Minimum Pension Clause Samples

The Minimum Pension clause establishes a guaranteed baseline amount of pension benefits that must be provided to an employee or beneficiary, regardless of other factors. In practice, this means that even if the calculated pension based on service or contributions falls below a certain threshold, the plan must still pay at least the specified minimum amount. This clause ensures that all eligible individuals receive a basic level of financial security in retirement, addressing the risk of inadequate pension benefits due to low earnings or short service periods.
Minimum Pension. Subject to approval by Pension Commission of Ontario and Revenue Canada the Abitibi-Consolidated Company of Canada Pension Plan for Ontario Hourly Employees will be amended so as to provide: Effective May 1, 2004, the minimum pension provided under the Plan shall be effective until the later of April 30, 2014 or the date the applicable Labour Agreement covering the period May 1, 2004, through April 30, 2014, is terminated under the provision thereof:
View SourceView Similar (5)
Minimum Pension. Subject to approval by Pension Commission of Ontario and Revenue Canada the Boise Cascade Canada Pension Plan for Ontario Hourly Employees will be amended so as to provide: Effective May the minimum pension provided under the Plan shall be effective until the later of April or the date the applicable Labour Agreement covering the period May through April is terminated under the provision thereof: of the employee’s average base earnings during the five years prior to May for which earnings were highest years of credited service prior to retirement, 1/35 of the benefits in effect in the calendar year of retirement times years of credited service between January and date of retirement. Earnings for purposes of this calculation shall be the employees classified rate of pay as of May times number of hours normally scheduled during the following months. The number of hours shall be for employees who work hours per week, for employees who work an average of hours per week and for employees who work hours per week. Inthe event that an employee’s earnings in any of the five periods immediately preceding retirement do not reflect a normal annual schedule of hours for that period for reasons other than a leave of absence, the employee’s earnings for that period will be adjusted to reflect normal annual schedule of hours, provided the employee has been actively at work for at least three months during that period.
View SourceView Similar (5)
Minimum Pension. An employee who retires after January 31, 1983 at age 65 and who has 15 years of seniority shall be entitled to a minimum monthly pension payable during his lifetime equal to $20.00 times years of service with the current company and a Selling Company, as defined in Schedule "D" of the collective agreement to a maximum of 30 years made up of pension from the current company plan, the prior company plan and a special supplement from the current company. For the purpose of determining the minimum pension, years for which the employee has received a refund of his own contributions to the pension plan of a Selling Company as defined in Schedule "D" of the collective agreement shall be credited at half the normal rate. This provision shall not apply to those employees who elected not to join the pension plan of their current company.
View SourceView Similar (2)
Minimum Pension. Subject to approval by Pension Commission of Ontario and Revenue Canada the Company of Canada Pension Plan for Ontario Hourly Employees will be amended so as to provide: Effective May the minimum pension provided under the Plan shall be effective until the later of April or the date the applicable Labour Agreement covering the period May through April is terminated under the provision thereof: of the employee's average base earnings during the five years prior to May for which his earnings were highest years of credited service prior to retirement. Effective May the Pension Plan will be amended so that for an active member retiring on or after May the minimum pension will be calculated as follows: of final average earnings as defined in the Pension Plan multiplied by the number of years of service recognized under the Plan. Effective May the Pension Plan will be amended so that for an active member retiring on or after May the minimum pension formula will be calculated based on of final average earnings as defined in the Pension Plan multiplied by the number of years of service recognized under the Plan. Earnings for purposes of this calculation shall be the employee's classified rate of pay as of May times his of hours normally scheduled during the following months. The number of hours shall be for employees who work hours per week, for employees who work an average of hours per week and for employees who work hours per week. In the event that an employee's earnings in any of the five 12-month periods immediately preceding retirement do not reflect a normal annual schedule of hours for that period for reasons other than a leave of absence, the employee's earningsfor that period will be adjusted to reflect his normal annual schedule of hours, provided the employee has been actively at work for at least three months during that month period.
View Source
Minimum Pension. 22.2.1. The minimum pension for widows shall be Two Hundred and Fifty Dollars ($250.00), effective July 1, 1987. 22.2.2. (Award 2013-2017) The minimum pension for retirees with 20 or more years of services or those receiving a service-connected disability pension will be increased to $1000 per month. Only the initial unadjusted monthly pension amount shall be subject to this minimum, and the amount is prior to any division of the pension by court order (including a Domestic Relations Order) or agreement by the member.
View Source

Related to Minimum Pension

  • Minimum Payments (a) Where the employee is under 45 years of age, the employer shall pay the employee Less than 1 year Nil 1 year and less than 2 years 4 weeks pay 2 years and less than 3 years 7 weeks pay 3 years and less than 4 years 10 weeks pay 4 years and less than 5 years 12 weeks pay 5 years and less than 6 years 14 weeks pay 6 years and over 16 weeks pay. (b) Where the employee is 45 years of age or over, the employer shall pay the employee in accordance with the following scale: Less than 1 year Nil 1 year and less than 2 years 5 weeks pay 2 years and less than 3 years 8.75 weeks pay 3 years and less than 4 years 12.5 weeks pay 4 years and less than 5 years 15 weeks pay 5 years and less than 6 years 17.5 weeks pay 6 years and over 20 weeks pay

  • Minimum Payment Overtime worked on a Saturday or Sunday will be paid for at the rate of double Ordinary Rates. Employees required to work on a Saturday or Sunday will be afforded a minimum 4 hours work, or be paid as if for 4 hours at the aforementioned overtime rates.

  • Minimum Benefits If the Termination Date occurs during the Employment Period for any reason, the Executive shall be entitled to the Minimum Benefits, in addition to any other benefits to which the Executive may be entitled under the following provisions of this Section 4 or the express terms of any employee benefit plan or as required by law. Any benefits to be provided to the Executive pursuant to this Section 4(a) shall be provided within thirty (30) days after the Termination Date; provided, however, that any benefits, incentives or awards payable as described in Section 4(f) shall be made in accordance with the provisions of the applicable plan, program or arrangement. Except as may otherwise be provided expressly to the contrary in this Agreement or as otherwise provided by law, nothing in this Agreement shall be construed as requiring the Executive to be treated as employed by the Company following the Termination Date for purposes of any employee benefit plan or arrangement in which the Executive may participate at such time.

  • Minimum Balance ▇▇▇▇▇▇▇▇ agrees to maintain a minimum balance of funds in the Settlement Account as Processor may specify to Merchant in writing from time to time.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.