Defined Contribution Pension Plan. 21.1 The employer shall establish a Defined Contribution Pension Plan (“DC Plan”) effective January 1, 2003. The DC Plan shall be separate from the DB Plan described in Article
Defined Contribution Pension Plan. This Plan is applicable to all bargaining unit employees (except co-op and summer students) who were hired after June 2, 2010 and those existing seniority employees who were on the seniority list as of June 2, 2010 who voluntarily choose to participate in this Plan after ceasing to participate in the Plan described in (a) above. No employee contributions are permitted to the Plan. Withdrawals from the Plan are not permitted while employee is employed by the Company. Employees can make investment decisions from options made available. If no selection is made, funds are invested in the Default Option provided. Schedule of Company Contributions Less than 5 years 5% of earnings 5 or more years 6% of earnings 10 or more years 7% of earnings 18 or more years 8% of earnings Earnings, for purposes of the Defined Contribution Pension Plan, are defined as base regular earnings including shift differential, any short-term incentives, vacation and holiday pay, but not hours worked at overtime or premium rates.
Defined Contribution Pension Plan. 23.1 The employer shall establish a Defined Contribution Pension Plan (“DC Plan”) effective January 1, 2003. The DC Plan shall be separate from the DB Plan described in Article 22. The provisions of the DC Plan shall be agreed upon by the parties and put into a separate document that shall form part of this collective agreement. Changes to the DC Plan affecting Society-represented members of this plan are subject to the agreement of the Society.
23.2 New employees who commence employment on or after January 1, 2003 shall have the option of participating in either the DB Pension Plan or the DC Pension Plan at the time of hire. Prior to the employee making this election, the employer shall advise the Society and provide it with a reasonable opportunity to meet with the employee to discuss these options. The parties shall endeavour to make sufficient information available to the employee to enable him/her to make an informed choice between these options.
23.3 The DC Plan shall be funded by a minimum employer contribution of 6% of participating employees’ base earnings, plus a match of employee contributions to an overall maximum employer contribution of 9% of participating employees’ base earnings.
Defined Contribution Pension Plan. With respect to the 401(k) Savings and Profit Sharing Plan of The XxXxxx-Xxxx Companies, Inc. and its Subsidiaries (the “Parent Savings Plan”), Parent shall (a) make all required contributions that relate to periods (whether or not full payroll periods) ending on or prior to the Closing Date, (b) cease all contributions on behalf of the Transferred Employees with respect to periods after the Closing Date and (c) on a date mutually agreed between Parent and Purchaser (and in no event later than 120 days after the Closing Date, provided that such time period shall be reasonably extended in the event that such transfer is not feasible within the original time period because of adverse market conditions or other unforeseen circumstances), direct the trustee of the Parent Savings Plan to transfer, in accordance with ERISA and the Code, to the trust corresponding to the defined contribution savings plan established for the benefit of the Transferred Employees (the “Education Savings Plan”) Liability for the account balance (including loans) of each Transferred Employee who is a participant in the Parent Savings Plan (the “Transferred Savings Plan Participants”), together with the corresponding assets, the value of which on such transfer date is equal to the Liability; it being understood that none of Purchaser, the Transferred Companies or any of their respective Affiliates nor the Education Savings Plan shall assume any Liabilities or expenses arising under or relating to the Parent Savings Plan other than the obligation to distribute the transferred account balances in accordance with the Education Savings Plan and applicable Law, which obligation Purchaser hereby expressly assumes. All transfers from the Parent Savings Plan to the Education Savings Plan may be made in installments as mutually agreed by the Parent and Purchaser. All transfers from the Parent Savings Plan to the Education Savings Plan shall, except as Parent and Purchaser mutually agree, be in the form of in kind transfers of assets except where the Education Savings Plan does not have identical investments available or the investment fund does not permit in-kind asset transfers, in which case the transfers of assets will be made in the form of cash. Purchaser shall permit, and shall cause the Education Savings Plan to permit, the transferred account balances of Transferred Savings Plan Participants to include any common stock of Parent that is held in such accounts immediately before such tran...
Defined Contribution Pension Plan. All new employees hired after January 1, 2002 are eligible to participate in this plan. There are 2 components.
Defined Contribution Pension Plan. Effective July 1st, 2016 the Company will implement a DC Component under the following conditions: • All employees upon the completion of two (2) years seniority must participate in the DC component. • Contribution levels to the DC component for employees with less than five (5) years of membership in the plan will be as follows: • The Employer will contribute 3% of the employee’s regular straight time hourly rate of pay, up to a maximum of 2080 hours per year. • Employees will contribute 2% of their regular straight time hourly rate of pay, up to a maximum of 2080 hours per year. • Contribution levels to the DC component for employees with five (5) years or more of membership in the plan will be as follows: • The Employer will contribute 5% of the employee’s regular straight time hourly rate of pay, up to a maximum of 2080 hours per year. • Employees will contribute 1% of their regular straight time hourly rate of pay, up to a maximum of 2080 hours per year. • The employee may, but is not required to make additional contributions in to the plan, in accordance with applicable legislations.
Defined Contribution Pension Plan. Employees will become eligible to join the Pension Plan on the first of the month following which:
Defined Contribution Pension Plan. Provides benefits to each participant based on the amount held in the participant’s account. Funds in the account may be comprised of employer contributions, employee contributions, investment returns on behalf of that plan participant and/or other amounts credited to the participant’s account.
Defined Contribution Pension Plan. Seller shall fully vest all non-union Transferred Employees in their accounts under Seller’s tax qualified defined contribution plan and, with respect to such Transferred Employees’ employment service rendered prior to the Closing Date, shall make all required employer contributions. From and after the Closing Date, Purchaser shall cause a Purchaser tax-qualified defined contribution plan (“Purchaser DC Plan”) to accept rollover contributions, in cash, of the “eligible rollover distributions” (within the meaning of Section 402(c)(4) of the Code) of the Transferred Employees from any tax-qualified defined contribution plan of Seller or its Affiliates qualified under Section 401(a) of the Code.
Defined Contribution Pension Plan. This Plan is applicable to all bargaining unit employees (except co-op and summer students) who were hired after June 2, 2010 and those existing seniority employees who were on the seniority list as of June 2, 2010 who voluntarily choose to participate in this Plan after ceasing to participate in the Plan described in (a) above. No employee contributions are permitted to the Plan. Withdrawals from the Plan are not permitted while employee is employed by the Company. Employees can make investment decisions from options made available. If no selection is made, funds are invested in the Default Option provided. Schedule of Company Contributions Less than 5 years 5% of earnings 5 or more years 6% of earnings 10 or more years 7% of earnings 18 or more years 8% of earnings Earnings, for purposes of the Defined Contribution Pension Plan, are defined as base regular earnings including shift differential, any short-term incentives, vacation and holiday pay, but not hours worked at overtime or premium rates. Effective January 1, 2020 employees will be permitted to make voluntary contributions to the D.C. pension plan. Employee contributions will be permitted to the Plan up to each employee’s limit under the Income Tax Act. The employee is responsible for monitoring his own compliance with taxation legislation. Withdrawals from the Plan are not permitted while the employee is employed by the Company.
