Common use of Pension "Buy-Back Clause in Contracts

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. 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 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. 24.01 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.