Contributions Administration Clause Samples
Contributions Administration. Commencing the first (1st) day of October, and on the first (1st) of each month thereafter, the Company agrees to contribute to the Teamsters and Participating Employers of Ontario Pension Plan (formerly Teamsters of Ontario Pension Plan) handled by Joint Trustees: effective August per month for each employee covered by this Agreement who has been on the payroll for more than thirty (30) calendar days and who has reported for work at least one (1) day in the month. The Pension Plan shall be administered by a Trust Company or any other agency that is legally entitled to perform such administration in the Province of Ontario which the Trustees may decide from time to time. New hires from date of ratification will be eligible for Company contributions to the Pension Plan after two (2) years of employment with the Company. Brokers who wish to participate in the Pension Plan will be allowed to do so at their own cost. If desired, this Broker Pension contribution be deducted from the broker's pay and sent to the Pension Plan by the Company.
Contributions Administration. (a) After one year of employment, employees can join the pension plan.
(b) Employees who choose to join the pension plan will be required to contribute a minimum of fifty dollars ($50.00) per month. The Company will contribute an extra fifty dollars ($50.00) per month.
(c) After ten (10) years of employment, the Company will contribute one hundred dollars ($100.00) per month, provided the employee contributes one hundred dollars ($100.00) per month.