WITHDRAWAL RULES. An employee must be terminated (lay off does not constitute a termination) in order to access the funds he has accumulated in this Plan. If the participant is terminated prior to vesting, he will be entitled to a refund of his total contributions plus the interest earned on same. The Company’s contributions, plus the interest earned on them, will be refunded to the Company. a) Leave the funds with the present carrier until retirement age and then draw a pension in the form of annuity from the fund. b) Transfer the funds to the R.P.P. of his new employer. c) Transfer the funds to a private “locked-in” R.R.S.P. A “locked- in” R.R.S.P. is one that permits withdrawals only via annuity. The earliest age that a pension can begin is 55 and latest is 71 years.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement