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Pension Plan

 
Vesting

 Subject to the provisions of Section 14.05, a Participant shall achieve Vested Status under the circumstances described below:

  1. On and after July 1, 1996, a Participant who is a bargaining unit Employee and has at least one Hour of Service after June 30, 1996 shall achieve Vested Status if he has accumulated at least five Years of Credited Service without a Permanent Break in Service. If the Participant has not completed at least one Hour of Service after June 30, 1996, his Vested Status shall be determined in accordance with the applicable provisions of Subsection c., d., or e.

    Exception - An Employee who has received a grace period under Section 6.06.f.(2) shall also be deemed to satisfy the requirements for this Subsection 6.07.a. provided he has completed at least one Hour of Service after June 30, 1996.
  2. On and after January 1, 1989, a Participant who is a Non-Bargained Employee and has at least one Hour of Service after December 31, 1988 shall attain Vested Status after he has accumulated either five Years of Credited Service based exclusively on Credited Service as a Non-Bargained Participant or a total of ten Years of Credited Service (excluding any Credited Service earned prior to a Permanent Break in Service). If the Participant has not completed at least one Hour of Service after December 31, 1988, his Vested Status shall be determined in accordance with the applicable provisions of Subsection c., d., or e.
  3. For purposes of this Subsection b., a Year of Credited Service (or proportionate fraction thereof) shall be deemed to count towards the five years of non-bargained Credited Service if either all of the Hours of Service earned during the Plan Year are attributable to work as a Non-Bargained Employee or at least 1,000 Hours of Service earned during the Plan Year are attributed to work as a Non- Bargained Employee.

    Except as noted in Subsections a. and b., between January 1, 1976 and January 1, 1989 or July 1, 1996 depending on whether Subsection a. or b. above applies (five-year vesting provisions), a Participant shall achieve Vested Status if he has accumulated at least ten Years of Credited Service, without a Permanent Break in Service.
  4. Between January 1, 1969 and January 1, 1976, a Participant achieved Vested Status if he had accumulated, without a Permanent Break in Service, at least:
    1. 15 Benefit Units, of which at least 10 were Contributory Benefit Units; or
    2. 25 Benefit Units; or
    3. 20 Benefit Units at a time when he was at least 45 years of age; or
    4. 15 Benefit Units at a time when he was at least 50 years of age; or
    5. 10 Benefit Units at a time when he was at least 55 years of age.
  5. Between the commencement date of the Plan and January 1, 1969, a Participant achieved Vested Status if he had accumulated, without a Permanent Break in Service, at least:25 Benefit Units; or
    1. 20 Benefit Units at a time when he was at least 45 years of age; or
    2. 15 Benefit Units at a time when he was at least 50 years of age; or
    3. 10 Benefit Units at a time when he was at least 55 years of age.

References to specific section(s) of the Plan can be found in the Official Plan Document under Plan Documents on this website.

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