Municipal Pension. (a) Effective the date of hire, employees shall be covered by the provisions of the Municipal Pension Plan in accordance with the Municipal Pension Plan Rules. (b) All employees eligible for enrolment in the Municipal Pension Plan Group 5 shall receive a supplemental pension allowance (SPA) of 0.56% of pensionable earnings to be directed to a group tax free savings account (Group TFSA). This payment shall be recorded on the employee’s biweekly pay cheque. Note: The Union will be responsible for the administration, activities and costs incurred for the Group TFSA. (c) Effective 2015 May 04: Each employee who is enrolled in Group 5 of the Municipal Pension Plan shall, upon reaching the maximum retirement age of sixty (60) years, be retired from the Fire Department effective the end of the calendar month in which the employee reaches their sixtieth (60th) birthday.
Appears in 3 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
Municipal Pension. (a) Effective the date of hire, employees shall be covered by the provisions of the Municipal Pension Plan in accordance with the Municipal Pension Plan Rules.
(b) All employees eligible for enrolment in the Municipal Pension Plan Group 5 shall receive a supplemental pension allowance (SPA) of 0.56% of pensionable earnings to be directed to a group tax free savings account (Group TFSA). This payment shall be recorded on the employee’s biweekly pay cheque. Note: The Union will be responsible for the administration, activities and costs incurred for the Group TFSA.
(c) Effective 2015 May 04: Each employee who is enrolled in Group 5 of the Municipal Pension Plan shall, upon reaching the maximum retirement age of sixty (60) years, be retired from the Fire Department effective the end of the calendar month in which the employee reaches their sixtieth (60th) birthday.
Appears in 2 contracts
Samples: Collective Agreement, Collective Agreement
