Common use of Minimum Pension Clause in Contracts

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.

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 Company and a Selling Company, as defined in Schedule "“D" ” of the collective agreement Collective Agreement to a maximum of 30 thirty (30) years made up of pension from the current company plan, the prior company plan and a special supplement from the current companyCompany. 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 Collective Agreement shall be credited at half the normal rate. This provision shall not apply to those employees who elected elect not to join the pension plan of their current companyCompany.