Article 24 : pension plan and early retirement allowance
24.1 Barring any agreement to the contrary between the Parties, the University maintains in force the University of Ottawa Retirement Pension Plan and the benefits included therein for the duration of the Agreement.
24.2 The University will take steps to propose to the University's Board of Governor a review of the membership in the Pension Plan Committee in order to add to the Pension Plan Committee's membership a nomination by the Union of one (1) employee. The nominee to the Pension Plan Committee will represent the Bargaining Unit of the Agreement and the Bargaining Unit pursuant to the Agreement between the University and the Union representing the employees of the Power Engineers, Local 772-A of the International Union of Operating Engineers.
24.3 Employees attaining the age of 55 who wish to take early retirement from the University shall be entitled to receive on retirement an allowance calculated as follows:
For those who have reached the age 60 or factor 90 at the time of retirement, the formula will be $215.00 x number of years of continuous service at the University x number of years before the normal retirement date (the maximum multiplication factor is 5*);
For those who have not reached the age 60 or factor 90 at the time of retirement, but are between the ages 55 to 59, the formula will be $180.00 X number of years of continuous service at the University X number of years before the normal retirement date (the maximum multiplication factor is 5*).
24.4 The Multiplier factor shall be determined according to the age of the employee at the date of retirement.
24.5 This Multiplication factor will be balanced by the number of completed months of employment divided by 12 for a year that is not completed as follows:
age 55 to 60 - factor 5
age 61 - factor 4
age 62 - factor 3
age 63 - factor 2
age 64 - factor 1
Health Care Spending account:
24.6 A Health Care Spending account will be created for regular employees of the bargaining unit who will become new retirees as of May 1, 2002, and who have at least ten (10) years of continuous service. The annual amount available for each retiree will be 96.00$ for each calendar year (January to December), calculated on a pro-rata basis according to the date of retirement.
24.7 Salary determination for pension plan purposes a) All active employees employed as of September 22, 2011 will be subject to the following grandfather clause. It has been agreed that the following premiums will be deemed pensionable: - Article 6.4: Lead Hand Replacement Premium; - Article 6.5: Scheduled Work Premium between 17:00 hours to 7:00 hours; - Article 6.8: Seniority Premium. b) For all employees hired after September 22, 2011, the predetermined pensionable premium is limited to the following premium: - Article 6.5: Scheduled Work Premium between 17:00 hours to 7:00 hours.