue his retirement allowance early and receive his single lump sum payment at any point between the date of signing of the Collective AgreementAgreement and March 31, 2016 as follows: (i) The employee will notify the Employer in writing of his decision to discontinue his retirement allowance early and confirm his selected effective date for the discontinuance; (ii) The single lump sum payment will be based on the employee’s full years and partial years of continuous and rate of pay on the effective date the employee has selected; (iii) An employee who selects an early lump sum payment will not be eligible for any further retirement allowance payment at their retirement.

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2016 and who therefore remains eligible for a retirement allowance may select one (1) of the following two (2) options for the payment of their retirement allowance earned up to March 3130, 2016: (i) an A n immediate single lump sum payment based on the employee’s full years of continuous and the prorated amount for each partial year parts thereof of continuous service and regular rate of pay on March 3130, 2016; or (ii) a A single lump sum payment deferred to the time of the employee’s retirement based on the employeee mployee’s full years of continuous service and the prorated amount for partial years parts thereof of continuous service on March 3130, 2016 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-twenty- four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years. (b) The immediate lump sum payment option in 36.02 (a) (i) ), is also available to employees with a continuous service falling before March 31, 2016 and who have not yet accumulated five years or more of continuous service. (c) An employee who selects an immediate lump sum payment under 32.06 in 36.02 (a) (i) ), will not be eligible for any further retirement allowance payment at their retirement. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years and partial years parts thereof of continuous service for the purpose of calculating the retirement allowance no later than three (3) months after March 31, 2016. (e) Employees will have until September 30, 2016 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their selection of an immediate payment by September 30, 2016, he or she will be deemed to have deferred his or her payment until retirement. (f) Notwithstanding that the retirement allowance will be discontinued effective March 31, 2016, an employee with a continuous service date falling before March 31, 2016 may voluntarily choose to discontinue his retirement allowance early and receive his single lump sum payment at any point between the date of signing of the Collective Agreementcollective agreement and March 31, 2016 as follows: (i) The employee will notify the employer in writing of his decision to discontinue his retirement allowance early and confirm his selected effective date for the discontinuance (the effective date for the discontinuance must fall between the date of signing and March 31, 2016 inclusively); (ii) T he single lump sum payment will be based on the employee’s years and parts thereof of continuous service and rate of pay on the effective date the employee has selected; (iii) An employee who selects an early lump sum payment will not be eligible for any further retirement allowance payment at their retirement.

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March July 31, 2016 2020 and who therefore remains eligible for a retirement allowance may select one (1) of the following two (2) options for the payment of their retirement allowance earned up to March July 31, 20162020: (i) an immediate single lump sum payment based on the employee’s full years of continuous service and the prorated amount for each partial year of continuous service and regular rate of pay on March July 31, 20162020; or (ii) a single lump sum payment deferred to the time of the employee’s retirement based on the employee’s full years of continuous service and the prorated amount for partial years of continuous service on March July 31, 2016 2020 and regular rate of pay at the time of retirement. The lump sum payment shall be made no later than twenty-four (24) months following the date of retirement. At the written request of an employee, payment of the deferred retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one (1) payment in each of the two (2) taxation years. (b) The immediate lump sum payment option in (a) (ia)(i) is also available to regular and term employees with a continuous service falling before March July 31, 2016 2020 and who have not yet accumulated five (5) years or more of continuous service. (c) An employee who selects an immediate lump sum payment under 32.06 (a) (ia)(i) will not be eligible for any further retirement allowance payment at their retirement. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years and partial years of continuous service for the purpose of calculating the retirement allowance no later than three (3) months after the expiration of the collective agreement. (e) Employees will have until January 31, 2021 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their selection of an immediate payment by January 31, 2021, they will be deemed to have deferred their payment until retirement. (f) At the written request of an employee, payment of retirement allowance in whole or in part may be held over to the taxation year following the year in which the retirement allowance would normally be paid. There shall be no more than one payment in each of the two (2) taxation years. (g) Notwithstanding that the retirement allowance will be discontinued effective July 31, 2020, an employee with a continuous service date falling before July 31, 2020 may voluntarily choose to discontinue his retirement allowance early and receive his single lump sum payment at any point between the date of signing of the Collective Agreementcollective agreement and as follows: (i) The employee will notify the Employer in writing of his decision to discontinue his retirement allowance early and confirm his selected effective date for the discontinuance; (ii) The single lump sum payment will be based on the employee’s full years and partial years of continuous service and rate of pay on the effective date the employee has selected; (iii) An employee who selects an early lump sum payment will not be eligible for any further retirement allowance payment at their retirement.