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 Years of Service Company Contribution 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.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
