Pension Bridge definition

Pension Bridge means the terms of section B6.5 of the Pension Plan as in effect on the effective date of the FE Settlement Agreement, and as may be amended in the future as contemplated by the FE Settlement Agreement, under which an eligible participant who is (i) at least age 50, but not yet age 55, and is credited with at least 10 years of service, at the time of termination of employment, (ii) is terminated because the assets in his or her business unit are sold on or before December 31, 2020 after giving effect to the amendment contemplated by the FE Settlement Agreement, and (iii) remains employed by the buyer until the participant reaches age 55 or has an earlier qualifying termination of employment, will be eligible to elect to receive early retirement benefits under the Pension Plan as if the participant had remained employed by a participating employer under the Pension Plan until reaching age 55.
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Pension Bridge means the pro-rata portion of certain early retirement subsidies under the Retirement Plan, including the Social Security Bridge Transition Benefit and treatment as a retiree under the Retirement Plan
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Examples of Pension Bridge in a sentence

  • Each Kenvue Employee (other than any Kenvue Employee based in Quebec, as determined by J&J) who is an Active Participant in the J&J Canadian Pension Plan as of immediately prior to the Distribution Date shall be given service credit under such plan through the applicable Pension Bridge Date for purposes of vesting and early retirement subsidies under such plan (but not for purposes of eligibility or benefit accrual).

  • This trust fund is for the payment of the Pension Bridge Benefit from age 60 – 61.

  • Supplementary Pension (Bridge) A supplementary pension amount of $16.00 per month times years of service applicable for the defined benefit component of the pension plan will only apply to employees hired on or before May 15th, 2009, who are 60 years of age or over and who have at least 10 years of credited service.

  • For the avoidance of doubt, any Debtor's emergence from chapter 11 alone shall not constitute a termination event for any of the Debtors' Current Employees for purposes of the Pension Bridge.

  • LETTER OF AGREEMENT – Pension Bridge ...................................................................

Related to Pension Bridge

  • Pension Plan means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

  • Pension Benefit Plan means at any time any employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group; or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled Group for employees of any entity which was at such time a member of the Controlled Group.

  • Pension program means the defined benefit pension program of the Oregon Public Service

  • Pension Plans The meaning specified in Section 4.1(v).

  • Pension Scheme means the superannuation scheme continued by section 29(c) of the Act;