Common use of RETURN TRANSFER Clause in Contracts

RETURN TRANSFER. Should a person return to the former plan after a transfer has been made pursuant to this agreement and should this person request that a new transfer of the original pensionable service be made pursuant to this agreement, then, notwithstanding Section 5, the amount transferred a second time shall not be less than the amount that was originally transferred, plus interest, from the date of the first transfer up to the date of the present transfer, at the rates prescribed in “Appendix E-Interest Rates". The pensionable service accrued after the original pensionable service is valued in accordance with Section 5. If, following the first transfer, the person has paid all or part of the difference needed to be given credit for a larger portion of or all of the pensionable service, this amount is refunded with interest at the rates prescribed in “Appendix E-Interest Rates". If, following the first transfer, the person was paid a supplemental value pursuant to Section 10, then the amount paid, with interest at the rates prescribed in “Appendix E-Interest Rates", shall be repaid by the person to the plan in order to restore the original pensionable service. If this amount is not repaid, a pro-rated portion of the original pensionable service will be recognized, beginning with the most recent service.

RETURN TRANSFER. Should a person return to the former plan after a transfer has been made pursuant to this agreement and should this person request that a new transfer of the original pensionable service be made pursuant to this agreement, then, notwithstanding Section 56, the amount transferred a second time shall not be less than the amount that was originally transferred, plus interest, from the date of the first transfer up to the date of the present transfer, at the rates prescribed in “Appendix E-Interest Rates". The pensionable service accrued after the original pensionable service is valued in accordance with Section 56. If, following the first transfer, the person has paid all or part of the difference needed to be given credit for a larger portion of or all of the pensionable service, this amount is refunded with interest at the rates prescribed in “Appendix E-Interest Rates". If, following the first transfer, the person was paid a supplemental value pursuant to Section 1011, then the amount paid, with interest at the rates prescribed in “Appendix E-Interest Rates", shall be repaid by the person to the plan in order to restore the original pensionable service. If this amount is not repaid, a pro-rated portion of the original pensionable service will be recognized, beginning with the most recent service.