Common use of Amount of Pension Clause in Contracts

Amount of Pension. 6.01 Each member who retires from service with the Company on or after his Normal Retirement Date and the effective date and who has completed ten or more years of Continuous Service with the Company, shall receive a monthly pension commencing on the first day of the month coincident with or next following his retirement date equal to the amount indicated in the following table multiplied by the number of years of his Credited Service: Retirement Date Amount of Pension 6.02 The retirement benefit of a Member who retires prior to his Normal Retirement Date pursuant to Section 5.02 hereof, shall be payable commencing on the first day of the month coincident with or next following his early retirement date and shall be computed in accordance with Section 6.01 above but reduced by 4/10 of 1% for each full month that commencement of early retirement benefits precedes the Member's Normal Retirement Date. 6.03 All terms in this Section 6.03 shall have the meaning assigned thereto in Revenue Canada's Information Circular 72-13R7. In order to comply with Revenue Canada's requirements for Registered Pension Plans and notwithstanding any other provision of this plan, the annual pension provided under this plan, at retirement, termination of employment, or termination of the Plan, shall not exceed the lesser of: (a) 2% of the average of the Participant's best three (3) consecutive years of remuneration received from the Company multiplied by his years of pensionable service, not exceeding thirty-five (35) years; and (b) $1,715 multiplied by the Participant's years of pensionable service with the Company, not exceeding thirty-five (35) such years;

Amount of Pension. 6.01 Each member who retires from service with the Company on or after his Normal Retirement Date and the effective date and who has completed ten or more years of Continuous Service with the Company, shall receive a monthly pension commencing on the first day of the month coincident with or next following his retirement date equal to the amount indicated in the following table multiplied by the number of years of his Credited Service: Retirement Date Amount of Pension 6.02 The retirement benefit of a Member who retires prior to his Normal Retirement Date pursuant to Section 5.02 hereof, shall be payable commencing on the first day of the month coincident with or next following his early retirement date and shall be computed in accordance with Section 6.01 above but reduced by 4/10 of 1% for each full month that commencement of early retirement benefits precedes the Member's Normal Retirement Date. 6.03 All terms in this Section 6.03 shall have the meaning assigned thereto in Revenue Canada's Information Circular 72-13R7. In order to comply with Revenue Canada's requirements for Registered Pension Plans and notwithstanding any other provision of this plan, the annual pension provided under this plan, at retirement, termination of employment, or termination of the Plan, shall not exceed the lesser of: (a) 2% of the average of the Participant's best three (3) consecutive years of remuneration received from the Company multiplied by his years of pensionable service, not exceeding thirty-five (35) years; and (b) $1,715 multiplied by the Participant's years of pensionable service with the Company, not exceeding thirty-five (35) such years;; provided, however, that the above prohibition will not apply to annual pensions of $200 or less per year of service nor will it apply to the portion of the annual pension derived from a Member's voluntary contributions. Benefits on early retirement, termination of employment or death shall not have a value in excess of the then value of the foregoing maximum benefits payable at age sixty in the form of a life annuity with a certain period of one hundred and twenty (120) months.

Amount of Pension. 6.01 Each member who retires from service with the Company on or after his Normal Retirement Date and the effective date and who has completed ten or more years of Continuous Service with the Company, shall receive a monthly pension commencing on the first day of the month coincident with or next following his retirement date equal to the amount indicated in the following table multiplied by the number of years of his Credited Service: Retirement Date Amount of Pension 6.02 The retirement benefit of a Member who retires prior to his Normal Retirement Date pursuant to Section 5.02 hereof, shall be payable commencing on the first day of the month coincident with or next following his early retirement date and shall be computed in accordance with Section 6.01 above but reduced by 4/10 of 1% for each full month that commencement of early retirement benefits precedes the Member's Normal Retirement Date. 6.03 All terms in this Section 6.03 shall have the meaning assigned thereto in Revenue Canada's Information Circular 72-13R7. In order to comply with Revenue Canada's requirements for Registered Pension Plans and notwithstanding any other provision of this plan, the annual pension provided under this plan, at retirement, termination of employment, or termination of the Plan, shall not exceed the lesser of: (a) 2% of the average of the Participant's best three (3) consecutive years of remuneration received from the Company multiplied by his years of pensionable service, not exceeding thirty-five (35) years; and (b) $1,715 multiplied by the Participant's years of pensionable service with the Company, not exceeding thirty-five (35) such years;

Amount of Pension. 6.01 Each member who retires from service with the Company on or after his Normal Retirement Date and the effective date and who has completed ten or more years of Continuous Service with the Company, shall receive a monthly pension commencing on the first day of the month coincident with or next following his retirement date equal to the amount indicated in the following table multiplied by the number of years of his Credited Service: Retirement Date Amount of PensionPension After May 1, 2003 $32.00 After May 1, 2004 $33.00 After May 1, 2005 $35.00 Supplemental Pension - Age 55 to 65 years of age Supplemental Pension is not subject to a reduction factor for early retirement and will be paid until the employee’s sixty fifth (65) birthday. 6.02 The retirement benefit of a Member who retires prior to his Normal Retirement Date pursuant to Section 5.02 hereof, shall be payable commencing on the first day of the month coincident with or next following his early retirement date and shall be computed in accordance with Section 6.01 above but reduced by 4/10 of 1% for each full month that commencement of early retirement benefits precedes the Member's Normal Retirement Date. 6.03 All terms in this Section 6.03 shall have the meaning assigned thereto in Revenue Canada's Information Circular 72-13R7. In order to comply with Revenue Canada's requirements for Registered Pension Plans and notwithstanding any other provision of this plan, the annual pension provided under this plan, at retirement, termination of employment, or termination of the Plan, shall not exceed the lesser of: (a) 2% of the average of the Participant's best three (3) consecutive years of remuneration received from the Company multiplied by his years of pensionable service, not exceeding thirty-five (35) years; and (b) $1,715 multiplied by the Participant's years of pensionable service with the Company, not exceeding thirty-five (35) such years;