Benefit and Retirement Plans. Upon meeting the applicable eligibility requirements, Employee shall be entitled to be a participant in any employee benefit plans, retirement plans, and deferred compensation plans maintained by Employer.
Benefit and Retirement Plans. We maintain the Xxxx Corporation Savings & Investment Plan (the ‘‘U.S. Plan’’) and the Xxxx Corporation Puerto Rico Employees Savings and Investment Plan (the ‘‘PR Plan’’). The PR Plan was adopted in fiscal year 2008. As amended in fiscal year 2009, both plans allow all employees who are at least age 21 to participate in the plans, although new employees are required to complete one year of continuous service with us to be eligible to participate. Each employee in the U.S. Plan can contribute from one percent to 60 percent of his or her annual salary subject to Internal Revenue Service (‘‘IRS’’) limitations, (30 percent for highly-compensated employees). Employees in the PR Plan can contribute from one to 10 percent of his or her annual salary subject to the Puerto Rico Internal Revenue Code (‘‘PR Code’’). Employees who have not otherwise elected will be automatically enrolled in their respective plan at a contribution rate of two percent upon satisfying all eligibility requirements. We match $0.50 in cash for every dollar an employee of either plan contributes to the plan up to four percent of annual compensation subject to IRS and PR Code limitations. Matching contributions are made on an annual basis, and employees must be employed with us on the last day of the plan year to receive our matching contributions. Employees who began contributing to the plans prior to calendar year 2009 vest in our matched contributions immediately. Employees who began contributing to the plans after calendar year 2008 must complete two years of service prior to vesting in matched contributions. Due to economic conditions, we temporarily suspended matching contributions effective February 27, 2009 with respect to any pre-tax contributions remitted to the plans during that period. We will periodically reevaluate whether business conditions permit the reinstatement of the matching contributions. The matching contribution expense totaled $1.8 million and $2.1 million for fiscal years 2009 and 2008, respectively.
Benefit and Retirement Plans. 16 ARTICLE 16 - LEAVES OF ABSENCE 18 ARTICLE 17 — SICK TIME 19 ARTICLE 18 — WAREHOUSE CLOSURE 19 ARTICLE 19 - SAFETY AND HEALTH 21 ARTICLE 20 - UNION-MANAGEMENT COMMITTEE 22 ARTICLE 21- EDUCATION AND TRAINING 23
Benefit and Retirement Plans. 15.01 All regular full time employees covered by the Collective Agreement, upon completion of their probationary period, will be covered by the Employer's hourly employee benefit plan. Employees electing optional coverage will contribute, by payroll deduction, a monthly amount according to the rates set forth for the specific plan options and/or coverage elected. Any changes to the benefit plan will be automatically incorporated as they occur.
15.02 The Company and all Full-time and Part-time employees shall contribute to the Unifor Union of Canada’s pension trust fund on a mandatory basis. The effective date of the pension plan is the first day of the calendar month following the date of hire for all employees. Three (3) months prior to the scheduled retirement date, the Administrator will provide the opportunity for a full discussion on all matters relevant to retirement benefits.
Benefit and Retirement Plans. Employee shall be entitled to participate in the various welfare and fringe benefit plans and the tax qualified retirement plans which may be authorized and adopted from time to time by the Board of Directors of Bank, with Employee's participation in such plans to be governed and controlled by the terms and provisions of such plans.
Benefit and Retirement Plans. The Union agrees that the benefit and retirement plans, effective January 1, 1999, will apply to its members in their entirety for the duration of this collective bargaining agreement. A summary of the plans is attached. The summary is not a binding legal or contractual document. Issues relating to the scope and application of the plans will be determined solely by and in accordance with the procedures established in the benefit plan documents. Harvard reserves the right to amend the plans and the plan documents during the term of this agreement; provided, however, that no future substantive economic amendments made to the plans other than those currently identified and accepted in this agreement, will apply to the members of the SEIU.
Benefit and Retirement Plans
