TSP Severance Payment. The amount of TSP payment shall be equivalent to four (4) weeks’ regular (i.e. excluding overtime) pay for each year of service to a maximum payment of fifty- two (52) weeks’ pay and for a minimum payment of eight (8) weeks’ pay. Where there is a partial year of service, the TSP payment will be pro-rated on the basis of the number of months of service.
TSP Severance Payment. The amount of TSP payment shall be equivalent to four (4) weeks’ regular (i.e. excluding overtime) pay for each year of service to a maximum payment of fifty-two (52) weeks’ pay and for a minimum payment of eight (8) weeks’ pay. Where there is partial year of service the TSP payment will be pro-rated on the basis of the number of months of service. An Employee who resigns in accordance with these provisions and is eligible to receive a pension under the NSHEPP Pension Plan and commences receiving the pension immediately following the completion of the TSP payment, shall also be entitled to receive the Retirement Allowance under Article 26.02
TSP Severance Payment. The amount of TSP payment shall be equivalent to four (4) weeks’ regular (i.e. excluding overtime) pay for each year of service to a maximum payment of fifty- two (52) weeks’ pay and for a minimum payment of eight (8) weeks’ pay. Where there is a partial year of service, the TSP payment will be pro-rated on the basis of the number of months of service. An Employee who resigns in accordance with these provisions and is eligible to receive a pension under the Pension Plan and commences receiving the pension immediately following the completion of the TSP payment, shall also be entitled to receive the Retirement Allowance under Article 29 of the Collective Agreement. The maximum combined TSP and Retirement allowance payment shall not exceed fifty-two (52) weeks. The retirement allowance will be paid to the Employee at the earliest opportunity in accordance with the provisions of the Income Tax Act of Canada.
