Retiring Allowance. A tenured academic staff member eligible for early retirement with at least fifteen (15) years of service who does not receive any other special arrangements or payment from the University is eligible for a lump-sum retiring allowance upon retirement. The amount of this retiring allowance is two (2) per cent of salary at the effective date of retirement (in the case of a gradual retirement, the member’s full salary) multiplied by the number of years of continuous service to a maximum of fifty (50) per cent of the member’s actual salary.
Retiring Allowance. 39.1. Each Member shall, upon retirement to pension immediately following his continuous service with the City, receive a lump-sum retiring allowance equal to the number of hours remaining in his retiring allowance account (as defined in Section 39.2 below) multiplied by the member’s average hourly rate of pay in the five year period immediately preceding retirement.
Retiring Allowance. 31:01 Employees with ten (10) or more years of corporate service who retire or die shall be entitled to a retiring allowance in the amount of one (1) weeks’ pay for each year of accrued service or prorated portion thereof. In the event of the death of an employee, retiring allowance shall be paid to the employee’s beneficiary or otherwise to the employee’s estate.
Retiring Allowance. (also known as Severance Pay): Is an amount paid to employees for the loss of employment in accordance with Canada Revenue Agency guidelines.
Retiring Allowance. If you retire from the Company during the life of this agreement with at least 30 pension credits and the total (lifetime and bridge) pension payable in the normal form is less than $2,500 per month, you will receive a retiring allowance equal to $2,500 less your total early retirement pension payable under the normal form. The retiring allowance is payable monthly from your early retirement date to age 65. Note: Normal form is before any reduction for Joint & Survivor pension and taxes.
Retiring Allowance. (a) The Company and Union recognize that in face of significant reduction of the workforce due to job elimination, attrition through early retirement is a preferential way to decrease the size of the workforce. For the term of this Agreement and consistent with 3. Notice above, and; the continued availability of a skilled workforce, a one month window of opportunity will be opened for eligible employees to exercise a retirement leaving option.
Retiring Allowance. 42.01 An employee who retires after reaching the age of 60 shall be entitled to a retiring allowance equal to $1,000 per year of service up to a maximum of $5,000 less applicable statutory deductions if the retiring employee’s combined age and length of service (calculated from his/her last hire date) add up to at least 70.
Retiring Allowance. The Company will pay a retiring allowance in the amount of $11,000 , in the form of a lump sum amount transferred to a regular R.R.S.P. in the Employee’s name. The retiring allowance will be transferred to an R.R.S.P. held by an accredited financial institution of the Employee’s choice. To be eligible for this retiring allowance, an employee must have attained the age of 59 years as of January 1, 2002, and have at least fifteen (15) years of credited service, as of January 1, 2002. These employees wishing to retire must notify the Company sixty (60) calendar days in advance of their retirement date. Employees aged 65 to 67 at date of retirement are eligible for the retiring allowance and are not restricted to the sixty (60) days notice.
Retiring Allowance. Prior to issuing notice of layoff pursuant to Article 10.01(a)(ii) in any classification(s), the Hospital will offer early retirement allowance to a sufficient number of Employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of Employees within a classification who elect early retirement is equivalent to the number of Employees within the classification(s) who would otherwise receive notice of layoff under Article 10.01(a)(ii). 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, plus a pro-rated amount for any additional partial year of service, to a maximum ceiling of 52 weeks salary, and, in addition, Employees shall receive a single lump sum payment equivalent to One Thousand dollars ($1,000) for each year less than age 65 to a maximum of Five Thousand dollars ($5,000) upon retirement.
Retiring Allowance. 1. Effective July 14, 2005 the Retiring Allowance was converted to an annual contribution to the Horizon ln-Scope Plan, as set out in Clause 27.01. For employees with Company Service earned prior to January 1, 2005, the days accumulated up to December 31, 2004 will be retained in an individual Retiring Allowance Bank.
