Option One (Enhanced Early Retirement Sample Clauses

Option One (Enhanced Early Retirement. Separation Allowance) Employees who are eligible for early retirement under the CN Pension Plans rules and who have 85 points, will be entitled to a lump sum early retirement separation allowance. The separation allowance is to be calculated in accordance with the VIA formula. Employees who elect to retire under this Option will have their life insurance and extended health care benefits continued until they reach age 65. Option Two (Bridging) Employees who will be eligible for early retirement under the CN Pension Plan(s) within 5 years (that is will have 85 points as defined by the Pension Plan(s) within 5 years) may elect to take a bridging package at 65% of the employees basic weekly rate with continued benefit plan coverage (Dental, Extended Health and Vision Care, and Group Life Insurance) until eligible for early retirement, at which time the employee will be given a separation allowance in accordance with Option One above. If an employee is within 5 to 7 years of early retirement under the Pension Plan(s) rules (that is will have 85 points as defined by the Pension Plan(s) rules within 5 to 7 years), the employee may elect to take a bridging package at 65% of the employees basic weekly rate with continued benefit coverage until retirement, at which time the employee will be given a separation allowance in accordance with the following formula: (Dental continued until early retirement - Extended Health and Vision Care and Group Life Insurance continued until normal retirement). Years of Cumulative Compensated Service
Sample 1
AutoNDA by SimpleDocs
Option One (Enhanced Early Retirement. Separation Allowance) Employees who are eligible for early retirement under the CN Pension Plans rules and who have 85 points, will be entitled to a lump sum early retirement separation allowance. The separation allowance is to be calculated in accordance with the VIA formula. Employees who elect to retire under this Option will have their life insurance and extended health care benefits continued until they reach age 65. Option Two (Bridging) Employees who will be eligible for early retirement under the CN Pension Plan(s) within 5 years (that is will have 85 points as defined by the Pension Plan(s) within 5 years) may elect to take a bridging package at 65% of the employees basic weekly rate with continued benefit plan coverage (Dental, Extended Health and Vision Care, and Group Life Insurance) until eligible for early retirement, at which time the employee will be given a separation allowance in accordance with Option One above. If an employee is within 5 to 7 years of early retirement under the Pension Plan(s) rules (that is will have 85 points as defined by the Pension Plan(s) rules within 5 to 7 years), the employee may elect to take a bridging package at 65% of the employees basic weekly rate with continued benefit coverage until retirement, at which time the employee will be given a separation allowance in accordance with the following formula: (Dental continued until early retirement - Extended Health and Vision Care and Group Life Insurance continued until normal retirement). Years of Cumulative Compensated Service Number of Weeks Salary Credited for Each Year of Service Remaining to Normal Retirement 35 or more 4.5 34 4.4 33 4.3 32 4.2 31 4.1 30 4.0 29 3.9 28 3.8 27 3.7 Note : A partial year of service remaining to normal retirement is to be expressed on a monthly basis, e.g. 4 years and 1 month (or major portion thereof) equals 4 1/12 (4.083) years. Option Three (Severance Payment) Employees may elect to take a lump sum severance payment of $ 65,000. Such employees shall be entitled to Group Life Insurance and Extended Health and Vision Care benefits fully paid by the Company for one year. Option Four (Educational Leave) Employees will be entitled to a leave of absence for educational purposes, with full pay for a period of up to three (3) years while attending an educational training program. The program must be approved by the Labour Adjustment Committee. Employees will be subject to be called to work while not attending courses. All outside e...
Sample 1

Related to Option One (Enhanced Early Retirement

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

  • EARLY RETIREMENT INCENTIVE PLAN 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • Early Retirement Age Early Retirement Age is the later of: (i) the date a Participant attains age ; (ii) the date a Participant reaches the anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan; or (iii) the date a Participant completes Years of Service. [Note: The Employer should leave blank any of clauses (i), (ii) and (iii) which are not applicable.] If (f)(iii) is selected, “Years of Service” under this Election 34(f)(iii) means (Choose (1) or (2).):

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

Time is Money Join Law Insider Premium to draft better contracts faster.