Common use of Pension Bridging Option Clause in Contracts

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 be taken first. During this leave of absence, in lieu of the employee’s pension contributions being made directly by the employee, the employee’s right to enhanced severance under Article 27.20 shall be reduced by an equivalent amount, which the Employer shall pay into the pension plan and the Employer contributions shall also be paid into the pension plan; (b) the leave of absence with pay equal to the employee’s number of weeks of legislated severance shall be taken after the leave without pay in Article

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 ActXxxxxxx Xxx, 20060000, 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 he or she 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 ActXxxxxxx Xxx, 20060000, 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 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 his or her 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 ActXxxxxxx Xxx, 20060000, 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 be taken first. During this leave of absence, in lieu of the employee’s pension contributions being made directly by the employee, the employee’s right to enhanced severance under Article 27.20 shall be reduced by an equivalent amount, which the Employer shall pay into the pension plan and the Employer contributions shall also be paid into the pension plan; (b) the leave of absence with pay equal to the employee’s number of weeks of legislated severance shall be taken after the leave without pay in Article

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 ActXxxxxxx Xxx, 20060000, 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 he or she 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 ActXxxxxxx Xxx, 20060000, 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 his or her 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 ActXxxxxxx Xxx, 20060000, 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 be taken first. During this leave of absence, in lieu of the employee’s pension contributions being made directly by the employee, the employee’s right to enhanced severance under Article 27.20 shall be reduced by an equivalent amount, which the Employer shall pay into the pension plan and the Employer contributions shall also be paid into the pension plan; (b) the leave of absence with pay equal to the employee’s number of weeks of legislated severance shall be taken after the leave without pay in Article

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 he or she 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 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 his or her 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 be taken first. During this leave of absence, in lieu of the employee’s pension contributions being made directly by the employee, the employee’s right to enhanced severance under Article 27.20 shall be reduced by an equivalent amount, which the Employer shall pay into the pension plan and the Employer contributions shall also be paid into the pension plan; (b) the leave of absence with pay equal to the employee’s number of weeks of legislated severance shall be taken after the leave without pay in Article