Pension Plan for Admin Clerks Sample Clauses

Pension Plan for Admin Clerks. Admin Clerks shall participate in the UFCW Pension Plan in accordance with the terms and conditions of the UFCW Pension Plan and the applicable law. The Co-operative agrees to contribute an amount equal to eight percent (8%) of all earnings, less taxable benefits, on behalf of each Admin Clerk. Admin Clerks shall also make a contribution equal to a percentage of all earnings, less taxable benefits, by way of payroll deduction, as follows: Up to 30 years of age 0% 30 years to 39 years of age 1% 40 years to 49 years of age 2% 50 years to 70 years of age 4% 71 years of age and older 0% Admin Clerks are entitled to contribute more, but not less, than their allotted percentage of all earnings, less taxable benefits, based on their age as set out above, to a maximum employee contribution rate of 5%. Should an Admin Clerk wish to change their contribution rate, they shall write to the Co-operative with their intent, which shall be communicated to the UFCW Pension Plan administrator. Admin Clerks may only request a change in their employee contribution rate once each calendar year. Changes in contribution rates shall be effective as of the first full pay period following the attainment of age 30, 40, 50 and 71, respectively. “Pay period” means the biweekly pay period used by the Co-operative for payment of wages. The Co-operative agrees to pay interest on all of its pension plan contributions for Admin Clerks that are not postmarked or deposited within thirty (30) days of the last day of the UFCW Pension Plan contribution period at the rate of seven percent (7%) per annum from the last day of the period. Each UFCW Pension Plan contribution period shall comprise not less than four (4) nor more than five (5) weeks.
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