Common use of Surplus Factor 80 Clause in Contracts

Surplus Factor 80. 27.19.1 An employee who receives a Notice of Lay Off without a vacancy identified for direct assignment under Article 27.6.3 may apply to retire on unreduced pension provided all of the following conditions are met: (a) The employee’s age plus pension credit totals 80 years on or before employment ceases; and, (b) The employee ceases employment upon the date of lay off specified in his or her Notice of Lay Off. All or part of the employee’s Termination Payments under Article 38 may be converted to and received as paid leave, in order to extend service beyond the employee’s lay off date. In such case the employee must cease employment at the end of the paid leave period; and, (c) The employee must make his or her written election to retire under this paragraph within ten (10) days of receiving his or her Notice of Lay Off and the Employer must receive that election within the same ten (10) days; and, (d) Once the employee has met all other eligibility requirements and is able to access Surplus Factor 80, then the employee must forfeit all other surplus entitlements including but not limited to pay-in-lieu of notice, recall and enhanced severance pay. (e) the employee must have received notice of layoff by March 31, 2014, and; (f) the employee must have been laid off: because he or she had not been assigned to a permanent position within his or her six month notice period subject to and in accordance with Article 27.8 (Targeted Direct Assignment) or because he or she had accepted and was assigned into a temporary vacancy in accordance with Article 27.10 (Targeted Direct Assignments into Temporary Vacancies), but had not obtained an assignment to a permanent vacancy within his or her notice period; and because no targeted direct assignment to a permanent position has been found. The Plan sponsor agrees to take steps to amend the Public Service Pension Plan in an expeditious manner to provide for the extension of the Surplus Factor 80 window for those employees as described herein. This arrangement meets the requirements of the Public Service Pension Plan, including compliance with legislation governing the Public Service Pension Plan. The Employer confirms that any costs arising out of the extension of the Surplus Factor 80 program to the employees covered by this collective agreement shall be exclusively borne by the Employer. No costs shall accrue to the members as a result of the extension of the Surplus Factor 80 program. For clarity, any part of a notice period provided under Article 27.6, or any part of a pension bridging option period under Article 27.22 may occur beyond March 31, 2014, without affecting the employees’ eligibility.

Surplus Factor 80. 27.19.1 An employee who receives a Notice of Lay Off without a vacancy identified for direct assignment under Article 27.6.3 may apply to retire on unreduced pension provided all of the following conditions are met: (a) The employee’s age plus pension credit totals 80 years on or before employment ceases; and, (b) The employee ceases employment upon the date of lay off specified in his or her their Notice of Lay Off. All or part of the employee’s Termination Payments under Article 38 may be converted to and received as paid leave, in order to extend service beyond the employee’s lay off date. In such case the employee must cease employment at the end of the paid leave period; and, (c) The employee must make his or her their written election to retire under this paragraph within ten (10) days of receiving his or her their Notice of Lay Off and the Employer must receive that election within the same ten (10) days; and, (d) Once the employee has met all other eligibility requirements and is able to access Surplus Factor 80, then the employee must forfeit all other surplus entitlements including but not limited to pay-in-lieu of notice, recall and enhanced severance pay. (e) the employee must have received notice of layoff by March 31, 2014, and; (f) the employee must have been laid off: because he or she the employee had not been assigned to a permanent position within his or her their six month notice period subject to and in accordance with Article 27.8 (Targeted Direct Assignment) or because he or she the employee had accepted and was assigned into a temporary vacancy in accordance with Article 27.10 (Targeted Direct Assignments into Temporary Vacancies), but had not obtained an assignment to a permanent vacancy within his or her their notice period; and because no targeted direct assignment to a permanent position has been found. The Plan sponsor agrees to take steps to amend the Public Service Pension Plan in an expeditious manner to provide for the extension of the Surplus Factor 80 window for those employees as described herein. This arrangement meets the requirements of the Public Service Pension Plan, including compliance with legislation governing the Public Service Pension Plan. The Employer confirms that any costs arising out of the extension of the Surplus Factor 80 program to the employees covered by this collective agreement shall be exclusively borne by the Employer. No costs shall accrue to the members as a result of the extension of the Surplus Factor 80 program. For clarity, any part of a notice period provided under Article 27.6, or any part of a pension bridging option period under Article 27.22 may occur beyond March 31, 2014, without affecting the employees’ eligibility.