Contributory Credited Service definition

Contributory Credited Service means the number of years of continuous employment, rounded to the nearest quarter year served, during which the member has made the required contributions to the Plan (provided such contributions have not been subsequently withdrawn). Notwithstanding the above, the annual pension payable to a member who retires during the period from January to December 3 shall at least be equal to: of the member’s Final Average Earnings times his years of Pensionable Service prior to retirement, less

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Contributory Credited Service means the number of years of continuous employment, rounded to the nearest quarter year served, during which the member has made the required contributions to the Plan (provided such contributions have not been subsequently withdrawn). Notwithstanding the above, the annual pension payable to a member who retires during the period from January to the date of of the collective agreement next following the agreement, shall at least be equal to: of the member’s Final Average Earnings times his years of Pensionable Service prior to retirement, ii) of the Pension times his years of Pensionable Service between January and his date of retirement, up to a maximum of years.

Contributory Credited Service means the number of years of continuous employment, rounded to the nearest quarter year served, during which the member has made the required contributions to the Plan (provided such contributions have not been subsequently withdrawn). Notwithstanding the above, the annual pension payable to a member who retires during the period from January to the date of of the collective agreement next following the agreement, shall at least be equal to: of the member's Final Average Earnings times his years of Pensionable Service prior to retirement, ii) of the Pension times his years of Pensionable Service between January and his date of retirement, up to a maximum of years. For the purposes of this paragraph the terms "Final Average Earnings", "Pensionable Service", and Pension" shall have the following meanings: The average of the member's earnings during the five years of continuous employment preceding his retirement, during which such earnings were the highest: for purposes of this definition, "earnings" are those on which contributions have been deducted. if the employee has worked for at least three months during the year under consideration. The sum of the Contributory Credited Service plus one-half of the Non-Contributory Credited Service; the terms "Contributory Credited Service" and "Non-Contributory Credited Service" shall be as defined in paragraph a) above.

Examples of Contributory Credited Service in a sentence

• Effective January 1, 1999, periods during which a plan member is entitled to receive benefits under a disability program maintained by the Company, or would be entitled to such disability benefits if he had not been entitled to benefits under the Workers' Compensation Act or any other governmental plan will also be included in Contributory Credited Service.

• Effective January l, 2000, periods during which a plan member is entitled to receive benefits under a disability program maintained by the Company, or would be entitled to such disability benefits if he had not been entitled to Workplace Safety and [nsurance Board benefits or any other government plan will also be included in Contributory Credited Service.

• Notwithstanding the above, Contributory Credited Service for a temporary employee will be the ratio of actual number of hours worked while a plan member to hours scheduled for a regular full-time employee for the same period rounded to the nearest 1/12.

• However, an active member retiring on Normal Retirement Date on or after January and before the expiry of the current Collective Agreement, shall receive a month pension for years of credited service after December equal to the greater of the amount calculated in subsection and: of the member’s average monthly earnings over her best five years of preceding retirement, multiplied by number of years of Contributory Credited Service January and date of retirement; other payments of this nature.

• Effective January periods during a plan member is entitled to receive benefits under a disability program maintained by the Company, or would be entitled to such disability benefits if he had not been entitled to Workplace Safety and Insurance Board benefits or any other governmentplan will be included in Contributory Credited Service.

• Contributory Credited Service is expressed in years and complete months where applicable.

• Effective January periods during which a plan member is entitled to receive benefits under a disability program maintained by the Company, or would be entitled to such disability benefits if he had not been entitled to Workplace Safety and Insurance Board benefits or any other governmental plan will also be included in Contributory Credited Service.

More Definitions of Contributory Credited Service

Contributory Credited Service has the meaning ascribed thereto in the 2003 GMCL Plan and the 2007 GMCL Plan, as applicable.