Common use of Termination of Employment Before Retirement Clause in Contracts

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 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 '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- nuityannuity. 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 prescribed 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 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 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 planpian, provided that plan pian 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 prescribed 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 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 ; 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 65 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 • Your new Companyemployer’s pension plan, provided that plan is willing to accept such a transfer; or – a • A “lockedlock-in” RRSP (“locked-in” means that it cannot be cashed out and must be used to provide a lifetime pension); or – to • To purchase an a immediate or deferred lifetime an- nuityannuity. 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 When the pension exceeds the above limit for cash settlements, but its value remains below another pre- scribed prescribed limit (currently $5,0003,050), the Company may require that you transfer the value of your pension to one of the arrangements arrangement described above, in full settlement of your rights under the Plan. If your employment is terminated and you subse- quently subsequently rejoin the Plan at some later date, you will be treated as a new member for all purposes of for 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 two (2) years of credited service, no benefits are payable. If ; if you have 2 two (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 65 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 • Your new Companyemployer’s pension plan, provided that plan is willing to accept such a transfer; or – a • A “lockedlock-in” RRSP (“locked-in” means that it cannot be cashed out and must be used to provide a lifetime pension); or – to • To purchase an immediate or deferred lifetime an- nuityannuity. 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 When the pension exceeds the above limit for cash settlements, but its value remains below another pre- scribed prescribed limit (currently $5,0003,050), the Company may require that you transfer the value of your pension to one of the arrangements arrangement described above, in full settlement of your rights under the Plan. If your employment is terminated and you subse- quently subsequently rejoin the Plan at some later date, you will be treated as a new member for all purposes of for 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.