Deferred Vested Pension. Any employee whose services are terminated prior to their normal retirement date and who has 10 or more years of continuous service at the date of termination of employment shall be entitled to a deferred vested pension calculated in accordance with Article 5.01 of this Agreement, as in effect on the last day of active employment, and payable from their normal retirement date. Any employee whose services are terminated on or after January 1, 1988 and prior to their normal retirement date and who has 2 or more years of credited service but less than 10 years of continuous service at the date of termination of employment shall be entitled to deferred vested pension calculated in accordance with Article 5.01 of this Agreement, as in effect on the last day of active employment, reduced by their accrued pension benefit as at December 31, 1986, and payable from their normal retirement date. A person entitled to a deferred vested pension benefit shall make written application to the committee not earlier than sixty days prior to the commencement of such pension. Upon application made later than normal retirement date, retroactive payments will be made for the elapsed months after normal retirement date. An employee whose services are terminated on or after January 1, 1988 and who is not entitled to the immediate payment of a pension benefit shall have the right to elect that, in lieu of their deferred vested pension, an amount equal to the commuted value of their deferred vested pension be paid out of the pension fund in a lump sum:
Deferred Vested Pension. Any employee whose services are terminated prior to their normal retire- ment date and who has or more years of continuous service at the date of termination of employment shall be entitled to a deferred vested pension calculated in accordance with Article of this agreement, as in effect on the last day of active employment, and payable from their normal retirement date. Any employee whose services are terminated on or after January and prior to their normal retirement date and who has or more years of credited service but less than years of continuous service at the date of termination of employment shall be entitled to deferredvested pension cal- culated in accordancewith Article of this agreement, as in effect on the last day of active employment, reduced by their accrued pension benefit as at December and payable from their normal retirement date. A person entitled to a deferred vested pension benefit shall make written application to the Company not earlier than sixty days prior to the com- mencement of such pension. Upon application made later than normal retirement date, retroactive payments will be made for the elapsed months after normal retirement date. An employee whose services are terminated on or after January and who is not entitled to the immediate payment of a pension benefit shall have the right to elect that, in lieu of their deferred vested pension, an amount equal to the commuted value of their deferred vested pension be paid out of the pension fund in a lump sum: to the pension fund or another pension plan, provid- ing the administrator of the other pension plan agrees to accept the payment; Into the employee’s registered retirement savings plan providing the institution receiving the funds agrees to administer the funds in accordance with the requirements of the Pension Benefits Act, 1987; or To a Canadian Life Insurance Company for the pur- chase of a life annuity, such life annuity not to commence more than years before their normal retirement date. Any employee whose services are terminated on or after January shall receive written notice of their entitlementsunder the agreement and the options available to them within days of their termination of sen- ice or within days of the Company’s notification of their termination of service, whichever is later.
Deferred Vested Pension. An employee with five (5) or more years of service who leaves the employ of MTA shall be eligible for a deferred vested pension benefit accrued to the date of termination and paid monthly beginning at age sixty- five (65). Newly hired employees on or after the date of ratification of this agreement, and said employee having accrued ten (10) or more years of continuous service and who leaves the employ of MTA, shall be eligible for a deferred vested pension benefit accrued to the date of termination and paid monthly beginning at age
Deferred Vested Pension. Any participant not eligible to receive a pension under any other provision of this Section 2 whose continuous service is broken on or after the effective date for any reason and who, at the time of such break in continuous service, shall have had at least 5 years of continuous service, shall be eligible for a pension (hereinafter “deferred vested pension”), subject to the provisions relating to application set forth in paragraph 3.6(c) and commencement of pension set forth in paragraph 3.7(d).
