Pension Plan Modification Sample Clauses

Pension Plan Modification. 1306 The buyer must agree that employees age 50-54 and whose age plus credited service equal or 1307 exceed 65 years and who are involuntarily separated as a result of layoff from the successor 1308 Company, will be eligible for the following retirement benefits, beginning as early as age 50: 1309 Retiree life insurance, as provided to Eversource NH retirees, beginning at separation; 1310 Continuation of health benefits at COBRA rates until age 55, after which retiree health 1311 benefits and contributions apply; 1312 1313 Option to begin pension payments before age 55. Total pension payments from Eversource and the successor Company would be as follows (prorated for partial years):

Pension Plan Modification. Any employee who is age 50 to 54 on the date of the announcement of the winning bidder(s) and whose age plus credited years of service equals or exceeds 65 years and who is 1653 1654 1655 1656 1657 1658 1659 1660 1661 1662 1663 1664 1665 1666 1667 1668 1669 1670 1671 subsequently involuntarily separated from employment by the purchaser, will be eligible for the following additional retirement benefits: 1) retiree life insurance equivalent to that provided to NU system retirees, beginning at separation; 2) continuation of health care benefits at COBRA rates until age 55, after which retiree health care benefits and contributions apply; and 3) the option to begin pension payments before age 55. An employee eligible to begin receiving pension benefits before age 55 will be entitled to receive the following percentages of the total pension benefit to which the employee would be entitled at or after age 55: Employee Benefits Eligibility Age when benefits begin Percent of accrued age 65 benefit 55 75% 54 71% 53 67% 52 63% 51 59% 50 55% 1672 1673 1674 1675 1676 1677 1678