Pension Bridge Benefit. The Company shall provide a pension bridge annuity of twenty dollars ($20) per month per year of service to employees aged sixty (60) or older who retire prior to attaining age sixty-five (65). The pension bridge benefit will not be payable beyond the age of sixty-five (65). The calculation of the pension bridge benefit shall be credited on the same basis as under the terms and conditions of the Pulp and Paper Pension Plan. An employee who chooses to retire at age sixty (60) shall have access to the bridging benefit paid by the Company when they reach age sixty (60).
Pension Bridge Benefit. The Company shall provide a pension bridge annuity of twenty dollars ($20) per month per year of service to employees aged sixty-one (61) or older who retire prior to attaining age sixty-five (65). The pension bridge benefit will not be payable beyond the age of sixty-five (65). The calculation of the pension bridge benefit shall be credited on the same basis as under the terms and conditions of the Pulp and Paper Pension Plan. An employee who chooses to retire at age sixty (60) shall have access to the bridging benefit paid by the Company when they reach age sixty-one (61). The Pulp Price Trigger Bonus outlined in Article VII – Wages will, initially, be used for the purpose of funding pension bridge benefits from age sixty (60) to age sixty-one (61). The first three payments of the Pulp Price Trigger Bonus will be used for this purpose. The bridge benefit will be paid from age sixty (60) to age sixty-one (61) consistent with existing requirements at twenty dollars ($20) per month per year of service as indicated above. Proceeds beyond the initial three Pulp Price Trigger Bonus payments will be used as directed by the Local Union for the direct benefit of active or retired employees.
