Common use of Group RRSP Clause in Contracts

Group RRSP. The current pension plan is terminated with the effective date of the (acquisition date) new Collective Agreement between the parties. The union (C.A.W.) will not oppose or restrict the wind-up of the existing pension plan. The National Automobile, Aerospace, Transportation and General Workers Union of Canada (C.A.W. Canada) and its Local 1987 and the Ventra Group Inc., agree that Ventra Group Inc. will not assume any liability for the former pension plan. Ventra Group Inc. agrees to establish a group RRSP based on the following contribution schedule: Payments shall be remitted monthly on behalf of each individual employee to a financial institution, to be selected by the C.A.W. leadership and shall serve as trust payments to individual registered retirement savings plan accounts for each employee. Compensated hours shall be defined for the purposes of this article, as hours paid, paid holidays, negotiated vacation, time off or any other days or hours for which the employee is paid, but shall exclude leave of absence, time spent on sickness or accident or Workplace Safety and Insurance Board benefits, which are not opposed by Canadian Labour Law. Persons on authorized union leave of absence shall be considered at work and shall have contributions made on the basis of eight hours for each full day of such leave. The administrative cost for the plan will be paid by Ventra Group Inc. Contributions for new hires (after the acquisition date) will commence with the first full pay period after the completion of his/her probationary period, and achieving seniority. Probation employees will then receive contributions to coincide with their date of hire.

Group RRSP. The current pension plan is terminated with the effective date of the (acquisition date) new Collective Agreement between the parties. The union (C.A.W.) will not oppose or restrict the wind-up of the existing pension plan. The National Automobile, Aerospace, Transportation and General Workers Union of Canada (C.A.W. Canada) and its Local 1987 and the Ventra Group Inc., agree that Ventra Group Inc. will not assume any liability for the former pension plan. Ventra Group Inc. agrees to establish a group RRSP based on the following contribution schedule: One dollar ($1.00) per hour paid of each year of the Collective Agreement. Payments shall be remitted monthly on behalf of each individual employee to a financial institution, to be selected by the C.A.W. leadership and shall serve as trust payments to individual registered retirement savings plan accounts for each employee. Compensated hours shall be defined for the purposes of this article, as hours paid, paid holidays, negotiated vacation, time off or any other days or hours for which the employee is paid, but shall exclude leave of absence, time spent on sickness or accident or Workplace Safety and Insurance Board benefits, which are not opposed by Canadian Labour Law. Persons on authorized union leave of absence shall be considered at work and shall have contributions made on the basis of eight hours for each full day of such leave. The administrative cost for the plan will be paid by Ventra Group Inc. Contributions for new hires (after the acquisition date) will commence with the first full pay period after the completion of his/her probationary period, and achieving seniority. Probation employees will then receive contributions to coincide with their date of hire.

Group RRSP. The current pension plan is terminated with the effective date of the (acquisition date) new Collective Agreement between the parties. The union (C.A.W.) will not oppose or restrict the wind-up of the existing pension plan. The National Automobile, Aerospace, Transportation and General Workers Union of Canada (C.A.W. Canada) and its Local 1987 and 1524 and the Ventra Group Inc., agree that Ventra Group Inc. will not assume any liability for the former pension plan. Ventra Group Inc. agrees to establish a group RRSP based on the following contribution schedule: - 1st year: sixty-five cents (65¢) per hour paid - 2nd year: sixty-five cents (65¢) per hour paid - 3rd year: seventy-five cents (75¢) per hour paid Payments shall be remitted monthly on behalf of each individual employee to a financial institution, to be selected by the C.A.W. leadership and shall serve as trust payments to individual registered retirement savings plan accounts for each employee. Compensated hours shall be defined for the purposes of this article, as hours paid, paid holidays, negotiated vacation, time off or any other days or hours for which the employee is paid, but shall exclude leave of absence, time spent on sickness or accident or Workplace Safety and Insurance Board benefits, which are not opposed by Canadian Labour Law. Persons on authorized union leave of absence shall be considered at work and shall have contributions made on the basis of eight hours for each full day of such leave. The administrative cost for the plan will be paid by Ventra Group Inc. Contributions for new hires (after the acquisition date) will commence with the first full pay period after the completion of his/her probationary period, and achieving seniority. Probation employees will then receive contributions to coincide with their date of hire.