How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax for that year by withdrawing the excess contribution and its earnings on or before the date, including extensions, for filing your tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may also be subject to the 10% early distribution penalty tax if you are under age 59½. In addition, although you will still owe penalty taxes for one or more years, excess contributions may be withdrawn after the time for filing your tax return. Excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years. An individual who is partially or entirely ineligible to make contributions to a Xxxx XXX may transfer amounts of up to the yearly contribution limits to a non-deductible Traditional IRA (subject to reduction for amounts remaining in the Xxxx XXX plus other Traditional IRA contributions).
Vacation Entitlement i) A transferring employee will accrue vacation in accordance with the collective agreement of the designated employer.
ii) A transferring employee will have pre-approved vacation requests honoured.
iii) Vacation entitlement not used by the employee at the time of transfer shall transfer with the employee to the designated employer, if applicable.
iv) Vacation scheduling will be in accordance with the applicable collective agreement and the practice of the designated employer.
Entitlement For the purpose of calculating six days per calendar year, one day shall be considered to be one day regardless of the regularly scheduled workday. Calculation for part-time employees and partial days will be on a prorated basis.
Overtime Entitlement (a) An employee will be entitled to compensation for authorized overtime in excess of:
(1) the scheduled daily hours; or
(2) the maximum daily hours for those employees on flextime; or
(3) the agreed averaging period.
(b) For the purposes of calculating the hourly rate for overtime, an employee's biweekly rate shall be divided by 70.
(c) Overtime shall be compensated in 30-minute increments; however, employees shall not be entitled to any compensation for periods of overtime of less than five minutes per day.
Annual Vacation Entitlement (a) An Employee shall be entitled to receive annual vacation leave with pay:
(i) each year during their first forty-eight (48) months of service at the rate of one and one-quarter (1 1/4) days for each month of service; and
(ii) each year after forty-eight (48) months of service at the rate of one and two-thirds (1 2/3) days for each month of service; and
(iii) each year after one hundred and sixty-eight (168) months of service at the rate of two and one-twelfth (2-1/12) days for each month of service; and
(iv) each year after two hundred and eighty-eight (288) months of service at the rate of two and one half (2 ½) days for each month of service.
(b) An Employee who, as of February 19, 2001, has earned entitlement to more vacation than provided for in Article 17.01(a) of the collective agreement by virtue of their terms and conditions of employment with a predecessor employer shall retain that entitlement. Any future increase in vacation entitlement for such Employees shall be pursuant to Article 17.01(a).
Entitlement to Benefits Notwithstanding the other provisions of this Agreement, a benefit under this Agreement shall not be granted in respect of an item of income if it is reasonable to conclude, having regard to all relevant facts and circumstances, that obtaining that benefit was one of the principal purposes of any arrangement or transaction that resulted directly or indirectly in that benefit, unless it is established that granting that benefit in these circumstances would be in accordance with the object and purpose of the relevant provisions of this Agreement.
