Special Early Retirement Pension Sample Clauses

Special Early Retirement Pension. If you are age 60 and have completed at least thirty (30) years of Credited Service, you can elect Special Early Retirement. Your Basic Pension will be calculated as above with no reduction for early payment. You will also receive a temporary Supplement payable until you are first eligible to receive an unreduced CPP Retirement Pension at age 65. This temporary Supplement is equal to the amount which, when added to your Basic Pension, produces the following total minimum pension amount: $2,225 if you retire on or before May 31, 2014 $2,300 if you retire on or after June 1, 2014 At age 65, your temporary Supplement will be replaced by a Lifetime Supplement. This monthly Lifetime Supplement is the amount which, when added to your Basic Pension and the unreduced CPP Retirement Pension, produces the following total minimum pension amount: $2,570 if you retire on or before May 31, 2014 $2,650 if you retire on or after June 1, 2014 In addition to this Lifetime Supplement, you may also be entitled to an additional supplement if you retire before May 31, 2014. This additional supplement will be the amount which is required to produce the total minimum pension indicated above that would have been payable if you were then retiring at your normal retirement date, based on the normal retirement total minimum pension and unreduced CPP Retirement Pension payable at that date, and your Basic Pension including any Escalation Benefits* accrued to your normal retirement date. This additional supplement will be added to and form part of your Lifetime Supplement. *See Escalation Benefit Section
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Related to Special Early Retirement Pension

  • 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 Option The District may offer an early retirement incentive for unit members.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Benefits on Early Retirement The Hospital will provide equivalent coverage to all employees who retire early and have not yet reached age 65 and who are in receipt of the Hospital’s pension plan benefits on the same basis as is provided to active employees for semi-private, extended health care and dental benefits. The Hospital will contribute the same portion towards the billed premiums of these benefits plans as is currently contributed by the Hospital to the billed premiums of active employees.

  • 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.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • 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.

  • Enhanced Early Retirement 26.11.1 Employees engaged prior to 1 May 1994 are eligible if they are within 10 years of the age of eligibility for government superannuation and have a minimum of ten years' total aggregated service with the employer, with one or more other DHBs, and with one or more of the following services:

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