BC Target Benefit Pension Plan. Upon ratification, the Employer will make application to the BC Target Benefit Pension Plan on behalf of employees for membership in the BC Target Benefit Pension Plan. As of the date of a successful application to the BC Target Benefit Pension Plan, the Employer will enrol all employees who meet the eligibility requirements for membership in the BC Target Benefit Pension Plan.
BC Target Benefit Pension Plan. (Effective January 1, 2008) The Employer shall continue to provide a Defined Contribution Pension Plan (Money Purchase Plan) (herein referred to as the "Plan"), the terms of which shall be as set forth in the Employer's existing pension plan which is registered with Canada Revenue Agency under Number 0567917 and the provincial Pension Benefits Standards Act under Number P085259. The Employer will maintain the contribution levels in effect at the date of execution of this agreement. Enrolment in the Plan is mandatory for eligible regular full-time employees and optional for eligible regular part-time employees. Full-time regular and part-time regular employees shall be eligible to join the Plan on the first day of the month following their completion of the probation period. Casual employees shall have the option to join the Plan after the employee has accrued 900 hours worked. Employee and employer contributions shall continue until the end of the year in which the employee turns 71 years of age, at which time such contributions shall cease. CONTRIBUTION RATES % of Pensionable Earnings Employer 6.0 Upon ratification, the Employer will make application to the BC Target Benefit Pension Plan on behalf of employees for membership in the BC Target Benefit Pension Plan. As of the date of a successful application to the BC Target Benefit Pension Plan, the Employer will enrol all new employees who meet the eligibility requirements for membership in the BC Target Benefit Pension Plan.
BC Target Benefit Pension Plan. All new Employees hired will be required to be enrolled in the BC Target Benefit Pension Plan. Employees who were members of the Employer’s RPP Plan will have the option to stay in the Employer’s RRP Plan or to cease participation in the RPP Plan and enroll in the BC Target Benefit Pension Plan. The Employer will maintain the Employer’s RPP for all employees who remain enrolled in the Employer’s RPP plan. At the time when an Employee enrolls in the BC Target Benefit Pension Plan, they will no longer be permitted to make contributions into the Employer’s RPP; however, their account balances as of that time that their participation in the Employer’s RPP ceases still remain in the Employer’s RPP and continue to be subject to the terms of the Employer’s RPP and governing regulations. Employees will make a mandatory contribution of 2% of their base wages (not including tips). The Employer will match the Employee’s contribution of 2%. At no time during the term of this collective agreement will the Employer be required to contribute an amount in excess of 2%. In addition, Employees may make additional voluntary contributions to a maximum of the CRA pension contribution limits less 4% (the 2% mandatory Employee contribution plus the 2% Employer match). Voluntary contributions will not be subject to Employer matching contribution. The Employer will contribute all funds in accordance with the BC Target Pension Plan and applicable provincial legislation. All Employer and employee required contributions shall be paid to the BC Target Benefit Pension Plan no later than 30 days after the end of the payroll period in respect of which the contributions are applicable. The remittance shall be made in accordance with statutory regulations contained in the applicable provincial legislation. The pension remittance report shall be submitted electronically to the BC Target Benefit Pension Plan by the Employer in an excel spreadsheet. The information will be provided as follows:
