CONTRIBUTIONS AND REMITTANCES TO TRUSTEES. 4.1 Commencing September 1, 1991, the company shall make employee contributions equal to 3.5% of each Member’s Gross Earnings to the Plan. 4.2 By payroll deduction, each Member shall contribute 3.5% of his or her Gross Earnings. 4.3 The Company shall, in addition to any contributions required to be made by the Company pursuant to clause 4.1, contribute to the Plan Fifty-two (52) cents per straight time hour effective April 16, 1997. All contributions made pursuant to this paragraph shall be allocated to members of the Plan who are 45 years of age or older as of December 31, 1991 or become 45 in subsequent years, in accordance with the formula provided in the Report. A decision to change the age of qualification for Part Two of the plan shall be at the discretion of the Trustees. 4.4 A Member may also increase, by payroll deduction, his or her contribution. This may be done, in writing, once a year. 4.5 Notwithstanding any other provision of this Agreement, contributions to the Plan allocated to a Member shall not exceed the amounts which would result in a Pension Adjustment for that member in excess of that permitted by Section 147.1(8) or (9) of the Income Tax Act (Canada). In the event contributions in excess of such amount are made by any Member or the Company, the Trustees shall refund such excess to the Member or the Company as applicable. Any refund to the Company will be paid to the Member by the company as directed by the Union. 4.6 Should operation of the Plan result in the need to refund monies to a Member due to provisions of Applicable Legislation, the Company will assist in such refunds if requested by the Union, 4.7 The company shall forward all the contributions in respect of each pay period ending in any month to the Trustees no later than 20 calendar days following the last day of that month. 4.8 Should the company fail to make the necessary payments within the time period outlined, the company shall pay interest at the prime rate as determined by the Company and the Trustees, or failing that, the rate set by the Royal Bank of Canada, such interest to accrue from the first day of the month following the month in which the contributions are for until the date that the necessary payments are made to the Trustees. 4.9 The Company agrees that the necessary documents and information needed for the proper administration of the Plan will be provided in a form agreed upon by the parties.
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Samples: Collective Agreement, Collective Agreement, Collective Agreement
CONTRIBUTIONS AND REMITTANCES TO TRUSTEES. 4.1 Commencing September 1April 16, 19912009, the company Company shall make employee employer contributions equal to 3.53.75% of each Member’s Gross Earnings to the Plan.
4.2 By payroll deduction, each Member shall contribute 3.5% of his or her Gross Earnings.
4.3 The Company shall, in addition to any contributions required to be made by the Company pursuant to clause 4.1, contribute to the Plan Fifty-two (52$4.16) cents effective January 1, 1998 per straight time hour effective April 16, 1997day worked by the employees. All contributions made pursuant to this paragraph shall be allocated to members of the Plan who are 45 years of age or older as of December 31, 1991 1995 or become became 45 in subsequent years, in accordance with the formula provided in the Report. A decision to change the age of qualification for Part Two of the plan shall be at the discretion of the Trustees.
4.4 A Member may also increase, by payroll deduction, his or her contribution. This may be done, in writing, once a year.
4.5 Notwithstanding any other provision of this Agreement, contributions to the Plan allocated to a Member shall not exceed the amounts which would result in a Pension Adjustment for that member Member in excess of that permitted by Section 147.1(8) or (9) of the Income Tax Act (Canada). In the event contributions in excess of such amount are made by any Member or the Company, the Trustees shall refund such excess to the Member or the Company as applicable. Any refund to the Company will be paid to the Member by the company Company as directed by the Union.
4.6 Should operation of the Plan result in the need to refund monies to a Member due to provisions of Applicable Legislation, the Company will assist in such refunds if requested by the Union,.
4.7 The company Company shall forward all the contributions in respect of each pay period ending in any month to the Trustees no later than 20 calendar days following the last day of that month.
4.8 Should the company Company fail to make the necessary payments within the time period outlined, the company Company shall pay interest at the prime rate as determined by the Company and the Trustees, or failing that, the rate set by the Royal Bank of Canada, such interest to accrue from the first day of the month following the month in which the contributions are for until the date that the necessary payments are made to the Trustees.
4.9 The Company agrees that the necessary documents and information needed for the proper administration of the Plan will be provided in a form agreed upon by the parties.
Appears in 1 contract
Samples: Collective Agreement
CONTRIBUTIONS AND REMITTANCES TO TRUSTEES. 4.1 Commencing September 1, 1991, the company Company shall make employee employer contributions equal to 3.5% of each Member’s Gross Earnings to the Plan.
4.2 By payroll deduction, each Member shall contribute 3.5% of his or her Gross Earnings.
4.3 The Company shall, in addition to any contributions required to be made by the Company pursuant to clause 4.1, contribute to the Plan Fifty-two (52) cents per straight time hour effective April 16, 1997. All contributions made pursuant to this paragraph shall be allocated to members of the Plan who are 45 years of age or older as of December 31, 1991 or become became 45 in subsequent years, in accordance with the formula provided in the Report. A decision to change the age of qualification for Part Two of the plan shall be at the discretion of the Trustees.
4.4 A Member may also increase, by payroll deduction, his or her contribution. This may be done, in writing, once a year.
4.5 Notwithstanding any other provision of this Agreement, contributions to the Plan allocated to a Member shall not exceed the amounts which would result in a Pension Adjustment for that member Member in excess of that permitted by Section 147.1(8) or (9) of the Income Tax Act (Canada). In the event contributions in excess of such amount are made by any Member or the Company, the Trustees shall refund such excess to the Member or the Company as applicable. Any refund to the Company will be paid to the Member by the company Company as directed by the Union.
4.6 Should operation of the Plan result in the need to refund monies to a Member due to provisions of Applicable Legislation, the Company will assist in such refunds if requested by the Union,.
4.7 The company Company shall forward all the contributions in respect of each pay period ending in any month to the Trustees no later than 20 calendar days following the last day of that month.
4.8 Should the company Company fail to make the necessary payments within the time period outlined, the company Company shall pay interest at the prime rate as determined by the Company and the Trustees, or failing that, the rate set by the Royal Bank of Canada, such interest to accrue from the first day of the month following the month in which the contributions are for until the date that the necessary payments are made to the Trustees.
4.9 The Company agrees that the necessary documents and information needed for the proper administration of the Plan will be provided in a form agreed upon by the parties.
Appears in 1 contract
Samples: Collective Agreement