GROUP RETIREMENT SAVINGS PLAN. Members who choose to contribute to the OTG Group Retirement Savings Plan by means of payroll deduction should inform the OTG by November 30 for deductions to take place starting January 1 of the following year or by March 15 for deductions to take place starting the first of May.
GROUP RETIREMENT SAVINGS PLAN. All seniority employees are eligible to be enrolled in the Company Group Retirement Savings Plan which will be continued for the life of the Agreement. Employees are eligible for enrollment on the first day of the month immediately following the month the employee completes the probationary period. The Plan provides for a matching employee/Company contribution as follows: Less than 1 year service Voluntary employee contributions only. 1 year but less than 5 years’ service Company will match to a maximum of 3%. 5 years’ service or more Company will match to a maximum of 3.5%. Employees may also make additional voluntary RRSP contributions above the maximum. These contributions will not be matched by the Company. Employees are responsible for ensuring total contributions to the RRSP are within the tax deductible limits set by Canada Customs and Revenue Agency. If an employee withdraws any amount from his or her employee/Company matched portion, the Company will suspend its contribution for a period of one year. Employees are responsible for the tax implications of a withdrawal. The Company will include contribution amounts on employee’s annual T4s. The Company will pay all administration fees for the plan. Investment management fees charged by the invested funds are deducted directly by the funds.
GROUP RETIREMENT SAVINGS PLAN. 15.02.1 The Board shall make a contribution of $3500 to the Group Retirement Savings Plan on behalf of each Teacher hired effective or after September 1, 1998. The Teacher shall receive the contribution after two continuous school years of employment. The calculation of service is to commence from September 30, or February 28, of the semester of hire. No current or past Teacher shall be eligible to receive this amount from the Board more than once.
15.02.2 The Bargaining Unit shall determine the carrier and plan design for the Group Retirement Savings Plan.
GROUP RETIREMENT SAVINGS PLAN. 20.01 For all relevant Group Retirement Savings Plan (GRSP) provisions refer to the GRSP Plan provider.
20.02 The maximum matching level of Company contributions will be 6% of base wages, throughout the duration of this Agreement. For employees with five (5) or more years of permanent full-time service, the maximum matching level of Company contributions will be 7% of base wage. Note: Base wages are calculated as the employee’s base hourly rate multiplied by 40 hours per week. AZ Drivers base hours will be calculated at 50 hours per week. Continental shift base hours will be calculated at 42 hours per week. Example: Hourly Rate = $20.55 Bi-weekly Hours = 80 GRSP % Match = 6% Bi-Weekly Maximum Contribution = Hourly Rate × Bi-weekly hours x GRSP% = $20.55 × 80 × 6% = $98.64
GROUP RETIREMENT SAVINGS PLAN. (a) The Producer shall remit weekly, directly to the Union, a percentage of the Technician’s gross wages, based on the applicable tier level of the production, as set out Schedule 1.
(b) The Producer shall deduct a percentage of the Technician’s gross wages, based on the applicable tier level of the production, as set out in Schedule 1, as retirement benefits.
(c) The Producer shall process these payments with the regular payroll and remit the monies directly to the Union within seven (7) days.
GROUP RETIREMENT SAVINGS PLAN. 23.01 Eligibility: Six (6) months seniority; full time, year round employees only. Participation is voluntary.
23.02 The amount of contributions by the employee and by the employer is three (3%) of gross pay each, employee payments to be made by direct deduction from pay.
GROUP RETIREMENT SAVINGS PLAN. 1. As of September 1, 1997, all teachers covered by this collective agreement shall be eligible to participate in a payroll deducted group retirement savings plan. The Bargaining Unit shall be responsible for choosing the provider of the retirement savings plan.
2. Teachers who choose to contribute to the retirement savings plan by means of payroll deduction should inform the provider of the retirement savings plan by November 30 for deductions to take place starting January 1 of the following year or by March 15 for deductions to take place starting May 1.
GROUP RETIREMENT SAVINGS PLAN. Effective one (1) year from the employees start date and thereafter on every pay period, the Company will meet the employees contribution to a maximum of three (3%) percent of the employees earnings, defined to include only regular earnings, overtime, shift premiums, vacation, and Statutory Holiday pay, Union hours into a group RSP. Effective eight (8) years from the employee’s start date, and thereafter on every pay period, upon written request the Company will match the employee’s contribution to maximum of five (5%) percent of the employee’s earnings, defined to include only regular earnings, overtime, shift premiums, vacation, and Statutory Holiday pay, into a group RSP. Effective February 1st, 2018 the Company will match the employee’s contribution to a maximum of five and one quarter (5.25%) percent of the employee’s earnings. Effective February 1st, 2019 the Company will match the employee’s contribution to maximum of five and one half (5.5%) percent of the employees earnings. Effective the first complete pay period after ratification of this Agreement, the group retirement savings plan shall have a two (2) years vested period for all present and future employees. After the vested period and in the event an employee withdraws any amount of money from the plan, the Company contribution shall cease for a period of six (6) months. The administrator of the plan shall notify the Company of such withdrawl. The employees may continue their contributions. Such investment shall be in the employee’s name “immediately”. Notwithstanding the above, the employees shall be entitled to contribute an amount of their choice by payroll deduction into the RSP. The employee can only change the amount of the deduction once each year. The employee must notify the Company in writing of their desire to change the amount of their contribution by December 15th of each year. Once the Company has been notified, the change will take effect on February 1st of the following year. Should there be no requests for a contribution change; the original contribution amount shall be deducted.
GROUP RETIREMENT SAVINGS PLAN. The Company’s Group RRSP/DPSP program and the funding contributions currently in effect for employees covered by this agreement shall continue for the life of this agreement
GROUP RETIREMENT SAVINGS PLAN. Effective September 1, 2002 each employee shall be registered with the Multi-Sector Pension Plan offered through CUPE National. The terms and conditions of the Plan shall form Appendix 3 of this Agreement. The Employer shall remit 7.5% of wages of each employee to the Plan along with a deduction of 3% of the wages of each employee. For necessary contributions for each employee from September 1, 2002 to the time of signing, the Employer shall be responsible for all such payments in lieu of back-pay that would otherwise be payable upon ratification.
