Common use of Money Purchase Pension Plan Clause in Contracts

Money Purchase Pension Plan. Participation in the Money Purchase Pension Plan is subject to provisions of the Income Tax Act. Those who are already pensioners under the plan are not eligible to contribute. Participation in the Group Life Insurance is limited to active employees up to the earlier of their retirement date, or December 31st of the year in which the employee attains age seventy- one (71). Participation in the Money Purchase Pension Plan is also subject to having completed an appointment to teach at least 7.5 units in a period of one to three terms (summer session and subsequent fall and spring) within the previous three years.