Common use of Benefit Options Clause in Contracts

Benefit Options. (a) Lump sum payment A lump sum payment will be paid in one sum on the date of retirement as per the following amounts: Full Years to Retirement Pay out 2 40% of salary 3 60% of salary 4 80% of salary 5 or more 100% of salary or

Benefit Options. (a) Lump sum payment A lump sum payment will be paid in one sum on the date of retirement as per the following amounts: Full Years to Retirement Pay out 2 40% of salary 3 60% of salary 4 80% of salary 5 or more 100% of salary oror (b) Past service contribution The College will purchase on behalf of the employee past service contributions to the College pension plan equivalent to the value of the lump sum payment as indicated above.