Pension Plan Improvements. A summary of the Pension Plan benefits are below:
Pension Plan Improvements. A summary of the Pension Plan benefits are below: The minimum hour requirement for credited serviceprior to I987 will be such that actual credited hours of less than will be recognized for purposes of calculating credited years on a pro-rata only for employees who were Employees when such hours were worked and only to the extent that such hours have not previously been credited under this or any other pension plan sponsored the company or its predecessor. The percentages that will apply in the benefit formula will increase from to for service up to December and the formula for service December will increase from to for earnings up to the and will increase from to for earnings above the The parties agree that active Pension Plan members retiring from active employment with the Company, will be eligible for an unreduced pension on reaching any of the following milestones: Age with years pensionable service Age plus pensionable service reaching points years of pensionable service regardless of age Thoseactive members who have reached age with years ofpensionable service. and are retiring from active employment with the Company, will have their pension reduced. by of per month short of age (currently reduced by per month). Those active member; who do not meet the above conditions but have reached age and are retiring from active employment with the Company, will have a reduction of per month short of age (currently reduced by The Plan will provide that under the Optional Spousal pension, the initial amount of pension payable to the members shall be by apply a reduction the initial pension. The plan will be amended to state that a spouse is a person of the opposite or same sex. The accrual of pension credits will be expanded such that Membership and Pensionable Service continue to be credited: while on any disability plan where the Company is required to make any financial contribution or pay premiums, i.e. Weekly Indemnity; Long Term Disability, Workers' Compensation, Disability Benefits; for approved Union Leave; Except that this provision will only apply for periods of disability or union Leave that commences the effective date of ratification of this agreement. The parties agree to make a one-off increase to current pensioners equal to the cumulative increase percent (50 since or date of retirement if later.
Pension Plan Improvements. Effective May 1, 1997 the Company will establish and add to the Company Pension Plan established for members of the collective bargaining unit an Alternative Pension Plan with the following retirement benefits for employees retiring from the Company at age 62 or thereafter: a monthly benefit determined by multiplying the number of years of credited service on the retirement date times "55". Each employee electing to retire from the Company on or after May 1, 1997 shall have the right to elect, by written notice to the Company made 30 days prior to such employee's date of retirement, between the Present Company Pension Plan and the new Alternate Pension Plan.
