Common use of Bridge Benefit Clause in Contracts

Bridge Benefit. If the Employee retires on or after the Retirement Date but before reaching age 65, the Corporation will pay a monthly Bridge Benefit to the Employee during the period after retirement up until the date the Employee reaches age 65. This monthly Bridge Benefit shall be an amount equal to one twelfth of the product of 0.5% multiplied by the Average Earnings up to the YMPE in the year of retirement, multiplied by Continuous Service.

Bridge Benefit. If the Employee retires on or after the Retirement Date but before reaching age 65, the Corporation Company will pay a monthly Bridge Benefit to the Employee during the period after retirement up until the date the Employee reaches age 65. This monthly Bridge Benefit shall be an amount equal to one twelfth of the product of 0.5% multiplied by the Average Earnings up to the YMPE in the year of retirement, multiplied by Continuous Service.