Common use of Deferred Pension Clause in Contracts

Deferred Pension. An employee who loses his seniority under the labor agreement and who at the date he loses his seniority (i) has 5 years or more of credited service and is not eligible for a pension under any other Section of this Pension Plan, or (ii) has attained the latter of age 65 or the fifth anniversary in which the employee commenced participation in the Pension Plan, shall be eligible for a deferred pension under compliance with the terms of this Section (6), which shall be a monthly pension payment equal to the amount that is assigned to the Benefit Class Code that is applicable to him as provided in Appendix C to this Pension Plan for each year of credited service that he had at the date he lost his seniority. Any deferred pension under this Section (6) shall at the option of the former employee be either (a) a monthly pension effective the first day of the first month after he attains age 65 commencing not earlier than 180 days prior to the date on which such former employee elects to have his deferred pension commence, in the full amount for which he is eligible under this Section (6), or (b) a monthly pension commencing as of the first day of the month after he attains age 60 or files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above reduced by a percentage equal to five-ninths of one percent multiplied by the number of months by which he is less than 65 years of age at the date such pension commences, or (c) if he loses his seniority on or after January 1, 1976 and has attained at least age 55 but not 60, a monthly pension commencing as of the first day of the month after he lost his seniority and after his combined years of age and years of credited service (to the nearest 1/12 in each case) total 85 or more, or after he files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above, multiplied by a percentage as set forth in the following table: Age When Pension Commences Percentage* 55 42.5 56 46.4 57 50.6 58 55.4 59 60.7 60 66.7 *Prorated for intermediate ages computed to the nearest whole month.

Deferred Pension. An employee who loses his seniority under the labor agreement and who at the date he loses his seniority (i) has 5 years or more of credited service and is not eligible for a pension under any other Section of this Pension Plan, or (ii) has attained the latter of age 65 or the fifth anniversary in which the employee commenced participation in the Pension Plan, shall be eligible for a deferred pension under compliance with the terms of this Section (6), which shall be a monthly pension payment equal to the amount that is assigned to the Benefit Class Code that is applicable to him as provided in Appendix C to this Pension Plan for each year of credited service that he had at the date he lost his seniority. Any deferred pension under this Section (6) shall at the option of the former employee be either (a) a monthly pension effective the first day of the first month after he attains age 65 commencing not earlier than 180 days prior to the date on which such former employee elects to have his deferred pension commence, in the full amount for which he is eligible under this Section (6), or (b) a monthly pension commencing as of the first day of the month after he attains age 60 or files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above reduced by a percentage equal to five-ninths of one percent multiplied by the number of months by which he is less than 65 years of age at the date such pension commences, or (c) if he loses his seniority on or after January 1, 1976 and has attained at least age 55 but not 60, a monthly pension commencing as of the first day of the month after he lost his seniority and after his combined years of age and years of credited service (to the nearest 1/12 in each case) total 85 or more, or after he files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above, multiplied by a percentage as set forth in the following table: Age When Pension Commences Percentage* 55 42.5 56 46.4 57 50.6 58 55.4 59 60.7 60 66.7 *Prorated for intermediate ages computed to the nearest whole month.. An application for a deferred pension under this Section (6) must be filed as provided in Section

Deferred Pension. An employee who loses his seniority under the labor agreement and who at the date he loses his seniority (i) has 5 years or more of credited service and is not eligible for a pension under any other Section of this Pension Plan, or (ii) has attained the latter of age 65 or the fifth anniversary in which the employee commenced participation in the Pension Plan, shall be eligible for a deferred pension under compliance with the terms of this Section (6), which shall be a monthly pension payment equal to the amount that is assigned to the Benefit Class Code that is applicable to him as provided in Appendix C to this Pension Plan for each year of credited service that he had at the date he lost his seniority. Any deferred pension under this Section (6) shall at the option of the former employee be either (a) a monthly pension effective the first day of the first month after he attains age 65 commencing not earlier than 180 days prior to the date on which such former employee elects to have his deferred pension commence, in the full amount for which he is eligible under this Section (6), or (b) a monthly pension commencing as of the first day of the month after he attains age 60 or files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in in (a) above reduced by a percentage equal to five-ninths of one percent multiplied by the number of months by which he is less than 65 years of age at the date such pension commences, or (c) if he loses his seniority on or after January 1, 1976 and has attained at least age 55 but not 60, a monthly pension commencing as of the first day of the month after he lost his seniority and after his combined years of age and years of credited service (to the nearest 1/12 in each case) total 85 or more, or after he files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above, multiplied by a percentage as set forth in the following table: Age When Pension Commences Percentage* 55 42.5 56 46.4 57 50.6 58 55.4 59 60.7 60 66.7 *Prorated for intermediate ages computed to the nearest whole month.