Cash Out

7.10 - Notwithstanding any other provision herein, a lump sum payment of the Commuted Value of the Accrued Benefit for a Participant whose employment has terminated for any reason other than death or of the benefit payable to the Surviving Spouse in the event of the death of a Participant shall be paid to the Participant or Surviving Spouse if the Participant has a Vested Percentage of 100% and if the Participant's Accrued Benefit, expressed as an annual amount, does not exceed 2% of the Y.M.P.E. in the year of the Participant's retirement, termination or death, or such other amount as may be permitted in accordance with the Pension Benefits Act. In lieu of the lump sum payment, the Participant or the Surviving Spouse may transfer the amount to his or her personal registered retirement savings plan. The lump sum payment is in full satisfaction of the Participant's entitlement to a pension under the Plan.

Notwithstanding the foregoing, in respect of a Participant who is employed in a province other than Ontario, or in respect of the Participant's Surviving Spouse, a lump sum payment of the Commuted Value of the Accrued Benefit shall be payable in accordance with this Section 7.10 but subject tot the applicable provincial pension legislation (and as may otherwise be permitted in accordance with such legislation from time to time), as follows:

• Alberta Participants
  Effective August 10, 2006, if the Participant's Accrued Benefit, expressed as an annual amount, does not exceed 4% of the Y.M.P.E. or the Commuted Value does not exceed 20% of the Y.M.P.E. in the year a determination is required the Participant may elect to receive the lump sum payment or transfer that amount to a personal registered retirement savings plan in full satisfaction of the Participant's entitlement under the Plan. An Alberta Participant who joins the Plan on or after August 10, 2006 and to whom Section 7.10(a) or Section 8.04 applies, may be requested to transfer his Accrued Benefit from the Plan on a locked-in-basis in accordance with Section 5.06 or Section 5.07, as applicable.
• British Columbia Participants
  Effective July 15, 1999, if the Participant's Accrued Benefit, expressed as an annual amount, does not exceed 10% of the Y.M.P.E. or the Commuted Value does not exceed 20% of the Y.M.P.E. in the year of the Participant's retirement, termination or death, the Participant may elect to receive the lump sum payment or transfer that amount to a personal registered retirement savings plan in full satisfaction of the Participant's entitlement under the Plan.
• Manitoba Participants
  Effective September 1, 1998, if the Participant's Accrued Benefit, expressed as an annual amount, does not exceed 4% of the Y.M.P.E in the year of the Participant's retirement, termination or death, the Participant may elect to receive the lump sum payment or transfer that amount to a personal registered retirement savings plan in full satisfaction of the Participant's entitlement under the Plan.
• Saskatchewan Participants
  Effective June 1, 2005, if the Participant's Accrued Benefit, expressed as an annual amount, does not exceed 4% of the Y.M.P.E. or the Commuted Value does not exceed 20% of the Y.M.P.E. in the year of the Participant's retirement, termination or death, the Participant may elect to receive the lump sum payment or transfer that amount to a personal registered retirement savings plan in full satisfaction of the Participant's entitlement under the Plan.
• Prince Edward Island Participants
  Effective September 1, 1998, if the Participant's Accrued Benefit, expressed as an annual amount, does not exceed 2% of the Y.M.P.E. in the year of the Participant's retirement, termination or death, the Participant may elect to receive the lump sum payment or transfer that amount to a personal registered retirement savings plan in full satisfaction of the Participant's entitlement under the Plan.