Common use of Bridging Supplement Clause in Contracts

Bridging Supplement. Article F, Section F - 7 of the Pension Plan shall be amended as follows: (i) Effective February 1, 1988 the Bridging Supplement for a member with twenty-five (25) years or more of Westshore service shall be equivalent to the Old Age Security and Canada Pension Plan Benefits. A member with less than twenty-five (25) years of Westshore service shall receive a prorated benefit based on the equivalent Old Age Security and Canada Pension Plan Benefits, divided by twenty-five, and multiplied by the number of years of Westshore service. (ii) The adjustments in the Old Age Security and Canada Pension Plan benefits, as such adjustments occur, shall apply to members who retire on or after their 60th birthday. (iii) The Bridging Supplement for such credited B.C.M.E.A. service shall be the B.C.M.E.A. rate in effect at the time of the Member’s retirement date based on the years of such service to bring the total years of Credited Service to a maximum of twenty-five (25) years, less any benefit received from the B.C.M.E.A. Pension Plan.

Bridging Supplement. Article F, Section F - 7 of the Pension Plan shall be amended as follows: (i) Effective February 1, 1988 the Bridging Supplement for a member with twenty-five (25) years or more of Westshore service shall be equivalent to the Old Age Security and Canada Pension Plan Benefits. A member with less than twenty-five (25) years of Westshore service shall receive a prorated benefit based on the equivalent Old Age Security and Canada Pension Plan Benefits, divided by twenty-five, and multiplied by the number of years of Westshore service. (ii) The adjustments in the Old Age Security and Canada Pension Plan benefits, as such adjustments occur, shall apply to members who retire on or after their 60th 61st birthday. (iii) The Bridging Supplement for such credited B.C.M.E.A. service shall be the B.C.M.E.A. rate in effect at the time of the Member’s retirement date based on the years of such service to bring the total years of Credited Service to a maximum of twenty-five (25) years, less any benefit received from the B.C.M.E.A. Pension Plan.