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, 2019 and who therefore remains eligible for a retirement allowance may select one of the following two options for the payment of their retirement allowance earned up to March 31, 2019: (i) an immediate single lump sum payment based on the employee’s full years of continuous service and regular rate of pay on March 31, 2019; or (ii) a single lump sum payment deferred to the time of the employee’s retirement b ased on the employee’s full years of continuous service on March 31, 2019 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. (b) The immediate lump sum payment option in (a) (i) is also available to employees with a continuous service falling before March 31, 2019 and who have not yet accumulated five years or more of continuous service. (c) 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 (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years of continuous service for the purpose of calculating (e) Employees will have until June 30, 2019 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 June 30, 2019, she will be deemed to have deferred their payment until retirement. (f) Notwithstanding that the retirement allowance will be discontinued effective March 31, 2019, an employee with a continuous service date falling before March 31, 2019 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 and March 31, 2019 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 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 31, 2019 and who therefore remains eligible for a retirement allowance may select one of the following two options for the payment of their retirement allowance earned up to March 31, 2019: (i) an immediate single lump sum payment based on the employee’s regular rate of pay on March 31, 2019 and the total of all full years of continuous service and the prorated amount for each partial years of continuous service and regular rate of pay on March 31, 2019; or (ii) a single lump sum payment deferred to the time of the employee’s retirement b ased retirementbased on the employee’s full years of continuous service service, and prorated for each partial years of continuous service, on March 31, 2019 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. (b) The immediate lump sum payment option in (a) (i) is also available to employees with a continuous service falling before March 31, 2019 and who have not yet accumulated five years or more of continuous service. (c) 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. (d) To assist the employees in making their payment selection, the Employer will advise eligible employees of their full years of continuous service and prorated for each partial years of continuous service for the purpose of calculatingcalculating the retirement allowance no later than three (3) months after the date of signing of the collective agreement. (e) Employees will have until June 30, 2019 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 June 30, 2019, she the employee will be deemed to have deferred their his/her payment until retirement. (f) Notwithstanding that the retirement allowance will be discontinued effective March 31, 2019, an employee with a continuous service date falling before March 31, 2019 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 and March 31, 2019 (six months after the date of signing) 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 discontinuancediscontinuance (the effective date for the discontinuance must fall between the date of signing and (six months after the date of signing) inclusively); (ii) The single lump sum payment will be based on the employee’s full years of continuous service and prorated for each 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.

Payment of Retirement Allowance. (a) Any employee with a continuous service date falling before March 31, 2019 2016 and who therefore remains eligible for a retirement allowance may select one of the following two options for the payment of their retirement allowance earned up to March 31, 20192016: (i) an immediate single lump sum payment based on the employee’s full years of continuous service and the prorated amount for each partial years of continuous service and regular rate of pay on March 31, 20192016; or (ii) a single lump sum payment deferred to the time of the employee’s retirement b ased based on the employee’s full years of continuous service on March 31, 2019 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.the (b) The immediate lump sum payment option in (a) (i) is also available to employees with a continuous service falling before March 31, 2019 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 (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 of continuous service for the purpose of calculatingcalculating the retirement allowance no later than three (3) months after the date of signing of the collective agreement. (e) Employees will have until June September 30, 2019 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 June September 30, 20192016, she the employee will be deemed to have deferred their his/her payment until retirement. (f) Notwithstanding that the retirement allowance will be discontinued effective March 31, 20192016, an employee with a continuous service date falling before March 31, 2019 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 and March 31, 2019 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 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 December 31, 2019 2016 and who therefore remains eligible for a retirement allowance may select one of the following two options for the payment of their retirement allowance earned up to March December 31, 20192016: (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 of continuous service and regular rate of pay on March December 31, 20192016; or (ii) a single lump sum payment deferred to the time of the employee’s retirement b ased based on the employee’s full years of continuous service on March 31, 2019 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.the (b) The immediate lump sum payment option in (a) (i30.06(a)(i) is also available to employees with a continuous service falling before March December 31, 2019 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 (a) (i30.06(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 calculatingcalculating the retirement allowance no later than three (3) months after the date of signing of the collective agreement. (e) Employees will have until June 30, 2019 2017 to advise the Employer that they select an immediate payment of their retirement allowance. Where an employee has not advised the Employer of their his selection of an immediate payment by June 30, 20192017, she he will be deemed to have deferred their his payment until retirement. (f) Notwithstanding that the retirement allowance will be discontinued effective March December 31, 20192016, an employee with a continuous service date falling before March December 31, 2019 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 Collective Agreement and March 31September 30, 2019 2016 as follows: (i) The employee will notify the employer Employer in writing of his decision to discontinue his retirement allowance early and confirm his selected effective date for the discontinuance; (ii) The T he 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.