Common use of Pensionable Service Clause in Contracts

Pensionable Service. Pensionable service is the total of the member’s future service and past service which are determined as follows: (a) Past Service – is service with the Company credited for each year prior to June 1, 1980. (b) Future Service – represents continuous service with the Company subsequent to May 31, 1980, credited according to hours worked for which pay was received by a member during each pension year (June 1 to May 31). For the purpose of applying this paragraph: (i) A member receiving pay for at least 1920 hours will be credited with a year of Pensionable Service. A member receiving pay for less than 1920 hours will be credited with one-twelfth (1/12) of a year for each 160 hours pay received. (c) When computing the hours for which pay has been received during each pension year after becoming a member, the following periods shall be included: (i) Statutory holidays, overtime hours (ii) Annual vacation (iii) For members who are Union officials, hours dedicated to union business, up to a maximum of 160 hours, to the extent that such member otherwise would have been scheduled to work. (iv) Any period of absence, up to a maximum of twenty-four (24) consecutive months, as a result of illness of the member or while a member is in receipt of Worker’s Compensation benefits because of occupational injury or disease incurred in the course of employment with the Company to the extent that the member otherwise would have been scheduled to work. (v) Any period of parental, pregnancy or other leave for which pension benefit accrual is required pursuant to the Employment Standards Amendment Act, 2000 (Ontario) unless the member elects in writing not to have such period included. (vi) Notwithstanding the foregoing, a member will not be credited with pensionable service after his retirement date.