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.
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.
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:
Vested Pension. COLLECTIVE AGREEMENT Made this 2nd day of December, A.D. 2011, at Calgary, Alberta. BETWEEN: EVRAZ INC. NA, or its successors and/or its assigns, hereinafter called “the Company”, Of the First Part, - and - UNITED STEELWORKERS, Production & Maintenance Group and Office & Technical Group Local 5890, constituting one bargaining unit, hereinafter called “the Union”, Of the Second Part.
Vested Pension
