CLAC Pension Plan. 14.01 The CLAC Pension Plan (the “Plan”), a defined contribution, registered pension plan, which is registered with the Canada Revenue Agency and the Financial Services Commission of Ontario under #0398594, applies to all employees covered by this Collective Agreement.
14.02 New employees will join the Plan six (6) months from their date of hire. Contributions shall begin at the commencement of the next pay period.
14.03 Each month, the Employer shall remit to the Remittance Processing Centre (RPC), for each eligible employee, an Employer contribution to the Plan as described in Schedule “A”. Employer contributions will vest in accordance with the rules of the Plan.
14.04 The Employer agrees to deduct, by way of payroll deduction, and remit to the RPC, additional voluntary employee pension contributions which are above and beyond those contributions outlined in Schedule “A”. A request for such deductions shall be submitted to the Employer on a form provided by the Plan and a copy of the completed form shall be sent to the RPC along with the first remittance of such voluntary contributions. Employees shall be permitted to adjust their additional voluntary employee pension contributions a maximum of once per six (6) months.
14.05 The total amount of all contributions remitted by the Employer on an employee's behalf (Employer and voluntary), shall not exceed the annual maximum money purchase contribution limits outlined by the Canada Revenue Agency.
14.06 The Employer will remit all contributions to the RPC within fifteen (15) days following the end of the month for which contributions are payable, together with an itemized list of the employees and the amounts applicable to each. The remittance shall include only funds for pay periods completed in the previous month. Employer and voluntary contributions will be recorded separately on the remittance.
14.07 The Union acknowledges and agrees that, other than remitting contributions to the Plan as set out in this Article, the Employer shall not be obligated to contribute toward any other costs of pension benefits provided by the Plan or be responsible for providing such benefits.
14.08 The Employer and the Union will cooperate in providing the information required to administer the Plan on the employees' behalf. The Plan staff shall be responsible for informing the employees about the Plan, which includes providing updated account statements of all contributions received, investment returns allocated, and the cu...
CLAC Pension Plan. The CLAC Pension Plan (the plan), a defined contribution, registered pension plan, which is registered with the Canada Revenue Agency and the Financial Services Commission of Ontario under #0398594, applies to all seniority employees covered by this Collective Agreement.
CLAC Pension Plan. The Pension Plan is maintained and administered by the Union and is supervised by the Board of Trustees. Registered with the Financial Securities Commission of Ontario as Pension Plan 0398594, for the benefit of all employees covered under this Agreement.
CLAC Pension Plan. 15.01 The CLAC Pension Plan (“the Plan”), a defined contribution pension plan, is registered with the Canada Revenue Agency. The Plan applies to all employees covered by this Agreement.
15.02 New employees will join the Plan and become eligible to receive pension contributions following the completion of six months of employment, unless the employee is a member in good standing of the Union or its affiliates at the date of hire. In such case, participation in the Plan shall commence upon hire.
15.03 The Employer shall remit to the Union, for each eligible employee, an Employer contribution equal to seven (7%) percent of the base hourly wage rate for every hour worked. The Employer shall remit to the Union, for each employee that has completed three (3) years of service with the Employer, an additional one (1%) percent of base hourly wage rate for every hour worked. Employer contributions will vest in accordance with the rules of the Plan.
15.04 The Employer’s contributions to the Plan will be non- refundable to the Employer once received by the Union and will vest immediately in the employee on whose behalf the deposit was made.
15.05 The Employer shall deduct from the gross earnings of each eligible employee, and remit to the Union, an amount equal to four (4%) percent of the employee’s base hourly wage rate for every hour worked.
15.06 The Employer agrees to deduct, by way of payroll deduction, and remit to the Union, additional voluntary employee pension contributions which are above and beyond those contributions outlined above. Employees must request such deductions by submitting a form provided by the Union to the Employer. The Employer will send a copy of the completed form to the Union along with the next remittance which includes such voluntary contributions.
