RETIREMENT AND PENSION BENEFITS. 28.01 Every full-time member, on completion of his/her probationary period, shall join the Ontario Municipal Employees Retirement System. All others who meet the eligibility criteria as outlined in the Pension Benefits Act (PBA) will be given the option to join. The Board agrees to provide and subsidize if necessary the following pension supplements:
RETIREMENT AND PENSION BENEFITS. All retirement and pension benefits will remain the same during the term of this Agreement.
RETIREMENT AND PENSION BENEFITS. The Retirement Plan for the Hourly Employees of Merck & Co., Inc. is hereinafter in this Article referred to as the "Plan". Part I of the Plan (providing for retirement benefits pursuant to a group annuity contract between Merck & Co., Inc. and Prudential Life Insurance Company of America) is hereinafter referred to in this Article as the "Insured Plan"; Part II of the Plan (providing for retirement benefits funded by a trust fund) is hereinafter referred to in this Article as the "Trust Plan". Although the Plan by its terms is subject to amendment or discontinuance by the Company in whole or in part, the Company agrees that it will not, at any time during the term of this Agreement, discontinue the Plan as to bargaining unit employees and that it will not amend the Plan in any way which would adversely affect them except as may be required to maintain the Plan's status as a qualified Plan under the provisions of the Internal Revenue Code or as a plan in compliance with the provisions of the Employee Retirement Income Security Act. If any amendment required to maintain the Plan status as a qualified plan under the Internal Revenue Code or to keep the Plan in compliance with the Employee Retirement Income Security Act as aforesaid should adversely affect the benefits, contributions from participants, or qualifications for retirement with respect to such employees, the Company will immediately notify the Union in writing to that effect and will, upon the Union's written request, promptly meet with the Union and negotiate in good faith with respect to the problems thereby created. If no agreement is reached within ninety (90) days after the Union has given said notice, the Union may by written notice to the Company terminate this Agreement in its entirety. A resume of the Plan presently in effect is set forth below.
