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

Retirement Allowance and Pre-Retirement Leave. ‌ Upon retirement from service, an employee who has completed 20 years of service with the Employer, and who under the provisions of the Municipal Pension Plan Rules is entitled to receive a pension benefit 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. The employee may opt to take the allowance as equivalent paid leave of absence to be taken immediately prior to retirement.

Retirement Allowance and Pre-Retirement Leave. ‌ Upon retirement from service, an employee who has completed 20 years of service with the Employer, and who under the provisions of the Municipal Pension Plan Rules is entitled to receive a pension benefit 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. The employee may opt to take the allowance as equivalent paid leave of absence to be taken immediately prior to retirement.

Retirement Allowance and Pre-Retirement Leave. ‌ Upon retirement from service, an employee who has completed 20 years of service with the Employer, and who under the provisions of the Municipal Public Service Pension Plan Rules is entitled to receive a pension benefit 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. The employee may opt to take the allowance as equivalent paid leave of absence to be taken immediately prior to retirement.

Retirement Allowance and Pre-Retirement Leave. ‌ Upon retirement from service, an employee who has completed 20 years of service with the Employer, and who under the provisions of the Municipal Public Service Pension Plan Rules is entitled to receive a pension benefit 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. The employee may opt to take the allowance as equivalent paid leave of absence to be taken immediately prior to retirement.