Early Retirement Allowance. An employee whose position is abolished by a change made under the provisions of Section 1(a) of this Article or who is displaced by a senior employee, such displacement being brought about directly by and at the time of implementation of such change will, if he/she is eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive:
Early Retirement Allowance. In the event of layoffs pursuant to Clauses 13.1 and 13.2 the Employer will conduct a pre-layoff canvass and offer early retirement for regular employees; offers will be made on the basis of seniority within the bargaining unit and shall contain severance pay entitlement equal to those contained in Clause 13.4 (g).
Early Retirement Allowance. (2009) Effective January 1st, 2008 and every year thereafter, an early retirement allowance based on a fifteen (15) hours per year of service will be introduced and applicable for employees who, during the current year will reach the age of sixty (60) and have achieved twenty (20) years of continuous service. Said early retirement shall be capped at five thousand dollars ($5,000.00). To be eligible an employee who will reach the age of sixty (60) in the year, will have to notify, in writing, the Company no later than thirty (30) calendar days prior to his/her intention to retire. Payment of said early retirement allowance shall be made with the first pay period immediately following the last day of work.
Early Retirement Allowance. An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two (2) weeks' salary for each year of service, to a maximum ceiling of fifty-two (52) weeks' salary.
Early Retirement Allowance. 25.10 A locomotive engineer whose position is abolished by a change made under the provisions of Article 25.1, or who is displaced by a senior employee, such displacement being brought about directly by and at the time of implementation of such change will, if he is eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive:
Early Retirement Allowance. (Effective date of ratification) In an effort to assist employees who retire early with possible medical expenses, the Company will provide, on retirement, an early retiring allowance for those employees who retire between the age of 62 and prior to their 65th birthday. This allowance will only be available if the employee has, on their retirement day, worked more than 25 years for the Company and is currently working. The allowance will be paid only once and will be determined in accordance with the following: Age at Retirement Allowance 63 $6000 64 $3000 Employees taking advantage of this benefit between birthdays will have the amount of the allowance prorated.
Early Retirement Allowance. Upon early retirement and up to age 65, employees shall receive the benefits of the Drug Plan and Life Insurance, if the employee agrees to pay the annual premium, payable in one (1) lump sum at the beginning of each year. The Company will provide, on retirement, an early retirement allowance for those employees who retire between the age of sixty (60) and prior to their sixty-fifth (65th) birthday. This allowance will only be available if the employee has, on their retirement day, worked more than twenty-five (25) years for the company and is then currently working. The allowance will be paid only once and will be determined in accordance with the following: 41 Age at Retirement Allowance 60 $15,000 61 $12,000 62 $ 9,000 63 $ 6,000 64 $ 3,000 The amount of the allowance will be prorated for the employees taking advantage of this benefit between birthdays. The early Retirement allowance will be transferred to the receipients RRSP.
Early Retirement Allowance. This allowance will be calculated and paid to the employee as a lump sum as follows: One week’s pay (regular base rate) is given for each year of completed service to the Company up to a maximum of five (5) weeks.
Early Retirement Allowance. 1.0 A Faculty member who elects early retirement [see 2.5.1] will receive an allowance, referred to as the retirement allowance, from the date of the commencement of early retirement until the date of the individual’s normal retirement.
Early Retirement Allowance. The Early Retirement Allowance for a Participant who Retires under Section 3.2 on or after his/her 62nd birthday shall be the amount computed under Section 4.1, with the amount computed under Section 4.1(a) unreduced for commencement of benefits prior to Normal Retirement Date. The Early Retirement Allowance for a Participant who Retires under Section 3.2 on or after his/her 55th birthday but prior to his/her 62nd birthday shall be the amount computed under Section 4.1(a) reduced by 1/4 of 1% for each month or partial month his/her age at Actual Retirement Date is less than age 62, then further reduced by the amounts under paragraphs (b) and (c) of Section 4.1. For purposes of determining the Social Security Offset under paragraph (b) of Section 4.1, it will be assumed there are no Social Security earnings after the Actual Retirement Date.
