Common use of Provision for Payment Clause in Contracts

Provision for Payment. (a) When eligible for normal retirement under the WFPP, an Eligible Member shall be entitled to a Retiring Allowance upon retirement in a lump sum subject to the following provisions: (i) With Creditable Service of 25 years or more: (ii) With Creditable Service of 15 to 24 years -- one-eleventh (1/11) of: for each year of service between 14 and 25 years of Creditable Service. (iii) With Creditable Service of fourteen (14) years or less -- nil. (b) If having attained the age required for early retirement under the WFPP and having fifteen (15) or more years creditable service at that time, an Eligible Member shall be entitled to a Retiring Allowance upon retirement in accordance with 7(a)(i) or (ii) above discounted by the same factors used to calculate early retirement under the WFPP. Effective January 1, 2003: If an Eligible Member retires after attaining the age of sixty (60), the Retiring Allowance will not be discounted under the WFPP early retirement factors.