Common use of Pension Enhancements Clause in Contracts

Pension Enhancements. The parties hereby incorporate the pension plan enhancements outlined in the Letter of Understanding dated December 12, 2000 (Schedule “A”, Memorandum of Settlement dated December 21, 2000). These enhancements, effective July 1, 2000, are: 1. To increase the pension payable to survivors following the death of a member from 64% to 66- 2/3% of the member’s pension. 2. To increase the pension by lowering the offset percentage from 0.625% to 0.50%. The percentage used to calculate the additional pension to age 65 will remain at 0.625%. 3. Members shall be entitled to retire without penalty when their age and years of service with the employer total 82 points. All other members shall be entitled to retire according to the existing schedules. 4. Effective July 1, 2016 8.5% to 8.65% on pensionable earnings up to the YMPE and 9.2% to 9.35% on pensionable earnings above the YMPE, These increases are in effect only as long as the Going Concern deficit remains greater than $10.0 million. Should this deficit fall below that amount (to be determined annually), the pension contribution percentages will revert back to 6.65% on pensionable earnings up to the YMPE and 7.35% on pensionable earnings above the YMPE. The parties recognize that the pension contribution trigger which was created in support of the health of the plan was met January 1, 2017. The parties agree to suspend the pension contribution trigger between January 1, 2017 and September 30, 2017. 5. Effective October 1, 2017 decrease employee pension contributions from 8.65% below YMPE and 9.33% above YMPE to 7.75% on pensionable earnings below and above the YMPE. Effective July 1, 2018 increase employee pension contributions from 7.75% to 8.25% on pensionable earnings below and above the YMPE. Effective July 1, 2019 increase employee pension contributions from 8.25% to 8.75% on pensionable earnings below and above the YMPE. 6. Employee pension contributions will start on the first day of the month immediately following or coincident with appointment to regular or probationary employment. 7. During the term of this Collective Agreement, ESA will make contributions to the ESA Pension Plan, which equates to not less than the contributions of the Society-represented employees.

Pension Enhancements. The parties hereby incorporate the pension plan enhancements outlined in the Letter of Understanding dated December 12, 2000 (Schedule “A”, Memorandum of Settlement dated December 21, 2000). These enhancements, effective July 1, 2000, are: 1. To increase the pension payable to survivors following the death of a member from 64% to 66- 66-2/3% of the member’s pension. 2. To increase the pension by lowering the offset percentage from 0.625% to 0.50%. The percentage used to calculate the additional pension to age 65 will remain at 0.625%. 3. Members shall be entitled to retire without penalty when their age and years of service with the employer total 82 points. All other members shall be entitled to retire according to the existing schedules. 4. Starting with the first plan year when an actuarial valuation identifies a surplus of less than $6 million, ongoing employee contributions will increase by 0.7% of base earnings (e.g. from 4.0% to 4.7% on base earnings up to the YMPE and from 6.0% to 6.7% on base earnings above the YMPE). 5. Effective July January 1, 2016 8.52007 employee contributions will increase from 5.2% to 8.656.5 % on pensionable earnings up to the YMPE and 9.26.7% to 9.357.2% on pensionable earnings above the YMPE. a) During the term of this Collective Agreement, when ESA is allowed to take a “contribution holiday” according to an Actuarial Valuation, ESA will make contributions to the ESA Pension Plan, which equates to the contributions of the Society-represented employees. 6. Effective July 1, 2010 employee contributions will increase from 6.5% to 6.75% on pensionable earnings up to the YMPE and 7.2% to 7.45% on pensionable earnings above the YMPE. Effective July 1, 2011, if the Going concern deficit is greater than $10.0 million, employee contributions will increase from 6.75% to 7.0% on pensionable earnings up to the YMPE and 7.45% to 7.7% on pensionable earnings above the YMPE. These increases are in effect only as long as the Going Concern deficit remains greater than $10.0 million. Should this deficit fall below that amount (to be determined annually), the pension contribution percentages will revert back to 6.656.5% on pensionable earnings up to the YMPE and 7.357.2% on pensionable earnings above the YMPE. The parties recognize that the pension contribution trigger which was created in support of the health of the plan was met January 1, 2017. The parties agree to suspend the pension contribution trigger between January 1, 2017 and September 30, 2017. 57. Effective October 1Starting with the first plan year when the actuarial valuation identifies a surplus of greater than 18 million, 2017 ongoing employee contributions will decrease employee pension contributions from 8.65by 1.2% below YMPE and 9.33(e.g. From 5.2% above YMPE to 7.754.0% on pensionable earnings below up to the YMPE and above the YMPE. Effective July 1, 2018 increase employee pension contributions from 7.757.2% to 8.256.0% on pensionable earnings below and above the YMPE. Effective July 1, 2019 increase employee pension contributions from 8.25% to 8.75% on pensionable earnings below and above the YMPE.) 68. Employee pension contributions will start on the first day of the month immediately following or coincident with appointment to regular or probationary employment. 7. During the term of this Collective Agreement, ESA will make contributions to the ESA Pension Plan, which equates to not less than the contributions of the Society-represented employees.

