Common use of Pre-Retirement Leave and Allowance Clause in Contracts

Pre-Retirement Leave and Allowance. Upon retirement from service, an employee who has completed 20 years of continuous service, and who under the provisions of the Public Service Pension Plan Rules is entitled to receive pension benefits on retirement, is entitled to an amount equal to their salary for one month, and for each full year of service exceeding 20 years but not exceeding 30 years, is entitled to an additional amount equal to one fifth of their monthly salary. This benefit can be taken as follows: (1) As a lump sum payment within two weeks of commencing retirement; or (2) If the employee provided 12 months’ notice of retirement under (b) above, as an equivalent paid pre-retirement leave of absence to be taken immediately prior to retirement. If the employee opts to take paid pre-retirement leave, the lump sum payment Retirement Notice Incentive will be reduced by an amount equivalent to the additional employer contributions to their pension plan and benefits package during the paid pre-retirement leave of absence.

Pre-Retirement Leave and Allowance. Upon retirement from service, an employee who has completed 20 years of continuous service, and who under the provisions of the Public Service Pension Plan Rules is entitled to receive pension benefits Pension Benefits on retirement, is entitled to an amount equal to their salary for one month, and for each full year of service exceeding 20 years but not exceeding 30 years, is entitled to an additional amount equal to one one-fifth of their monthly salary. This benefit can be taken as follows: (1) As a lump sum payment within two weeks of commencing retirement; or (2) If the employee provided 12 months’ ' notice of retirement under (b) above, as an equivalent paid pre-retirement leave of absence to be taken immediately prior to retirement. . (i) If the employee opts to take paid pre-retirement leave, the lump sum payment Retirement Notice Incentive will be reduced by an amount equivalent to the additional employer contributions to their pension plan and benefits package during the paid pre-pre- retirement leave of absence.