Early Retirement Allowance. An employee whose position is abolished by a change made under the provisions of Section 1(a) of this Article or who is displaced by a senior employee, such displacement being brought about directly by and at the time of implementation of such change will, if he/she is eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive:
Early Retirement Allowance. In the event of layoffs pursuant to Clauses 13.1 and 13.2 the Employer will conduct a pre-layoff canvass and offer early retirement for regular employees; offers will be made on the basis of seniority within the bargaining unit and shall contain severance pay entitlement equal to those contained in Clause 13.4 (g).
Early Retirement Allowance. (2010) Effective January 1st, 2007 and every year thereafter, an early retirement allowance based on a fifteen (15) hours per year of service will be introduced and applicable for employees who, during the current year will reach the age of sixty (60) and have achieved twenty (20) years of continuous service. Said early retirement shall be capped at five thousand dollars ($5,000.00). To be eligible an employee who will reach the age of sixty (60) in the year, will have to notify, in writing, the Company no later than thirty (30) calendar days prior to his/her intention to retire. Payment of said early retirement allowance shall be made with the first pay period immediately following the last day of work.
Early Retirement Allowance. An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two (2) weeks' salary for each year of service, to a maximum ceiling of fifty-two (52) weeks' salary.
Early Retirement Allowance. 25.10 A locomotive engineer whose position is abolished by a change made under the provisions of Article 25.1, or who is displaced by a senior employee, such displacement being brought about directly by and at the time of implementation of such change will, if he is eligible to receive an early retirement pension with an actuarial cutback, be entitled to receive:
Early Retirement Allowance. 3. An employee whose position is abolished by a change made under the provisions of Section 1 (a) of this Article and who is: (a) sixty (60) years of age or over, and (b) eligible for early retirement under the rules of the Railway’s Pension Plan, will, if he elects early retirement, be entitled to receive:
Early Retirement Allowance. 5.10 An employee who is working in a group, at a location, which is being adversely affected by a technological, operational or organizational change will, provided he is 55 years of age or older and the total of his age and allowable pensionable service equals 85 or more and elects to receive an early retirement pension, be entitled to receive a monthly separation allowance until the age of 65 which, when added to his company pension, will give him an amount equal to a percentage of his average annual earnings over his best five-year period, as defined under the Company's pension rules, in accordance with the following formula provided this would prevent another employee in his group at that location with two or more years of service from being laid off: Years of Service at Time Employee Elects Percentage Amount Retirement As Defined Above 35 & over 80 34 78 33 76 32 74 31 72 30 70 29 68 28 66 27 64 26 62 25 or less 60 An employee entitled to the separation allowance herein above set out may elect to receive in its stead a lump sum payment equal to the present value of his monthly separation payments calculated on the basis of a discount rate of ten (10) percent per annum. An employee who elects benefits under Article 5.10 will not be entitled to any other benefits provided elsewhere in this Agreement. The early retirement allowance will cease upon the death of the employee.
Early Retirement Allowance. (Effective date of ratification) In an effort to assist employees who retire early with possible medical expenses, the Company will provide, on retirement, an early retiring allowance for those employees who retire between the age of 62 and prior to their 65th birthday. This allowance will only be available if the employee has, on their retirement day, worked more than 25 years for the Company and is currently working. The allowance will be paid only once and will be determined in accordance with the following: Age at Retirement Allowance 63 $6000 64 $3000 Employees taking advantage of this benefit between birthdays will have the amount of the allowance prorated.
Early Retirement Allowance. Upon early retirement and up to age 65, employees shall receive the benefits of the Drug Plan and Life Insurance, if the employee agrees to pay the annual premium, payable in one (1) lump sum at the beginning of each year. Effective September 1, 2002, the Company will provide, on retirement, an early retirement allowance for those employees who retire between the age of sixty (60) and prior to their sixty-fifth (65th) birthday. This allowance will only be available if the employee has, on their retirement day, worked more than twenty-five (25) years for the company and is then currently working. The allowance will be paid only once and will be determined in accordance with the following: Age at Retirement Allowance 60 $15,000 61 $12,000 62 $ 9,000 63 $ 6,000 64 $ 3,000 The amount of the allowance will be prorated for the employees taking advantage of this benefit between birthdays. The early Retirement allowance will be transferred to the receipients RRSP.
Early Retirement Allowance. This allowance will be calculated and paid to the employee as a lump sum as follows: One week’s pay (regular base rate) is given for each year of completed service to the Company up to a maximum of five (5) weeks.
