Common use of Pre-Retirement Leave Clause in Contracts

Pre-Retirement Leave. 17.01 A Full-Time Employee who: (a) retires at age sixty-five (65) years; (b) retires after age sixty-five (65) years; (c) has completed at least ten (10) years of continuous employment and retires after age fifty-five (55) but before age sixty-five (65) years; (d) has completed at least ten (10) years continuous employment and who meets the "Magic 80" provisions of the HEB Pension Plan; or (e) terminates employment at any time due to permanent disability, will be granted a retiring allowance on the basis of four (4) days per year of employment with the Employer. For the purpose of this Article, a “day” will mean eight (8) hours for an employee occupying a position that is 2080 regular hours annually. 17.02 Employees who have worked on a part-time basis during the employment with the Employer shall receive a pro-rata portion of the pre-retirement leave based on their actual hours worked as compared to those of a Full-time Employee. 17.03 Calculation of pre-retirement leave shall begin from the date of the Employee’s last commencing Full-time or Part-time employment with the Employer and shall be based on the Employee’s total length of continuous employment as at the date of retirement. 17.04 Arrangements for payment of the Pre-Retirement Leave are at the Employee’s option of either: (a) a lump sum, which is subject to Canada Revenue Agency guidelines, may be transferred into a Registered Retirement Savings Plan; or (b) continuation of salary until the scheduled retirement date; or (c) a combination of salary continuance followed by lump sum payment. 17.05 Permanent Employees who terminate employment at any time due to permanent disability shall be granted pre-retirement leave, payable in a lump sum. 17.06 Where an Employee is entitled to pre-retirement leave in accordance with the conditions listed above, and the Employee dies prior to receiving this benefit, it is understood that the pre-retirement leave benefit shall be paid to their estate.

Pre-Retirement Leave. 17.01 16.01 A Full-Time Employee who: (a) retires at age sixty-five (65) years; (b) retires after age sixty-five (65) years; (c) has completed at least ten (10) years of continuous employment and retires after age fifty-five (55) but before age sixty-five (65) years; (d) has completed at least ten (10) years continuous employment and who meets the "Magic 80" provisions of the HEB Pension Plan; or (e) terminates employment at any time due to permanent disability, will be granted a retiring allowance on the basis of four (4) days per year of employment with the Employer. For the purpose of this Article, a “day” will mean eight (8) hours for an employee occupying a position that is 2080 regular hours annually. 17.02 16.02 Employees who have worked on a part-time basis during the employment with the Employer shall receive a pro-rata portion of the pre-retirement leave based on their actual hours worked as compared to those of a Full-time Employee. 17.03 16.03 Calculation of pre-retirement leave shall begin from the date of the Employee’s last commencing Full-time or Part-time employment with the Employer and shall be based on the Employee’s total length of continuous employment as at the date of retirement. 17.04 16.04 Arrangements for payment of the Pre-Retirement Leave are at the Employee’s 's option of either: (a) a lump sum, which is subject to Canada Revenue Agency guidelines, may be transferred into a Registered Retirement Savings Plan; or (b) continuation of salary until the scheduled retirement date; or (c) a combination of salary continuance followed by lump sum payment. 17.05 16.05 Permanent Employees who terminate employment at any time due to permanent disability shall be granted pre-retirement leave, payable in a lump sum. 17.06 16.06 Where an Employee is entitled to pre-retirement leave in accordance with the conditions listed above, and the Employee dies prior to receiving this benefit, it is understood that the pre-retirement leave benefit shall be paid to their his/her estate.