15.07 The total amount of pension contributions remitted by the Employer, on an employee’s behalf, cannot exceed the annual maximum money purchase outlined by the Canada Revenue Agency. The Employer has no obligation to monitor the employee’s contribution made outside the employment relationship. For greater clarity, if employees exceed the annual maximum money purchase limit as a result of contributions made outside the employment relationship, the Employer shall not be liable for any tax consequence imposed on the employee by the Canadian Revenue Agency.
15.08 The Employer shall continue pension contributions during a period of injury insured under provincial workplace safety insurance legi...
CLAC Pension Plan a. The Christian Labour Association of Canada (CLAC) Pension Plan (“the Plan”), a registered defined contribution pension plan governed by the CLAC Pension Plan Board of Trustees, and registered with the Canada Revenue Agency under #0398594, applies to all employees covered by this Collective Agreement.
b. An employee shall be eligible to participate in the Plan and shall be enrolled in the Plan upon reaching two thousand (2000) consecutive hours worked.
c. Mandatory Employer/Employee Matching Contributions - From each eligible employee the Employer shall deduct an amount equal to three (3%) percent of the employee’s gross wages as a mandatory employee contribution to the Plan. On behalf of each eligible, the Employer shall contribute an amount equal to three (3%) percent of the employee’s gross wages as a mandatory matching contribution to the Plan. These contributions shall be remitted to the Union’s Remittance Team.
CLAC Pension Plan is maintained and administered by the Union and is supervised by a Board of Trustees. Registered with the Canada Customs and Revenue Agency (CCRA) and the Financial Services Commission of Ontario (FSCO) as Pension Plan #0398594, the Plan is designed for the benefit of all employees covered under this Agreement. The Employer and Employees shall contribute matching contributions to the Pension Plan, on behalf of each employee, the hourly amounts described in Schedule “A” of this Agreement, beginning from the first day of employment. The Employer agrees to deduct, by way of payroll deduction, and remit to the Union’s Benefit Administration Office, voluntary employee pension contributions in addition to any other collective agreement Pension Plan contributions. Such amounts shall not exceed the limits established by the Canada Customs and Revenue Agency. These monies will be recorded separately on the Employer’s monthly remittance to the Benefit Administration Office. The Employer's contributions to the Health Fund and Pension Plan shall be recorded on a remittance sheet supplied by the Union. On this sheet the Employer will enter:
1. name of employee;
2. total hours' worked during the month for which the remittance is made;
3. date of termination (where applicable);
4. hourly rate of pay;
CLAC Pension Plan a. The CLAC Pension Plan (the “Pension Plan”), a defined contribution, registered pension plan, which is registered with the Canada Revenue Agency and the Financial Services Commission of Ontario under #0398594, applies to all employees covered by this Collective Agreement.
b. All employees, hired after June 1, 2016, shall join the Pension Plan immediately upon completion of the probationary period. Employees hired prior June 1, 2016 are not required to participate in the Pension Plan.
c. The Employer shall contribute to the Plan and remit to the applicable CLAC Remittance Team, on behalf of each eligible employee, an Employer contribution equal to four (4%) percent of an employee’s gross wages. Employer contributions will vest in accordance with the rules of the Pension Plan. Effective at ratification, increase Employer contribution to 4.5% Effective June 1, 2021, increase Employer contribution to 6%
CLAC Pension Plan. All employees covered by this agreement shall participate in or shall continue to participate in the CLAC Registered Pension Plan (“the Plan”) in accordance with the Plan’s express terms and conditions.
CLAC Pension Plan. The Christian Labour Association of Canada (CLAC) Pension Plan (“the Plan”), a registered defined contribution pension plan governed by the CLAC Pension Plan Board of Trustees, applies to all employees covered by this Collective Agreement. Effective September 1, 2022, an employee shall be eligible to participate in the Plan and shall be enrolled in the Plan upon completion of one (1) calendar year of service, from date of hire.
CLAC Pension Plan. The CLAC Pension Plan (the plan), a defined contribution, registered pension plan, which is registered with the Canada Revenue Agency and the Financial Services Commission of Ontario under #0398594, applies to all employees covered by this Collective Agreement. New employees will join the Plan immediately upon attaining twelve (12) months of seniority. Should an employee be laid off for more than six (6) consecutive months, but returns to work with the Employer within twelve
