Canadian Energy and Related Industries Pension Plan a) The Employer agrees to enter into a Participation Agreement with the Trustees of the Canadian Energy and Related Industries Pension Plan (“CERI Plan”), with effect from January 1, 2017, in respect of employees of the Employer covered by this Collective Agreement who were hired after September 12, 2015, and as such are not eligible to participate under the Public Service Superannuation Act (“PSSA”), or who were hired prior to September 13, 2015, in respect of the period after which they cease to be eligible to participate under the PSSA. The Participation Agreement, attached hereto as Schedule A (Appendix D), shall be incorporated by reference in the terms of this Collective Agreement.
Canadian Energy and Related Industries Pension Plan. 1. The Employer agrees to enter into a Participation Agreement with the Trustees of the Canadian Energy and Related Industries Pension Plan (“CERI Plan”), with effect from January 1, 2017, in respect of employees of the Employer covered by this Collective Agreement who were hired after September 12, 2015, and as such are not eligible to participate under the Public Service Superannuation Act (“PSSA”), or who were hired prior to September 13, 2015, in respect of the period after which they cease to be eligible to participate under the PSSA. The Participation Agreement, attached hereto as Schedule A, shall be incorporated by reference in the terms of this Collective Agreement.
2. Each employee participating in the CERI Plan shall be required to contribute an amount equal to 9% of eligible pensionable earnings (“Member Contributions”) for each pay period during the term of this Collective Agreement. The Employer shall also be required to make matching contributions to the CERI Plan (“Employer Contributions”) equal to each employee’s Member Contributions for each pay period, subject to the combined Member Contributions and Employer Contributions being limited to the maximum amount permitted by the Income Tax Act (Canada), as amended.
3. Participation in the CERI Pension Plan is mandatory for full-time, regular (permanent) part-time or term (greater than six months) employees. Other part-time employees will be eligible to join the CERI Pension Plan at any time on and after satisfying the requirements of the Pension Benefits Standards Act, 1985, as amended.
4. It is further understood and agreed that for each employee hired after September 12, 2015, and employed by the Employer on the effective date of this Collective Agreement, the Employer will make a lump-sum payment to the employee equivalent to the 9% Employer Contribution that would have been made for the period from his/her date of hire to December 31, 2016, had the employee participated in the CERI Plan, and the Employer will direct any such payments into the employee’s personal Registered Retirement Savings Plans if directed to do so by the employee and assuming the employee has the contribution room as required by governing legislation.
