Retirement Adjustment Clause Samples
A Retirement Adjustment clause outlines the process for modifying benefits, compensation, or obligations when an individual retires from an organization or plan. Typically, this clause specifies how retirement impacts ongoing payments, vesting of benefits, or the calculation of final entitlements, and may address adjustments for early or delayed retirement. Its core function is to ensure that both parties understand how retirement affects contractual terms, thereby providing clarity and preventing disputes over post-retirement rights and obligations.
Retirement Adjustment. The Member’s retirement income benefit shall be increased on each date as set forth below: The pension subject to the increase is the Member’s pension which is payable from the Plan on and after the Date of the Post-Retirement Adjustment. The pension increase shall exclude any temporary bridging supplement. The Pension Increases will be payable on the same form of payment that applies to the member's pension already in the course of payment. For purposes of this section, "Consumer Price Index" means the Canada all-items Consumer Price Index (1992 = 100) as published by Statistics Canada. If, by reason of law or guideline established by a Government Body, the Company is required to provide increases in pension for retired employees, the Company will only be required to increase pensions under this section such that the resulting pension equals the greater of:
Retirement Adjustment. Effective January 1, 2005, the Pension Plan will be amended to provide a post- retirement adjustment on January 1, 2005 and on January 1, 2007. Effective January 1, 2009, the Pension Plan will be amended to provide a post-retirement adjustment on January 1, 2009, January 1, 2011 and January 1, 2013. Participants eligible for these adjustments are those who were eligible for the post-retirement adjustment provided by the collective agreement that expired on April 30, 2004, as well as all active participants who will retire on or after May 1, 2004. The post-retirement adjustment is equal to the amount of the minimum pension of the participant, excluding the bridging benefit, multiplied by 50% of the increase of the Consumer Price Index for the 12-month period ending in October of the preceding year (rounded to the nearest tenth of one per cent), subject to a maximum 5% adjustment. For calculation purposes, the Consumer Price Index means the all-items index (1992=100) published by Statistics Canada. The calculation of the adjustment is prorated based on the number of months since the commencement of pension payments if the commencement occurred in the twelve (12) months preceding the date of the adjustment.
Retirement Adjustment. The Member’s retirement income benefit shall be increased on each date as set forth below:
Retirement Adjustment. (For members who retired after May 2,1982)No special adjustment will be made to pensions in payment between May and May Between May and May pensions in payment (excluding the bridging supplement) will be increased each year on the anniversary of the pensioner’s retirement date by of the increase in the Consumer Price Index, subject to a maximum increase of No further such adjustment will be made after May Should the introduce a compulsory system this area of private pension plans and which is applicable to Eddy Forest, this pension will be reduced proportionately to the degree it is replaced by the government requirements.
Retirement Adjustment. The Member’s retirement income benefit shall be increased on each date as set forth below: The pension subject to the increase is the Member’s pension which is payable from the Plan on and after the Date of the Post-Retirement Adjustment. The pension increase shall exclude any temporary bridging supplement. The Pension Increases will be payable on the same form of payment that applies to the member's pension already in the course of payment. For purposes of this section, "Consumer Price Index" means the Canada all-items Consumer Price Index (1992 = 100) as published by Statistics Canada. All retirees retiring on or before September 1, 2021 will receive a one-time adjustment to their lifetime pension. Bridge benefits are not subject to indexation. The pension increase (indexation) would be fixed at 0.2% for all retirees. All retirees will receive the same increase in percentage for the life of their pensions as per plan text. If, by reason of law or guideline established by a Government Body, the Company is required to provide increases in pension for retired employees, the Company will only be required to increase pensions under this section such that the resulting pension equals the greater of:
Retirement Adjustment. 8 ARTICLE 5 LEAV1.N OF ABSENCE 4 Section 5.1 Bereavement Leave 9 Section .5 2 Peisonal Leave................ 4 Section 5 5 Paid Vacation (Annual Leave)................................................. 9 Section 5.4 Jury Duty.................. 10 Section 5.5 All-Purpose Leave (Pair-TimeEmployees) 11 ▇▇▇▇ ion 5.6 All-Purpose Day (Part-Time Employees Working Less than Twenty (20) Hours Per W'eek) 11 Section 5.7 Atlendance Review II
Retirement Adjustment. Effective January 1, 2005 and for the duration of the collective agreement, active members who retired on or after June 1, 1998 will have their pensions increased on January 1, 2005, 2007, 2009, 2011 and 2013. (last adjustment on January 1, 2013), by fifty percent (50%) of the increase in the Consumer Price Index, if any, subject to a maximum increase of five percent (5%). This increase in the CPI is calculated over the twelve (12) month period ending in October of the preceding year. The first adjustment for a newly retired participant will be multiplied by the ratio of the number of months between his retirement date and the effective date of the first adjustment (maximum 12 months) divided by twelve (12).
Retirement Adjustment. Effective January and for the duration of the collective agreement, active members who retired after June will have their pensions increased on January 1" of each year (last adjustment on January by percent (50%) increase in the Consumer Price Index, if any, subject to a maximum increase of five percent (5%). This increase in the is calculated over the twelve (12) month period ending in October of the preceding year. The first adjustment for a newly retired participant will be multiplied by the ratio of the number of months between his retirement date and the effective date of the first adjustment (maximum months) divided by twelve (12). All other provisions of the pension plan remain unchanged. Thepurpose Agreement (supplementary to the Labour Agreement betweenthe parties) is to establishthe special working conditions applicable to tour employees working on such a schedule. Hence, the parties hereto have agreed upon the following terms and conditions including modifications to the existing Collective Labour Agreement with regard to the twelve (12) hour shift schedule. I TERMS AND CONDITIONSWHICH APPLY TO TEE TWELVE (12) HOUR SHIFT SCHEDULE The schedule will apply to all tour workers, members of Local and who work on the continuous operation schedule. It is understood by all parties hereto that problems may subsequently arise which are not addressed by this Memorandum of Agreement. Should this occur, the parties agree to meet and resolve such problems in a manner which must result in no increased cost to the Company. Item of Schedule No premium will be paid no loss of premium or income will be compensated as a result of a change from a twelve (12) hour schedule to an eight (8) hour shift schedule or conversely.