Common use of EMPLOYEE PENSION PLAN Clause in Contracts

EMPLOYEE PENSION PLAN. Employees must join the pension plan immediately upon employment. The Company contributes all funds required in order to provide pensions in accordance with the plan formula. The monthly pension received from the Line Creek Mine during retirement depends upon: ▪ Pensionable Service - years and months of accredited service. ▪ Final Average Earnings - average of the highest consecutive 60 calendar months basic earnings while a member of the plan. The pension formula is: 1/2 CPP benefit x years of Pensionable Service=Pension Benefit Normal retirement is at age 65. The Company pension is paid monthly for the rest of the employee’s life. Should the employee become deceased before 60 payments are made, the balance of 60 monthly payments would be made to the designated beneficiary. Optional forms of pension benefits are available. Early retirement is available after 10 years of service, where age plus years of service total at least 75. Unreduced early retirement is available where age plus years of service total at least 90. Employees may choose to make contributions to the Voluntary Pension Plan in order to supplement retirement income. The maximum allowable contribution in one calendar year is $3,500.00 for present year service. During the calendar year of participation in the Voluntary Pension Plan, no form of investment in a RRSP is allowed. A Pension Benefit is vested after two years of pensionable service. There is no age requirement to the vesting, and the benefit is based on an accredited service date. Survivor benefits shall be paid in accordance with the provisions of the pension plan and governing legislation. The value of the benefit shall be based upon 60% of the vested accrued pension assuming termination of employment the day prior to death.

EMPLOYEE PENSION PLAN. Employees must join the pension plan immediately upon employment. The Company contributes all funds required in order to provide pensions in accordance with the plan formula. The monthly pension received from the Line Creek Mine Operations during retirement depends upon: ▪ Pensionable Service - years and months of accredited service. ▪ Final Average Earnings - average of the highest consecutive 60 calendar months basic earnings while a member of the plan. The pension formula is: 1/2 CPP benefit x years of Pensionable Service=Pension Benefit Normal retirement is at age 65. The Company pension is paid monthly for the rest of the employee’s life. Should the employee become deceased before 60 payments are made, the balance of 60 monthly payments would be made to the designated beneficiary. Optional forms of pension benefits are available. Early retirement is available after 10 years of service, where age plus years of service total at least 75. Unreduced early retirement is available where age plus years of service total at least 90. Employees may choose to make contributions to the Voluntary Pension Plan in order to supplement retirement income. The maximum allowable contribution in one calendar year is $3,500.00 for present year service. During the calendar year of participation in the Voluntary Pension Plan, no form of investment in a RRSP is allowed. A Pension Benefit is vested after two years of pensionable service. There is no age requirement to the vesting, and the benefit is based on an accredited service date. Survivor benefits shall be paid in accordance with the provisions of the pension plan and governing legislation. The value of the benefit shall be based upon 60% of the vested accrued pension assuming termination of employment the day prior to death.