Retirement Income. The whole of the Fund shall be invested, used and applied by the Trustee for the purposes of providing a retirement income. The Annuitant will, upon 90 days’ written notice to the Trustee, specify the date for the commencement of retirement income, which date shall not be later than the end of the calendar year in which the Annuitant attains age 71 (such date being referred to herein as “maturity”). Such notice shall indicate the name of the company from which such retirement income shall be purchased and shall instruct the Trustee to liquidate the assets in the Plan and apply the proceeds for the provision of a retirement income for the Annuitant in accordance with the terms hereinafter set out, or to amend the Plan in order to permit the transfer of the value of such account to the carrier of the registered retirement income fund of the Annuitant. Any retirement income purchased by the Trustee shall, at the option of the Annuitant, be:
(a) an annuity payable to the Annuitant for the Annuitant’s life or if the Annuitant so designates to the Annuitant for the lives jointly of the Annuitant and the Annuitant’s Spouse and to the survivor of them for his or her life commencing at maturity and with or without a guaranteed term not exceeding such period of time as specified in subsection 146(1) of the Act. Any annuity so acquired:
(i) may be integrated with the Old Age Security Pension;
(ii) may be increased in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity;
(iii) shall, unless established as a variable annuity in accordance with subsection 146(3) of the Act, pay equal annual or more frequent periodic payments;
(iv) shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any partial commutation;
(v) shall not provide for the aggregate of the periodic payments in a year after the death of the Annuitant to exceed the aggregate of the payments in a year before the Annuitant’s death;
(vi) shall by its terms not be capable either in whole or in part of assignment if payable to the Annuitant or his/her Spouse;
(vii) shall provide for commutation if such annuity would otherwise become payable to a person other than the Spouse of the Annuitant on or after the death of the Annuitant; or,
(b) a registered retirement income fund subject to the rules specified in the Applicable Tax Legislati...
Retirement Income a) Your PLAN will mature on a date (“maturity date”) which must not be later than December 31 of the year in which your 71st birthday (or such other age as prescribed by the Act) occurs. You will, upon at least 90 days’ written notice to the Trustee or upon such shorter period of notice as the Trustee may in its sole discretion permit:
(i) specify the date of maturity of the PLAN and the commencement of a retirement income as defined under subsection 146(1) of the Act (which date will be no later than the last day in the calendar year in which you attain 71 years of age (or such other age as prescribed by the Act)).
(ii) provide any necessary documentation required by the Trustee and
(iii) provide written instructions to the Trustee to apply the property of the PLAN to the provision of a retirement income as defined under subsection 146(1) of the Act by means of:
1) an annuity payable to you for your life (or, if you so designate, to you for the lives jointly of yourself and your spouse and to the survivor of them for his or her life) commencing at the maturity date and with or without a guaranteed term not exceeding the period of time calculated according to the formula in paragraph (2) below; or
2) an annuity commencing on the maturity date payable to you, or to you for your life and to your spouse after your death, for a term of years equal to 90 minus either your age in whole years at the maturity of the Plan, or where your spouse is younger than you and you so elect, the age in whole years of your spouse at the maturity of the PLAN;
3) the purchase of a registered retirement income fund in accordance with the Act; or
4) any combination thereof.
b) On the maturity date chosen by you, not to exceed December 31 of the year in which your 71st birthday (or such other age as prescribed by the Act) occurs, the Trustee shall liquidate the assets in your account and use the proceeds to purchase your retirement income as defined under subsection 146(1) of the Act, subject to the following conditions:
(i) The retirement income shall be provided by a company qualified under the Applicable Tax Legislation to provide a retirement income;
(ii) Any annuity shall be payable in equal annual or more frequent periodic payments to you until such time as there is a payment in full or partial commutation of the retirement income and, where such commutation is partial, equal annual or more frequent periodic payments thereafter;
(iii) Any annuity shall not be capable, either ...
Retirement Income. 21.01 All eligible regular and seasonal employees will continue to participate in the Company Retirement System.
21.02 All eligible regular employees, employed prior to April 1, 2010, may continue to participate in the Company Security Reserve Fund Plan until December 31, 2010.
