Common use of Postponed Retirement Date Clause in Contracts

Postponed Retirement Date. ‌ 27.3.1 A Member may postpone retirement after attaining the Normal Retirement Date. 27.3.2 Members who choose to continue employment beyond the Normal Retirement Date will be required to commence receiving pension payments no later than the end of the calendar year in which the Member attains age 71 or such later date as may be permitted under the Income Tax Act at which time both the Member and the University will cease contributions to the WLU Pension Plan and the period of continued service will not be counted as pensionable service for the calculation of pension benefits. While working beyond the Normal Retirement Date the Member may continue to make contributions to the WLU Pension Plan and, by so doing, for the purposes of pension benefit calculations receive matching University contributions and additional pensionable service for the period worked. 27.3.3 A Member who has postponed retirement, in accordance with Article 27.3 (Postponed Retirement Date), and who has elected to continue to make contributions during the postponed period, will have pension benefits calculated in the same manner as at normal retirement. 27.3.4 Members are advised to provide as much written notice as possible of their intention to retire to allow for administrative processing and orderly planning. The recommended time frame is a minimum of three (3) months prior to the proposed retirement date.

Postponed Retirement Date. ‌‌‌ 27.3.1 A Member may postpone retirement after attaining the Normal Retirement Date. 27.3.2 Members who choose to continue employment beyond the Normal Retirement Date will be required to commence receiving pension payments no later than the end of the calendar year in which the Member attains age 71 or such later date as may be permitted under the Income Tax Act at which time both the Member and the University will cease contributions to the WLU Pension Plan and the period of continued service will not be counted as pensionable service for the calculation of pension benefits. While working beyond the Normal Retirement Date the Member may continue to make contributions to the WLU Pension Plan and, by so doing, for the purposes of pension benefit calculations receive matching University contributions and additional pensionable service for the period worked. 27.3.3 A Member who has postponed retirement, in accordance with Article 27.3 (Postponed Retirement Date), and who has elected to continue to make contributions during the postponed period, will have pension benefits calculated in the same manner as at normal retirement. 27.3.4 Members are advised to provide as much written notice as possible of their intention to retire to allow for administrative processing and orderly planning. The recommended time frame is a minimum of three (3) months prior to the proposed retirement date.

Postponed Retirement Date. ‌ 27.3.1 A Member may postpone retirement after attaining the Normal Retirement Date. 27.3.2 Members who choose to continue employment beyond the Normal Retirement Date will be required to commence receiving pension payments no later than the end of the calendar year in which the Member attains age 71 or such later date as may be permitted under the Income Tax Act at which time both the Member and the University will cease contributions to the WLU Pension Plan and the period of continued service will not be counted as pensionable service for the calculation of pension benefits. While working beyond the Normal Retirement Date the Member may continue to make contributions to the WLU Pension Plan and, by so doing, for the purposes of pension benefit calculations receive matching University contributions and additional pensionable service for the period worked. 27.3.3 A Member who has postponed retirement, in accordance with Article 27.3 (Postponed Retirement Date), and who has elected to continue to make contributions during the postponed period, will have pension benefits calculated in the same manner as at normal retirement. 27.3.4 Members are advised to provide as much written notice as possible of their intention to retire to allow for administrative processing and orderly planning. The recommended time frame is a minimum of three (3) months prior to the proposed retirement date.