Pension "Buy-Back. The College will match the employee’s contribution for three (3) years of additional pensionable service for work at Selkirk College by employees who retire between the age of 55 and 65, who have ten (10) years of service with the College and who are eligible under the Pension (College) plan. Employees who wish to apply for this benefit must submit their application to the College prior to December 1 of the year prior to the fiscal year the employee wishes to retire. Enrolment in the College Pension Plan shall be provided in the Common Agreement.
Pension "Buy-Back. Provision
Pension "Buy-Back. Provision Subject to the qualifying provision contained in Section 9(1) of the Municipal Pension Plan, the City agrees to participate in such contributions as are necessary to extend pensionable service of an employee covered by this Agreement up to a maximum of six
Pension "Buy-Back. 24.01 An employee who prior to April 1, 2007 had purchased from the Municipal Pension Plan the time served by the employee in a probationary period with their current Employer (which had not before been considered as pensionable service) shall be reimbursed fifty per cent (50%) of the purchase cost by their Employer upon the employee producing the receipt and provided the employee has reached the minimum retirement age.
Pension "Buy-Back. Employees may opt to buy-back any pre-enrolment service under the terms and conditions established by the pension trustees and as permitted by applicable legislation. MDT’s are eligible and may elect to buy-back pre-enrolment service. It is understood that the MDT is responsible for payment of the full actuarial cost of the service.
Pension "Buy-Back. Where an employee has, prior to retirement, paid the full cost of extending their pensionable service by purchasing time served by the employee in a probationary capacity with the Employer which has not heretofore been considered as pensionable service, the Employer shall, upon the employee’s retirement, reimburse the employee for one-half (½) of the costs previously paid by the employee provided the employee has reached the minimum retirement age. This provision is subject to the provisions of the Municipal Pension Plan and the maximum period of time that the Employer will cost share with the employee is six (6) months.
Pension "Buy-Back. Subject to the provisions of the Public Sector Pension Plans Act, the Board agrees to participate as to one-half (½) the cost determined by the Municipal Pension Plan to extend the pensionable service of a member covered by this Agreement up to a maximum of one year. It is understood that this extension shall represent that period of time served by the member in a probationary capacity as a Police Officer with the Service and which has not heretofore been considered as pensionable service. This benefit shall be subject to the following conditions:
Pension "Buy-Back. Provision Effective date of ratification of the Memorandum of Agreement, the Employer and Union agree to amend Clause 10.71 to conform with the new Municipal Pension Plan regulations regarding pension buy-back by adding the following new paragraph: “Where an employee has, prior to retirement, paid the full cost of extending their pensionable service as provided herein, the Employer shall, upon the employees retirement, reimburse the employee for one- half (½) of the cost previously paid by the employee provided the employee has reached the minimum retirement age.”
Pension "Buy-Back. Provision All Pension buy backs shall be done in accordance with the rules of the Municipal Pension Plan.
