Pension Buy Back. Provision a) Subject to the qualifying provision contained in 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 (6) months. The said extension represents that time served by the employee in a probationary capacity with the City which has not heretofore been considered as pensionable service. Such benefit to be subject to the following: i. An employee must have a vested interest in the Municipal Pension Plan and have reached the minimum retirement age in order to qualify. ii. Any eligible employee who wishes to take advantage of this benefit must give at least one (1) month notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee's own contributions. Provided, however, the time constraints provided for in this paragraph may be waived under special circumstances by application to and with the approval of the City. iii. Cost of increased benefits, as defined by the Municipal Pension Plan, is shared 50/50 by the employee and the City as per Section 9(1)(b) of the Municipal Pension Plan. b) Where an employee has, prior to retirement, paid the full cost of extending their pensionable service as provided herein, the Employer shall, upon the employee’s 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.
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Samples: Collective Agreement, Collective Agreement, Collective Agreement