Deferred Vested Pension. An Employee whose employment with the Controlled Group is terminated on or after the Effective Date shall be eligible for a deferred vested pension as provided in Paragraph 4 of Article V, if such Employee, at the time of such termination of employment, (a) shall have had at least 5 years of credited service prior to such termination, (b) shall not have attained his normal retirement age, and (c) shall not be eligible for any other pension. However, if an Employee is eligible for and elects, with spousal consent, to receive a special distribution pursuant to Paragraph 11(b) or Paragraph 13 of Article VII or if he receives a distribution pursuant to Paragraph 14 of Article VII, he shall not be eligible for that deferred vested pension upon which such distribution is determined. An Employee whose employment is terminated and who is entitled to a deferred vested pension based upon information then on file with the Employer, will be notified of his eligibility for such deferred vested pension at the time he is interviewed following termination.
Deferred Vested Pension a) Notwithstanding any other provisions of the Plan, any employee whose employment shall be terminated on or after July 1, 1968, and; who shall not be eligible for or receiving any other type of retirement benefit under the Plan based (in whole or part) on service prior to the date of such termination, shall
Deferred Vested Pension. 5. Retirement of & Crediting Service for Certain Employees as if They had been Recalled & Rehired .........................................................................................................
Deferred Vested Pension. 5. Deductions...................................................................................................................
Deferred Vested Pension. An Employee who is eligible for a deferred vested pension pursuant to Paragraph 4 of Article IV shall be entitled to a monthly pension equal to (a) $60.00 multiplied by his years of credited service if the date his employment with the Employer terminated was on or after the Effective Date reduced by (b) the age 65 annuity equivalent of the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee terminates employment. For purposes of this calculation, the Employee's Additional Employer Contributions Account under the Savings Plan as of the date the Employee terminates employment shall mean the actual amount in such Account as of such date plus any amount withdrawn from such Account prior to such date for any reason (including a hardship withdrawal pursuant to Section 6.7 of the Savings Plan, a withdrawal from such Account pursuant to a qualified domestic relations order or a deemed withdrawal upon default of a loan from such Account to the Employee) with interest imputed on any withdrawn amount from the date of any such withdrawal through the date the Employee terminates employment at the rate of 7.75% per annum compounded monthly. The age 65 annuity equivalent of the Employee's Additional Employer Contribution Account under the Savings Plan shall be the amount in such Account as of the date the Employee terminates employment (determined as described in the preceding sentence), increased with interest at the rate of 7.75% per annum compounded monthly from such date until the date the Employee would turn age 65, and then converted to an annuity payable as a single life and five-year certain annuity to the Employee commencing as of the date the Employee would turn age 65 using an interest rate of 7.75% and the 1983 Group Annuity Mortality Table, Male. In no event will this reduction exceed $7 multiplied by the Employee's years of credited service. The Employee's years of credited service shall be determined as of the date his employment with the Employer terminated. Such pension shall be subject to the provisions of Paragraph 5 of this Article V, and shall commence in the month following that in which application is made; provided, however, (i) no such application may be filed earlier than 60 days prior to such former Employee's 55th birthday, (ii) such pension may not commence earlier than the month following that month in which the Employee attains age 55 nor later than the January 1st after the October 31st n...
Deferred Vested Pension. “A“ ELIGIBILITY An employee who terminates employment with the Company following completion of two years of service as a member of the plan, but who is ineligible for a Pension, Disability Allowance or Severance Award, shall upon application not earlier than sixty days prior to his normal retirement date, be eligible for a pension under this Article and shall be considered a under this Plan, but for no other purpose, and shall be entitled to his vested interest under this Article (but no other benefit) commencing with the month following the month in which he attains age fifty-five years. The provisions dealing with Deferred Vested interest in each previous Pension and Severance Pay Agreement are to continue to apply to a former employee whose services with the Company were terminated during the term of such Agreement. Notwithstanding the provisions of Article VII, the Deferred Vested Retirement Pension shall not be less than the Deferred Life Annuity prescribed by the Pension Benefits Act, of Ontario, and the same guarantee of pension payments shall apply in respect of such Deferred Life Annuity, as if he retired under Article Ill, Normal Retirement. AMOUNT OF PENSION me amount of the monthly pension payable to a under the provisions of this Article VII shall be: A basic pension determined by multiplying his years of credited service, up to his last day of active employment, by the Basic Benefit Rate as set forth in the Pension Benefit Rates, Article XV (a).
