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Vested Pension Sample Clauses

Vested Pension. An employee who has completed two years of service with the Company on or after January 1, 1987 acquires a Vested Interest of 100% in the pension plan. Before January 1, 1987 Minimum Vesting of 5% occurs after six years of recognized service, progressing at the rate of 5% for each additional year of recognized service when the employee acquires 50% vesting. Vesting then continues at a rate of 10% per year until the 20th year of recognized service when full vesting takes place. Where applicable Provincial Government Pension legislation is in excess of the Company rules governing vesting, the Government legislation will prevail. Where the vested monthly pension payable at age 65 is less than $25.00 per month, the employee will usually receive a lump sum settlement, calculated on an actuarially equivalent basis, payable twelve months after the date of termination. Vested interest is finalized twelve months after termination of employment. In the event the employee returns to regular employment with the Company within his twelve month period, vesting is cancelled but he is reinstated in the Plan with accumulated pension credits. It is the responsibility of the individual to apply for the vested pension benefit on reaching Normal Retirement Age.
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Vested Pension. (a) If a Member’s Continuous Service is broken pursuant to Section 3.3 after the attainment of five (5) years of Continuous Service in the aggregate under this Plan and, for periods prior to October 8, 1990, under the Predecessor Plan, he shall have a fully vested interest in all benefits accrued to the date of his termination and shall be eligible to receive at his Normal Retirement Date, if then surviving, an amount of pension, as described in Article V, based upon his Credited Service to the date of his termination. Such Member may elect to receive a pension allowance prior to his Normal Retirement Date as provided in Section 4.2 or as provided in Section 5.3. (b) In determining whether a Member has completed five (5) years of Continuous Service, for this purpose his years of Continuous Service before any Break In Service shall be disregarded if he had not then completed five (5) years of Continuous Service and if the number of consecutive Plan Years in which such Member incurred a Break In Service equals or exceeds the greater of five (5) or the aggregate number of the Member’s years of Continuous Service prior to such Break In Service (excluding any year of Continuous Service previously disregarded under this Section 4.3).
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Vested Pension. COLLECTIVE AGREEMENT
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Vested Pension. Each Member who terminates employment with the Company and qualifies for a Vested Pension shall be entitled to receive a monthly amount in the applicable form described in Section 5.4 equal to: (a) The amount of the Normal Pension specified in Section 5.1 if payment commences on his Normal Retirement Date; or (b) The amount set forth in subsection (a) above commencing at a date earlier than the Member’s attainment of sixty-five (65) years of age (but not earlier than fifty-five (55) years of age), provided he has met the requirements of Section 4.2(b) prior to his termination of employment with such amount reduced in accordance with Actuarial Equivalent principles.
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Vested Pension. Each Member who terminates employment with the Company and qualifies for a Vested Pension shall be entitled to receive a monthly amount in the applicable form described in Section 5.4 equal to: (a) The amount of the Normal Pension specified in Section 5.1 if payment commences on his Normal Retirement Date; (b) A reduced amount that is the Actuarial Equivalent of the amount set forth in subsection (a) above commencing at a date earlier than the Member’s attainment of sixty-five (65) years of age (but not earlier than fifty-five (55) years of age), provided he has met the requirements of Section 4.2(b) prior to his termination of employment; or (c) Effective on and after November 1, 2013, a reduced amount that is the Actuarial Equivalent of the amount set forth in subsection (a) above commencing at a date earlier than the Member’s attainment of sixty-five (65) years of age regardless of whether he has met the requirements of Section 4.2(b), provided that the Member may not elect to commence payment of his Vested Pension under this Section 5.3(c) unless (i) the Actuarial Equivalent present value of the amount set forth in subsection (a) above is $100,000 or less (determined as of the first day of the month following his termination of employment) and (ii) the Member’s Vested Pension commences on or before the first day of the month immediately following the month that includes the six-month anniversary of his termination of employment.
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Vested Pension. Each Member who terminates employment with the Company and qualifies for a Vested Pension shall be entitled to receive a monthly amount in the applicable form described in Section
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Vested Pension 
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Related to Vested Pension

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wixxxxx X. Xxxxxxxx, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Regular Benefits The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, bonus incentive plans and other benefit plans from time to time in effect for senior executives of the Employer. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Employer and (iii) the discretion of the Board of Directors of the Employer or any administrative or other committee provided for in or contemplated by such plan.

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

Most Referenced Clauses

Most Referenced Definitions