Retirement Income. Commencing not later than the first calendar year after the year in which the FUND is established, the retirement income payable each year will be one or more amounts the aggregate of which is not less than the minimum amount as defined below, but in no event will the retirement income exceed the fair market value of the FUND immediately before the time of payment. If the Trustee agrees, you may elect to receive in any year any amount between the minimum amount and the fair market value of the property in the FUND.
Retirement Income. At normal retirement date (age 65) income will be 2% of the final average earnings (highest 4 of the last 10 July 1st earnings, multiplied by the number of credited service.
Retirement Income. Subject to subsections (2) and (3), this locked-in retirement account may be converted to a life income fund or annuity any time after the owner of the locked-in retirement account reaches 50 years of age, and must be converted to retirement income on or before the last date on which a person is allowed under the Income Tax Act (Canada) to start receiving a pension from a registered pension plan.
Retirement Income. Commencing not later than the first calendar year after the year in which the FUND is established, the retirement income payable each year will be one or more amounts the aggregate of which is not less than the minimum amount as defined below, but in no event will the retirement income exceed the fair market value of the FUND immediately before the time of payment. If the Trustee agrees, you may elect to receive in any year any amount between the minimum amount and the fair market value of the property in the FUND. The minimum amount will be the minimum amount as defined in subsection 146.3(l) of the Act.
Retirement Income. Executive has become vested in the retirement income provided for in Executive's previous employment contract with the Company. Such retirement income is payable as set forth and subject to the provisions of this Agreement. The Company shall provide Executive with retirement income, with a lifetime survivor benefit to Executive's spouse, in an amount equal to fifty percent (50%) of Executive's Base Compensation in effect on the date of Executive's retirement, payable on a monthly basis as set forth below:
(i) RETIREMENT BEFORE AGE 63-1/2. In the event of Executive's retirement prior to reaching the age of 63-1/2, monthly lifetime retirement payments will commence on the first day of the month following Executive's reaching the age of 63-1/2.
(ii) RETIREMENT ON OR AFTER AGE 63-1/2. In the event of Executive's retirement on or after reaching the age of 63-1/2, monthly lifetime retirement payments will commence on the first day of the month following Executive's retirement.
Retirement Income. The whole of the Trust Fund shall be invested, used, and applied by us only for the provision of a retirement income to you or, if applicable, to your spouse. You will, upon 90 days’ written notice to us, specify the date for the commencement of retirement income, which shall not be later than the end of the calendar year in which you turn age 71 or such other age or date as may be set out in the Act from time to time (such date being referred to herein as “Maturity”). Such notice shall indicate the form of retirement income to be purchased by our Agent and shall, at your option be either:
a. An annuity commencing at Maturity payable to you for your life or if you so designate to you for the lives of you and your spouse, jointly and then to the survivor of the two of you and with or without a guaranteed term not exceeding such period of time as specified in subsection 146(1) of the Act.
i. Any annuity so purchased;
ii. may be integrated with the Old Age Security Pension;
iii. may be increased in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity;
iv. shall, unless established as a variable annuity in accordance with subsection 146(3) of the Act, pay equal annual or more frequent periodic payments;
v. shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any partial commutation;
vi. shall not provide for the aggregate of the periodic payments in a year after your death to exceed the aggregate of the payments in a year before your death;
vii. shall by its terms not be capable either in whole or in part of assignment; and
viii. shall provide for commutation if such annuity would otherwise become payable to a person other than your or your spouse; or,
b. A retirement income fund subject to the rules specified in the Applicable Tax Legislation. If you fail to notify us at least 90 days prior to December 31 in the year in which you turn age 71 or such other age or date as may be specified from time to time in the Act, then at our sole discretion, we may either:
c. Transfer the assets of the Plan to an ATB Securities Inc. Self-Directed Retirement Income Fund or another retirement income fund selected by us in our sole discretion. We or our Agent will act as attorney to execute documents and make elections necessary to establish the ATB Securities Inc. Self-Directed Retirement Income ...
Retirement Income. Executive shall be paid the retirement income provided in Section 2 (h) hereof, payable in accordance with the provisions of Section 2 (h).
