Pension Bridging Option Sample Clauses

Pension Bridging Option. 27.21.1 A surplus employee is entitled to take a pension bridging option as a leave of absence without pay but with the continued accrual of pension credits, if the sum of: (a) the six (6) month notice period; (b) the number of weeks of paid leave of absence that the employee’s legislated severance can be converted into under the current provisions of the Public Service of Ontario Act, 2006, Management Board of Cabinet Compensation Directive, August 20, 2007, section 68; plus (c) a maximum of two (2) years leave of absence without pay, but with continued accrual of pension credits would bring the employee to the next earliest date on which they could exercise an actuarially unreduced pension option under the Public Service Pension Plan. Article 27.21.4 provides details on the pension bridging option. 27.21.2 Surplus employees who choose this option shall waive all rights to bumping, targeted direct assignment, pay-in-lieu and recall. 27.21.3 The Employer agrees to make any necessary changes to the pension plan and/or the Public Service of Ontario Act, 2006, Management Board of Cabinet Compensation Directive, August 20, 2007, in as expeditious a manner as is possible. 27.21.4 Details on Pension Bridging Option 27.21.4.1 For any specific individual, the maximum amount of leave that can be taken for the pension bridging option shall be calculated as follows: (a) determine the total amount of time from the date on which the employee receives the surplus notice that is needed for the individual to reach the next earliest of their actuarially unreduced pension options and, from that amount, subtract: i) the employee’s six-month notice period; and ii) the number of weeks of paid leave of absence that the employee’s legislated severance can be converted into under the existing provisions of the Public Service of Ontario Act, 2006, Management Board of Cabinet Compensation Directive, August 20, 2007, section 68. (b) the remainder, to the extent that it is no more than two (2) years, shall be available as a leave of absence without pay but with continued accrual of pension credits. During the leave without pay, employees may choose to purchase all benefit coverage with the exception of STSP and LTIP. 27.21.4.2 The leaves of absence shall commence before the conclusion of the employee’s six- month notice period and shall be taken as follows: (a) the unpaid leave of absence, the maximum length of which is determined in accordance with Article 27.21.4.1(b) above, shall ...
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Pension Bridging Option. A surplus employee is entitled to take a pension bridging option as a leave of absence without pay but with the continued accrual of pension credits, if the sum of:
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Pension Bridging Option. A surplus employee is entitled to take a pension bridging option as a leave of absence without pay but with the continued accrual of pension credits, if the sum of: (a) the six month notice period; (b) the number of weeks of paid leave of absence that the employee’s legislated severance can be converted into under the current provisions of the Public Service Act Regulation 977 Sec. 87; plus (c) a maximum of two (2) years leave of absence without pay, but with continued accrual of pension credits would bring the employee to the next earliest date on which he or she could exercise an actuarially unreduced pension option under the Public Service Pension Plan. Attachment “1" to this letter provides details on the pension bridging option. Surplus employees who choose this option shall waive all rights to bumping, direct assignment, pay-in-lieu and recall. The Employer agrees to make any necessary changes to the pension plan and/or the
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Pension Bridging Option. 2.1 A surplus employee who is accruing benefits under the PSPP, shall, subject to the terms of the PSPP, be permitted to access a leave of absence without pay for purposes of the PSPP’s pension bridging option to permit the continued accrual of pension credits during such leave of absence, as permitted by the PSPP, if such leave of absence would bring the employee to the next earliest date on which he or she could exercise an actuarially unreduced pension option under the PSPP 2.2 Surplus employees who choose this option shall waive all rights to bumping, direct assignment, pay-in-lieu and recall. 2.3 Details on Pension Bridging Option
Sample 1
Pension Bridging Option. 27.22.1 A surplus employee is entitled to take a pension bridging option as a leave of absence without pay but with the continued accrual of pension credits, if the sum of: (a) the six month notice period; (b) the number of weeks of paid leave of absence that the employee‘s legislated severance can be converted into under the current provisions of the Public Service Act Regulation 977 Sec. 87; as of December 19, 2007, which are hereby incorporated by reference into this Article plus (c) a maximum of two (2) years leave of absence without pay, but with continued accrual of pension credits would bring the employee to the next earliest date on which he or she could exercise an actuarially unreduced pension option under the Public Service Pension Plan. Article 27.22.4 provides details on the pension bridging option. 27.22.2 Surplus employees who choose this option shall waive all rights to bumping, direct assignment, pay-in-lieu and recall. 27.22.3 The Employer agrees to make any necessary changes to the pension plan and/or the Public Service Act, Regulation 977, in as expeditious a manner as is possible.
Sample 1
Pension Bridging Option. A surplus employee is entitled to take a pension bridging option as a leave of absence without pay but with the continued accrual of pension credits, if the sum of: a) the six month notice period; b) the number of weeks of paid leave of absence that the employee’s legislated severance can be converted into under the current provisions of the Public Service Act Regulation 977 Sec. 87; plus c) a maximum of two (2) years leave of absence without pay, but with continued accrual of pension credits
Sample 1
Pension Bridging Option employee is entitled to take a pension bridging option as a leave of absence without pay but with the continued accrual of pension credits, if the sum of: the six month notice period; the number of weeks of paid leave of absence that the employee’s legislated severance can be converted into under the current provisions of the Public Service Act Regulation Sec. 87; plus a maximum of two (2) years leave of absence without pay, but with continued accrual of pension credits would bring the employee to the next earliest date on which he or she could exercise an actuarially unreduced pension option under the Public Service Pension Plan. Article provides details on the pension bridging option. Surplus employees who choose this option shall waive all rights to bumping, direct assignment, and recall. The Employer agrees to make any necessary changes to the pension plan and/or the Public Service Act, Regulation in as expeditious a manner as is possible. For any specific individual, the maximum amount of leave that can be taken for the pension bridging option shall be calculated as follows:
Sample 1
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Related to Pension Bridging Option

