CONTRIBUTORY EARNINGS. The OMERS definition of contributory earnings is set out below. Please note that the definition is subject to amendment by OMERS. • base wages or salary; • regular vacation pay if there is corresponding service; • normal vacation pay for other-than-continuous full-time members. Include vacation hours in credited service; • retroactive pay (including any pay equity adjustment) that fits with OMERS definition of earnings for all members, including active, terminated, retired and disabled members; • lump sum wage or salary benefits which may vary from year to year but which form a regular part of the compensation package and are expected normally to occur each year (e.g. payment based on organizational performance, some types of variable pay, merit pay and commissions); • market value adjustments (e.g. percentage paid in addition to a base wage as a result of market conditions, including retention bonuses if they are part of your ongoing pay strategy and not a temporary policy); • ongoing special allowances (e.g. flight allowance and canine allowance); • pay for time off in lieu of overtime; • danger pay; • acting pay (pay at a higher salary rate for acting in place of an absent person); • shift premium (pay for shift work); • ongoing long service pay (extra pay for completing a specified number of years of service); • sick pay deemed to be regular wages or salary; • salary or wage extension for any reason, provided service is extended (the member must be “kept whole” e.g. continuation of salary and benefits). If the member becomes employed in another position and begins contributing to any registered pension plan (except CPP), the balance of the extension period becomes unpurchasable service; • stand-by pay/call-in pay (pay for being on call, not pay for hours worked when called in); • living accommodation premiums provided (if paid as a form of compensation and not as a direct expense reimbursement); • ongoing taxable payments to pay for costs (e.g. educational or car allowance); • taxable premiums for life insurance; • taxable value of provided vehicle or car allowance (e.g. if an employer provides an allowance [that is, expenses are not reimbursed] then the allowance is considered part of contributory earnings. If an employer reimburses mileage, this reimbursement represents payment for gasoline, maintenance, insurance, wear and tear on the vehicle and licence fees and should not be included as part of contributory earnings); • payments for unused accumul...
CONTRIBUTORY EARNINGS. The parties agree that this Letter of Understanding, which contains an excerpt only from the website regarding the definition of Contributory Earnings, is for purposes only and is not As a reference for Employees, the parties have agreed to include the current definition of contributory earnings under the Pension Plan, as amended from time to time. For more information, employees may access the website at: Definition of Contributory Earnings: Contributory earnings must include all regular recurring earnings for all plan members including the following: Base wages or salary. Regular vacation pay if there is corresponding service. Normal vacation pay for other-than-continuous full-time members. Include vacation hours in credited service. Retroactive pay (including any pay equity adjustment) that fits with definition of earnings for all members, including active, terminated, retired and disabled members. Lump sum wage or salary benefits which may vary from year to year but which form a regular part of the compensation package and are expected normally to occur each year (for example, payment based on organizational performance, some types of variable pay, merit pay, commissions). Market value adjustments (for example, percentage paid in addition to a base wage as a result of market conditions, including retention bonuses if they are part of your ongoing pay strategy and not a temporary policy). Ongoing special allowances (for example, flight allowance, canine allowance). Pay for time off in lieu of overtime. Pay in lieu of benefits (for example, when an employer has a flexible benefit program and the employee receives compensation in lieu of the benefit option). Salary or wages for period of suspension where a member is reinstated with full pay and seniority (for example, a grievance settlement specifically reinstates a terminated employee with full pay and seniority). Danger pay. Acting pay (pay at a higher salary rate for acting in place of an absent person). Shift premium (pay for shift work). Ongoing long service pay (extra pay for completing a specified number of years of service). Xxxx pay deemed to be regular wages or salary. Salary or wage extension for any reason, provided service is extended (the member must be kept whole for example, continuation of salary and benefits). If the member becomes employed in another position and begins contributing to another registered pension plan (except the balance of the extension period becomes service. Stand-by ...
CONTRIBUTORY EARNINGS. Earnings for the purpose of this calculation shall mean wages and other remuneration for services, but excluding overtime, taxable benefits, special payments or indemnities and reimbursement for expenses.