Pension Enhancements. The parties hereby incorporate the pension plan enhancements outlined in the Letter of Understanding dated December 12, 2000 (Schedule “A”, Memorandum of Settlement dated December 21, 2000). These enhancements, effective July 1, 2000, are: 1. To increase the pension payable to survivors following the death of a member from 64% to 66- 2/3% of the member’s pension. 2. To increase the pension by lowering the offset percentage from 0.625% to 0.50%. The percentage used to calculate the additional pension to age 65 will remain at 0.625%. 3. Members shall be entitled to retire without penalty when their age and years of service with the employer total 82 points. All other members shall be entitled to retire according to the existing schedules. 4. Effective July 1, 2016 employee contributions will increase from 8.5% to 8.65% on pensionable earnings up to the YMPE and 9.2% to 9.35% on pensionable earnings above the YMPE, . These increases are in effect only as long as the Going Concern deficit remains greater than $10.0 million. Should this deficit fall below that amount (to be determined annually), the pension contribution percentages will revert back to 6.65% on pensionable earnings up to the YMPE and 7.35% on pensionable earnings above the YMPE. The parties recognize that the pension contribution trigger which was created in support of the health of the plan was met January 1, 2017. The parties agree to suspend the pension contribution trigger between January 1, 2017 and September 30, 2017. 5. Effective October 1, 2017 decrease employee pension contributions from 8.65% below YMPE and 9.33% above YMPE to 7.75% on pensionable earnings below and above the YMPE. Effective July 1, 2018 increase employee pension contributions from 7.75% to 8.25% on pensionable earnings below and above the YMPE. Effective July 1, 2019 increase employee pension contributions from 8.25% to 8.75% on pensionable earnings below and above the YMPE. 6. Employee pension contributions will start on the first day of the month immediately following or coincident with appointment to regular or probationary employment. 76. During the term of this Collective Agreement, when ESA is allowed to take a “contribution holiday” according to an Actuarial Valuation, ESA will make contributions to the ESA Pension Plan, which equates to not less than the contributions of the Society-represented employees.

Pension Enhancements. The parties hereby incorporate the pension plan enhancements outlined in the Letter of Understanding dated December 12, 2000 (Schedule “A”, Memorandum of Settlement dated December 21, 2000). These enhancements, effective July 1, 2000, are: 1. To increase the pension payable to survivors following the death of a member from 64% to 66- 66‐ 2/3% of the member’s pension. 2. To increase the pension by lowering the offset percentage from 0.625% to 0.50%. The percentage used to calculate the additional pension to age 65 will remain at 0.625%. 3. Members shall be entitled to retire without penalty when their age and years of service with the employer total 82 points. All other members shall be entitled to retire according to the existing schedules. 4. Effective July 1, 2016 8.52012 employee contributions will increase from 7.0% to 8.658.0% on pensionable earnings up to the YMPE and 9.27.7% to 9.358.7% on pensionable earnings above the YMPE. Effective July 1, 2013, if the Going Concern deficit is greater than $10.0 million, employee contributions will increase from 8.0% to 8.25% on pensionable earnings up to the YMPE and 8.7% to 8.95% on pensionable earnings above the YMPE. Effective July 1, 2014, if the Going Concern deficit is greater than $10.0 million, employee contributions will increase from 8.25% to 8.5% on pensionable earnings up to the YMPE and 8.95% to 9.2% on pensionable earnings above the YMPE. These increases are in effect only as long as the Going Concern deficit remains greater than $10.0 million. Should this deficit fall below that amount (to be determined annually), the pension contribution percentages will revert back to 6.656.5% on pensionable earnings up to the YMPE and 7.357.2% on pensionable earnings above the YMPE. The parties recognize that the pension contribution trigger which was created in support of the health of the plan was met January 1, 2017. The parties agree to suspend the pension contribution trigger between January 1, 2017 and September 30, 2017. 5. Effective October 1, 2017 decrease employee pension contributions from 8.65% below YMPE and 9.33% above YMPE to 7.75% on pensionable earnings below and above the YMPE. Effective July 1, 2018 increase employee pension contributions from 7.75% to 8.25% on pensionable earnings below and above the YMPE. Effective July 1, 2019 increase employee pension contributions from 8.25% to 8.75% on pensionable earnings below and above the YMPE. 6. Employee pension contributions will start on the first day of the month immediately following or coincident with appointment to regular or probationary employment. 76. During the term of this Collective Agreement, when ESA is allowed to take a “contribution holiday” according to an Actuarial Valuation, ESA will make contributions to the ESA Pension Plan, which equates to not less than the contributions of the Society-represented Society‐represented employees.