Termination of Employment Before Retirement. If you have less than 2 years of credited service, no benefits are payable. If you have 2 or more years of credited service, you will be entitled to a pension at age 65, based on your credited service. If you are below age 55 at the time of termination of your employment, you may elect to have your pension cancelled, and in lieu thereof to transfer the value of that pension to: – your new Company’s pension plan, provided that plan is willing to accept such a transfer; or – a “locked-in” RRSP (“locked-in” means that it cannot be cashed out and must be used to provide a lifetime pension); or – to purchase an immediate or deferred lifetime an- nuity. Under certain very limited circumstances prescribed under the Federal pension laws, in the case of small pensions, the Plan will pay you a cash settlement of the full value of your pension credits, in lieu of a deferred pension, and in full settlement of your rights under the Plan. Currently (for terminations in 1991), pensions of less than $50.83 per month will be paid out in cash. Where the pension exceeds the above limit for cash settlements, but its value remains below another pre- scribed limit (currently $5,000), the Company may require that you transfer the value of your pension to one of the arrangements described above, in full settlement of your rights under the Plan. If your employment is terminated and you subse- quently rejoin the Plan at some later date, you will be treated as a new member for all purposes of the Plan and your prior and new periods of service will not be combined for purposes of determining eligibility for membership or benefits, or for calculating amounts of benefits.
Termination of Employment Before Retirement. If you terminate employment after July 1, 2011, you will be immediately entitled to a pension at age 65. If you are below age 55 at the time of termination of your employment, you may elect to have your pension cancelled, and in lieu thereof to transfer the value of that pension to: - your new Company's pension plan, provided that plan is willing to accept such a transfer; or - a "locked-in" RRSP ("locked-in" means that it cannot be cashed out and must be used to provide a lifetime pension); or - to purchase an immediate or deferred lifetime annuity. Under certain very limited circumstances prescribed under the Federal pension laws, in the case of small pensions, the Plan will pay you a cash settlement of the full value of your pension credits, in lieu of a deferred pension, and in full settlement of your rights under the Plan. If the value of your pension is less than 20% of the YMPE in the year of termination, it will be paid out in cash. If your employment is terminated and you subsequently rejoin the Plan at some later date, you will be treated as a new member for all purposes of the Plan and your prior and new periods of service will not be combined for purposes of determining eligibility for membership or benefits, or for calculating amounts of benefits.
Termination of Employment Before Retirement. If you have less than 2 years of credited service, no benefits are payable. If you have 2 or more years of credited service, you will be entitled to a pension at age based on your credited service. Under certain very limited circumstances prescribed under the Federal pension laws, in the case of small pensions, the Plan will pay you a cash settlement of the full value of your pension credits, in lieu of a deferred pension, and in full settlement of your rights under the Plan. Currently (for terminations in pensions of less than per month will be paid out in cash. Where the pension exceeds the above limit for cash settlements, but its value remains below another prescribed limit (currently the Company may require that you transfer the value of your pension to one of the arrangements described above, in full settlement of your rights under the Plan,
Termination of Employment Before Retirement. If Employee terminates employment with the Company prior to Retirement for any reason other than Employee's death (including, for example, as a result of Employee's long term disability), the balance in Employee's Account as of the last day of the month following the month in which such termination of employment occurs (the "Payment Date") shall be paid to Employee on or around the Payment Date in a single cash payment. For purposes of this subparagraph, the Account shall be adjusted for earnings from the date of the last adjustment under paragraph 4(b) above through the Payment Date, using for such purpose the adjustment rate that was in effect under paragraph 4(b) for the immediately preceding semi-annual adjustment period. Notwithstanding the foregoing, if Employee's employment is terminated other than due to the Employee's voluntary resignation or termination by the Company for "cause" (as determined by the Company in its reasonable discretion consistent with Company policies), any portion of Employee's Account attributable to deferral elections made under the Prior Grace Plan for 1989 or prior periods shall be paid in accordance with the method previously elected under the Prior Grace Plan.
