Common use of Pension Buy Back Clause in Contracts

Pension Buy Back. 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. 26.01 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 employer (which had not before been considered as pensionable service) shall be reimbursed fifty per cent (50%) of the purchase cost by their Employer employer upon the employee producing the receipt and provided the employee has reached the minimum retirement age.

Pension Buy Back. 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 employer (which had not before been considered as pensionable service) shall be reimbursed fifty per cent (50%) of the purchase cost by their Employer employer upon the employee producing the receipt and provided the employee has reached the minimum retirement age.