The following explanatory notes are intended to provide some clarification on definitions regarding pension entitlement. These notes are provided for illustrative purposes only. An employee's actual pension benefit will be calculated based on their age, years of service and benefit as provided for within the terms of the pension plan document.

1. Normal Retirement Date (NRD): $2,465
   
   The normal retirement date pension is an amount an employee is eligible to receive at age 65 and consists of the maximum CPP benefit plus the lifetime pension benefit. If a member retires with less than 30 years of credited service, the amount of pension shall be pro-rated on the years of credited service to 30 years.
   
   EXAMPLE 1:
   April 21, 2007 employee retires at age 65 with 30 years of service.
   
   Monthly pension = $2,465 - CPP = $1,601.25.
   
   EXAMPLE 2:
   April 21, 2007 employee retires at age 65 with 25 years of service.
   
   Monthly pension = ($2,465 - CPP) * 25/30 = $1,334.38.
   
   
2. Special Early Retirement (SER) $2,190
   
   An employee who is at least 60 years of age with at least 30 years of credited service is eligible for special early retirement which consists of the lifetime pension benefit plus a temporary supplement required to bring their total benefit to $2,190 until age 65 at which time their temporary supplement is discontinued. An employee may elect to begin collecting this benefit anytime between the age of 60 and 65 provided they have at least 30 years of credited service.
   
   EXAMPLE 3:
   April 21, 2007 employee retires at age 60 with 30 years of service.
   
   Lifetime monthly pension = $2,465 - CPP = $1,601.25
   
   Temporary supplemental = $2,190 - Lifetime pension = $588.75.
   
   Total pre-age 65 pension = $1,601.25 + $588.75 = $2,190.
   
   Total post-age 64 pension = $1,601.25.
   
   EXAMPLE 4:
   Employee retires at age 62 with 30 years of service. Pension is the same as in example 3 above.
   
   
3. 85 Point Retirement
   
   An employee who is at least 55 years of age and whose age plus years of credited service totals 85 (for example: 55 years of age with 30 years of service or 58 years of age with 27 years of service) is eligible to receive an unreduced lifetime pension similar to the pension under Normal Retirement Date.
   
   EXAMPLE 5:
   
   April 21, 2007 employee retires at age 55 with 30 years of service.
   
   Lifetime monthly pension = $2,465 - CPP = $1,601.25.
   
   EXAMPLE 6:
   
   April 21, 2007 employee retires at age 58 with 27 years of service.
   
   Lifetime monthly pension = ($2,465 - CPP) * 27/30 = $1,441.13.