Contract, Table of Contents

Article / 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 /

Appendix / A / B / C / D / E /

Letter of Understanding / 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 /

Please read the disclaimer.

LETTER OF UNDERSTANDING #6
RE: DEFERRED RETIREMENT

Should mandatory retirement at age 65 be no longer permitted by law in this Province and a regular employee continues in employment beyond his normal retirement date, the following conditions shall govern such employment and be added to the Collective Agreement.

  1. The pension to which the employee has become entitled at his normal retirement date, (the "Pension"), shall be frozen as of the employee's normal retirement date as defined in the Pension plan.

  2. The employee's Pension shall become payable as of the first day of the month immediately following the month the employee ceased to be employed with the Company or as of the first day of the month immediately preceding the employee's seventy-first (71) birthday, whichever shall first occur (the "Pension Date").

  3. The employee's Pension will include any escalation benefits which occur from his normal retirement date to his Pension Date.

  4. No contribution to the Pension Plan will be made after the employee has reached his normal retirement date and no service shall be credited after the aforementioned date.

  5. An employee's Pension will not be affected by any amendments made to the Pension Plan after the employee's normal retirement date.

  6. An employee's Pension benefits will be actuarially reviewed effective as at the Pension Date having regard to the employee's Pension having been deferred since his normal retirement date.

  7. An employee who continues in the employ of the Company after his normal retirement date, as defined in the Pension Plan, shall be entitled to only the insured welfare benefits provided to employees on retirement as at his normal retirement date.


Contract, Table of Contents

Article / 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 /

Appendix / A / B / C / D / E /

Letter of Understanding / 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 /


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Revised: Dec. 2002