Common use of RETIREMENT AND RETIREMENT ALLOWANCE Clause in Contracts

RETIREMENT AND RETIREMENT ALLOWANCE. 33.01 Any employee who has ten (10) years or more of service and has attained the age of fifty-five (55) years may retire at her own request or be retired for just cause without loss of retirement benefits. 33.02 When an employee having continuous service of ten (10) years or more retires, the Employer shall pay such an employee a retirement allowance equal to thirty- seven and one-half (37.5) hours pay for each nineteen hundred and fifty (1950) hours of continuous service or portion thereof since October 1, 1959, but not exceeding nine hundred and seventy-five (975) hours pay, at the regular rate of pay. 33.03 No retirement allowance shall be granted under this Section to an employee who is dismissed or resigns from the employ of the Employer. 33.04 The retirement allowance entitlement of a deceased employee shall be paid to the employee’s estate.

RETIREMENT AND RETIREMENT ALLOWANCE. 33.01 Any employee who has ten (10) years or more of service and has attained the age of fifty-five (55) years may retire at her own request or be retired for just cause without loss of retirement benefits. 33.02 When an employee having continuous service of ten (10) years or more retires, the Employer shall pay such an employee a retirement allowance equal to thirty- thirty-seven and one-half (37.5) hours pay for each nineteen hundred and fifty (1950) hours of continuous service or portion thereof since October 1, 1959, but not exceeding nine hundred and seventy-five (975) hours pay, at the regular rate of pay. 33.03 No retirement allowance shall be granted under this Section to an employee who is dismissed or resigns from the employ of the Employer. 33.04 The retirement allowance entitlement of a deceased employee shall be paid to the employee’s estate.