  • Pension Plan Employers and/or individuals who manage, operate, assist or own, either partially or wholly, a company or companies working non-union in the construction industry on Mainland Nova Scotia within the craft jurisdiction of xxx Xxxxxxxxxx Local 83 shall not be eligible to be appointed to serve, or to continue to serve, as trustees on any trust fund referred to within this Collective Agreement. This provision shall apply to management trustees and union trustees alike. 29.01 It is agreed that the employer shall pay into the established Pension Fund an amount per hour for each hour paid as per the wage tables in Craft Schedule “A”, “B”, “S” and Appendix “MIP”. Pension contributions shall be calculated based on the base hourly rate and vacation pay, and no premium shall affect this. For the purposes of this Article, overtime rates payable in accordance with Article 16 are not premiums. Such contributions shall be paid to the Trustees of the Pension Fund on or before the fifteenth (15th) day of the month following the month such hours were worked and shall be accompanied by a remittance report form for each employee on a form prescribed by the Trustees of the Fund. Each monthly report and contributions shall include all obligations arising from hours worked up to the preceding calendar month. 29.02 It is agreed that provisions for an increase in the Pension Plan (other than those increases listed above) will be implemented if so desired by the Local, with the employer contribution to be deducted from the wages rates contained herein, provided the employer receives sixty (60) days notice of such change. 29.03 The Pension Plan shall be professionally administered. 29.04 Neither the United Brotherhood of Carpenters and Joiners of America, Local 83, nor the Nova Scotia Construction Labour Relations Association shall incur any legal liability with regard to claims arising from the Pension Plan. 29.05 Employers bound by, or subject to the Agreement, shall be required to maintain for a two (2) year period, a complete set of employment records including: • employee’s name, address, and S.I.N. • number of hours worked by the employee in each week • employee’s wage rate and gross earnings, amount(s) and description of deductions from the employee’s wages • particulars of pay allowances or other payments or benefits to which the employee is entitled.

  • Pension All present employees enrolled in the Hospital's Pension Plan shall maintain their enrolment in the Plan subject to its terms and conditions. New employees and employees employed but not yet eligible for membership in the Plan shall, as a condition of employment, enrol in the Plan when eligible in accordance with its terms and conditions.

  • Canadian Pension Plans The Loan Parties shall not (a) contribute to or assume an obligation to contribute to any Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent, or (b) acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to or has any liability in respect of any Canadian Defined Benefit Plan, or at any time in the five-year period preceding such acquisition has sponsored, administered, maintained, or contributed to a Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent.

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