Common use of Government Pension Plans Clause in Contracts

Government Pension Plans. Statutory benefits from government plans such as the Canada Pension Plan (C.P.P.) and the pension under the Old Age Security Act (O.A.S.) are in addition to the benefits payable under the Labatt Retirement Plan. Under current legislation your C.P.P. pension is payable when you reach age 65, or as early as age 60 on a reduced basis. The amount of your C.P.P. pension is dependent upon the amount of your earnings on which you have made C.P.P. contributions and the period during which you contributed. To illustrate, an employee who retires at age 65 in 2007 and who is entitled to maximum benefits under the Canada Pension Plan receives a pension of $863.75 per month (as of January 1, 2007) when he retires. After C.P.P. pension commences it is subject to adjustment depending upon increases in the Consumer Price Index. Your O.A.S. pension is also payable from age 65 but if you take up residence outside Canada your O.A.S. pension may be discontinued unless you have been a Canadian resident for a prescribed number of years. If you plan to move out of Canada you should check into these requirements. The amount of O.A.S. pension is subject to quarterly adjustment upward if the Consumer Price Index increases. In January, 2007 the O.A.S. pension was $491.93 per month. Your spouse will also receive O.A.S. pension benefits payable from age 65 subject to the same residency requirement specified above. You must apply to your local Canada Pension Plan Office to receive benefits from the Canada Pension Plan and Old Age Security. Applications should be filed 6 months in advance of your retirement date to ensure prompt commencement of your benefits. As well as retirement pension, the Canada Pension Plan provides certain disability, death and survivor benefits and further information can be obtained from your local Canada Pension Plan office.

Government Pension Plans. Statutory benefits from government Government plans such as the Canada Pension Plan (C.P.P.CPP) and the pension under the Old Age Security Act (O.A.S.OAS) are in addition to the benefits payable under the Labatt Retirement PlanPlan (LRP). Under current legislation legislation, your C.P.P. CPP pension is payable when you reach age 65, or as early as age 60 on a reduced basis. The amount of your C.P.P. CPP pension is dependent upon the amount of your earnings on which you have made C.P.P. CPP contributions and the period during which you contributed. To illustrate, an employee who retires at age 65 in 2007 1999 and who is entitled to maximum benefits under the Canada Pension Plan Plan, receives a pension of $863.75 751.67 per month (as of January 1, 2007) when he retires. After C.P.P. CPP pension commences commences, it is subject to adjustment each following January 1st depending upon increases in the Consumer Price Index. Your O.A.S. OAS pension is also payable from age 65 but if you take up residence outside Canada Canada, your O.A.S. OAS pension may be discontinued unless you have been a Canadian resident for a prescribed number of years. If you plan to move out of Canada Canada, you should check into these requirements. The amount of O.A.S. OAS pension is subject to quarterly adjustment upward if the Consumer Price Index increases. In January, 2007 January 1999 the O.A.S. OAS pension was $491.93 417.42 per month. Your spouse will also receive O.A.S. OAS pension benefits payable from age 65 subject to the same residency requirement requirements specified above. You Application must apply to your local Canada Pension Plan Office be made to receive benefits from the Canada Pension Plan and Old Age Security. Applications Security and the applications should be filed 6 months in advance of your retirement date of eligibility for such pension to ensure prompt commencement of your benefits. As well as retirement pension, the Canada Pension Plan provides certain disability, death and survivor benefits and further information can be obtained from your local Canada Pension Plan office.. SCHEDULE ‘F’: XXXXXX DEFINED CONTRIBUTION PENSION PLAN FOR NEW HIRES EFFECTIVE JANUARY 1, 2006 The company will introduce a non-contributory Defined Contribution (DC) pension plan for, new, full-time employees hired on, or after January 1, 2006. Contributions Effective January 1, 2014 2014 2015 2016 2017 2018 2019 Company contribution 5% 5% 5% 5% 6% 6% Employee contribution 0% 3% 4% 5% 5% 6% Note: Contributions will be made on hours worked at base hourly rate up to a maximum of 2080 hours per year. SCHEDULE ‘G’: TWELVE HOUR SHIFTS – FOR FULL TIME EMPLOYEES ACHIEVING SENIORITY PRIOR TO MARCH 31, 2020