Pension Benefit Reduction Sample Clauses

Pension Benefit Reduction. The parties agree that if any Employee's or surviving Spouse's total pension benefit is reduced because of the application of Section 3 of Article IV ("Maximum allowable lifetime pension for employees retiring after December 31, 1991") or of Section 5 of Article VII ("Maximum allowable supplementary pension for employees retiring after December 31, 1991"), then the Company agrees to pay to such Employee or surviving Spouse in one lump sum payment the Actuarial Equivalent of the amount of the required reductions. The payment could be treated as a retiring allowance and rolled tax free into a Registered Retirement Savings Plan (RRSP), subject to Revenue Canada regulations. The determination of the Actuarial Equivalent of the reductions shall be made at the time the Employee's Seniority ceases (or at the earliest of the date of death or age 65 for an Employee who is occupationally disabled as defined in Section (1)(C) of Article V), using the calculation basis specified in the Canadian Institute of Actuaries Recommendations for the Computation of Transfer Values from Registered Pension Plans (effective September 1, 1993).
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Pension Benefit Reduction. The parties agree that if any employee's total pension benefit is reduced because of the application of Section 3 of Article IV ("Maximum allowance lifetime pension for employees retiring after December 31, 1991 or of Section 5 of Article VII ("Maximum allowable supplementary pension for employees retiring after December 31, 1991 "), the Company agrees to pay such employee in one lump sum payment the Actuarial Equivalent of the amount of the required reductions. The payment could be treated as a retiring allowance and rolled tax free into a Registered Retirement Savings Plan ("RRSP"), subject to Revenue Canada regulations. The determination of the Actuarial Equivalent of the reductions shall be made at the time the employee's seniority ceases (or at the earliest of the date of death or age 65 for an employee who is occupationally disabled as defined in Section (1)(c) of Article V), using the calculation basis specified in the Canadian Institute of Actuaries recommendations for the Computation of Transfer Values from Registered Pension Plans (effective September 1, 1993). Letter 15 - Preferential Hiring Seniority employees who are indefinitely laid off as a result of discontinuance of operations or the utilization of new technology without the reasonable likelihood of recall, may apply for preferential hiring opportunities at other TransAlta Energy Corporation plants provided such employees file for such preferential hire within 30 days of layoff. It is the intent of the Company to accommodate preferential hiring requests of the employees wherever possible.
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Pension Benefit Reduction. (IO. Rebate.. ...........................
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Pension Benefit Reduction. The parties agree that if any employee's or surviving spouse's total pension benefit is reduced because of the application of Section 3 of Article IV ("Maximum allowable lifetime pension for employees retiring after December 31, 1991") or of Section 5 of Article VII ("Maximum allowable supplementary pension for employees retiring after December 31, 1991"), then the Corporation agrees to pay to such employee or surviving spouse in one lump sum payment the Actuarial Equivalent of the amount of the required reductions. The payment could be treated as a retiring allowance and rolled tax free into a Registered Retirement Savings Plan (RRSP), subject to Revenue Canada regulations. The determination of the Actuarial Equivalent of the reductions shall be made at the time the employee's seniority ceases (or at the earliest of the date of death or age 65 for an employee who is occupationally disabled as defined in Section (1)(c) of Article V) using the calculation basis specified in the Canadian Institute of Actuaries Recommendations for the Computation of Transfer Values from Registered Pension Plans (effective September 1, 1993).
Sample 1
Pension Benefit Reduction. The parties agree that if any Registered Nurse's or surviving Spouse's total pension benefit is reduced because of the application of Section 3 of Article IV ("Maximum allowable lifetime pension for Registered Nurses retiring after December 31, 1991") or of Section 5 of Article VII ("Maximum allowable supplementary pension for Registered Nurses retiring after December 31, 1991"), then the Company agrees to pay to such Registered Nurse or surviving Spouse in one lump sum payment the Actuarial Equivalent of the amount of the required reductions. The payment could be treated as a retiring allowance and rolled tax free into a Registered Retirement Savings Plan (RRSP), subject to Revenue Canada regulations. The determination of the Actuarial Equivalent of the reductions shall be made at the time the Registered Nurse's Seniority ceases (or at the earliest of the date of death or age sixty-five (65) for a Registered Nurse who is occupationally disabled as defined in Section (1)(C) of Article V), using the calculation basis specified in the Canadian Institute of Actuaries Recommendations for the Computation of Transfer Values from Registered Pension Plans (effective September 1, 1993).
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Pension Benefit Reduction. Premium. Rebate . . , , Copies of Agreements . . . . . . . . . , . . . CONSIDERATIONS New Hire Orientation . . . . . . . . . . . . . . JOINT Training Committee . . . . . . . . . . . . . . Employment Equity Committees . , , , , Annual Benefits Meeting . . . . . .
Sample 1

Related to Pension Benefit Reduction

  • Pension Benefits Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, or that become vested in the future, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Pension Plan 15.01 The CLAC Pension Plan (“the Plan”), a defined contribution pension plan, is registered with the Canada Revenue Agency. The Plan applies to all employees covered by this Agreement.

  • Benefit Termination Any employee terminating employment shall be entitled to receive the District insurance contribution for the remainder of the calendar month in which the contribution is effective. In cases where separation occurs after completion of the employee’s full contract obligation (i.e. the end of the school/work year), benefit coverage will continue through August 31 of that year.

  • Group Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be a paid or unpaid leave, contact the District’s Human Resources Department.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Benefit Accrual Seniority, for the purpose of vacation, pension and sick leave accrual shall be based upon an employee’s continuous length of service with WSF. Seniority, for the purpose of all other benefit accrual, shall be by bargaining unit-wide seniority based upon an employee’s continuous length of service or adjusted length of service within the bargaining unit.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

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