Point Retirement Sample Clauses

Point Retirement. A Member who retires from active employment and has attained age 55 and accumulated 85 points (age plus Credited Service) may elect 85
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Point Retirement. If you retire on or after January 1, 1996 after reaching age 55, and if your age plus years of credited service total 85 or more (but prior to having qualified for Special Early Retirement) you are entitled to unreduced pension.
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Point Retirement. If you retire on or after March 1, 2014 after having reached age 55 and your combined age and years of total credited service total 85 or more (but prior to having qualified for Special Early Retirement), you are entitled to an immediate pension equal to the amount of your vested accrued basic pension for service to the date of early retirement. In addition, you shall be entitled to a lifetime supplement calculated as if you had reached age 65 on your date of retirement, but using your current unreduced vested accrued basic pension and your related credited service, the full unreduced Canada Pension Plan Retirement benefit and the normal retirement minimum pension, all determined as of your actual date of retirement. Once you become eligible to receive unreduced Canada Pension Plan Retirement benefits (on attaining age 65) and, in addition to the lifetime supplement, a member who retires under this provision (85 Point Retirement) will be paid a further supplement, if necessary, to produce a total pension from Company Plans equal to the pension that would be payable if the member would then retiring at normal retirement, based on the normal retirement minimum pension and full unreduced Canada Pension Plan retirement benefit both determined as of that date, his accrued pension, including any escalation thereof and his related credited service. This further supplement shall then be added to and form part of the member’s lifetime supplement.
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Point Retirement. Upon 85 Point Retirement the Member shall be entitled to a pension from the Defined Benefit Pension Plan, subject to adjustment under Section 7 of Part B, equal to his/her Accrued Retirement Pension as determined at the date of retirement.
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Point Retirement. A member retiring after having attained age 55 and whose age plus years of credited service total 85 or more (but prior to having qualified for Special Early Retirement) is entitled to an immediate accrued pension equal to the amount of accrued vested pension to his credit for service to date of early retirement. In addition, such member shall be entitled to a lifetime supplement calculated as if the member had attained age 65 on his date of retirement but using his current unreduced vested accrued pension and his related credited service, the full unreduced Canada Pension Plan Retirement benefit and the normal retirement minimum Pension all determined as of the member's actual date of retirement.
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Point Retirement. For those employees who have 85 points but do not have the credited service please refer to the letter of understanding entitled “Special 85 point retirement”. Early Retirement Program Window Due to excess manpower above requirements, the company and the union have entered into an agreement to reduce the seniority list during the life of the collective agreement by introducing an Early Retirement Program. Under the Early Retirement Program, increased pension benefits will be payable to employees who retire from employment on or after February 10, 2014, but no later than March 31, 2025, and who meet all of the following criteria on the date of their retirement: 1. the employee has attained age 55;
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Point Retirement. A member retiring on or after January 1, 1991 and after having attained age 55 and whose age plus years of credited service total 85 or more (but prior to having qualified for Special Early
Sample 1
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Point Retirement. A Member who retires from active employment and has attained age and accumulated points (age plus Credited Service) may elect Point Retirement.
Sample 1
Point Retirement. An employee who is at least 55 years of age and whose age plus years of credited service totals 85 (for example: 55 years of age with 30 years of service or 58 years of age with 27 years of service) is eligible to receive an unreduced lifetime pension similar to the pension under Normal Retirement Date. • Example 5: April 21, 2013 employee retires at age 55 with 30 years of service o Lifetime monthly pension = $2,525 – CPP = $1,512.50 • Example 6: April 21, 2013 employee retires at age 58 with 27 years of service o Lifetime monthly pension = ($2,525 – CPP) x 27/30 = $1,361.25 BREWERY, WINERY AND DISTILLERY WORKERS, LOCAL 300 AND BREWERS’ DISTRIBUTOR LTD. (BDL) It is agreed that the 6 day week provisions of Article 4.02 will apply to all Forklift Drivers of the Bottle Sort. This Letter of Understanding will terminate with the expiration of the Collective Agreement. Signed this 9th day of May, 2013 on behalf of: BREWERY, WINERY AND DISTILLERY WORKERS UNION, LOCAL 300 BREWERS’ DISTRIBUTOR LTD. BREWERY, WINERY AND DISTILLERY WORKERS, LOCAL 300 AND BREWERS’ DISTRIBUTOR LTD. (BDL) Should mandatory retirement at age 65 be no longer permitted by law in this Province and a regular employee continues in employment beyond his normal retirement date, the following conditions shall govern such employment and be added to the Collective Agreement. 1. The Pension to which the employee has become entitled at his normal retirement date (the “Pension”), shall be frozen as of the employee’s normal retirement date as defined in the Pension Plan. 2. The employee’s Pension shall become payable as of the first day of the month immediately following the month the employee ceased to be employed with the Company or as of the first day of the month immediately preceding the employee’s seventy-first (71) birthday, whichever shall first occur (the “Pension Date”). 3. The employee’s Pension will include any escalation benefits which occur from his normal retirement date to his Pension Date. 4. No contribution to the Pension Plan will be made after the employee has reached his normal retirement date and no service shall be credited after the aforementioneddate. 5. An employee’s Pension will not be affected by any amendments made to the Pension Plan after the employee’s normal retirement date. 6. An employee’s Pension benefits will be actuarially reviewed effective as at the Pension Date having regard to the employee’s Pension having been deferred since his normal retirement date. 7. For ...
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Related to Point Retirement

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Public Employees Retirement System “PERS”) Members.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Pre-Retirement Counseling Leave Each employee within four (4) years of chosen retirement age or date shall be granted, on a one-time basis, up to three and one-half (3-1/2) days leave with pay to pursue bona fide pre-retirement programs. Employees shall request the use of leave provided in this Section at least five (5) days prior to the intended day of use.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

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