Pension Plan Provisions Sample Clauses

Pension Plan Provisions. (College Pension Act) Faculty must contribute unless exempted by the Superannuation Commissioner following a resolution of the College Board made within thirty (30) days of beginning employment. The Act should be consulted for details.

Pension Plan Provisions. Every employee receives a Company contribution of 2% of base salary* towards their pension and retirement savings. Each employee will make a mandatory contribution of 2% of base salary towards their pension and retirement savings and the Company will match the contribution at .75% per each % contributed for a total of 1.5%. (*Base salary for all pension is defined as the employee’s hourly rate to a maximum allowable limit of 2080 hours worked. Base salary does not include overtime.) Each employee can choose whether they would like to make additional voluntary contributions towards their retirement savings. Employees will have the option to contribute 0%, 1% or 2% of their base salary and the Company will match the contribution at 125%. Employees can change their contribution level and the change will be effective the 1st of the following month of the next available payroll cycle (based on payroll cut- off dates) and notice to the employer, in accordance with the plan. This means that if an employee contributes the maximum 4% of base salary (mandatory plus voluntary contributions), the Company will match and contribute 6% of base salary to their retirement savings, for a total of 10%. (See chart below.) New Hire DC Plan Mandatory Employer: 2.00% Employee: 2.00% Employer (75% of ee 2% mand): 1.50% Voluntary Employee: 2.00% Employer (125% of ee 2% vol): 2.50% 10.00%

Pension Plan Provisions. (College Pension Plan) 10.1 of the 2014 – 2019 Common Agreement. Exceptions are as described in the 2014 –

Pension Plan Provisions. Every employee receives a Company contribution of 2% of base salary* towards their pension and retirement savings. Each employee will make a mandatory contribution of 2% of base salary towards their pension and retirement savings and the Company will match the contribution at .75% per each % contributed for a total of 1.5%. (*Base salary for all pension is defined as the employee’s hourly rate to a maximum allowable limit of 2080 hours worked. Base salary does not include overtime.) Each employee can choose whether they would like to make additional voluntary contributions towards their retirement savings. Employees will have the option to contribute 0%, 1% or 2% of their base salary and the Company will match the contribution at 125%. Employees can change their contribution level and the change will be effective the 1st of the following month of the next available payroll cycle (based on payroll cut- off dates) and notice to the employer, in accordance with the plan. This means that if an employee contributes the maximum 4% of base salary (mandatory plus voluntary contributions), the Company will match and contribute 6% of base salary to their retirement savings, for a total of 10%. (See chart below.) New Hire DC Plan Mandatory Employer: 2.00% Employee: 2.00% Employer (75% of ee 2% mand): 1.50% Voluntary Employee: 2.00% Employer (125% of ee 2% vol): 2.50% 10.00% The Nestlé Canada Bonus Plan will be replaced with the Nestlé Sterling Road Bonus Program for the life of this collective agreement. The specifics of the Sterling Road Plan will be forwarded to the Union on an annual basis. Asgar ▇▇▇▇ ▇▇▇▇▇▇ Orofiamma In respect to Article 63, Schedule “B”, there shall be no COLA payout during the term of this Collective Agreement. Should the Plan be discontinued or should the bonus payable drop below 4%, the Union has the option of giving up their Bonus involvement and moving to the COLA clause at the next quarterly payout from the date of withdrawal from the Plan. The bonus language will then be considered as withdrawn from the Collective Agreement. Asgar ▇▇▇▇ ▇▇▇▇▇▇ Orofiamma

Pension Plan Provisions. The following outlines the Pension Plan for those temporary employees (that qualify according to pension legislation) hired after January 1, 2007: Defined contribution plan for all temporary employees hired after January 1, 2007 Company will match at 50% of employee contribution Contributions will be made on hours worked at base hourly rate up to a maximum of 2080 hours per year. This will confirm the understanding reached during the 2012 Negotiations in the matter of the implementation of the Guaranteed Wage Plan. The Plan will become effective on the date it receives EI Registration approval and will continue for a period of seven (7) years from that date. Notwithstanding the above, employees hired after January 2012 won’t be eligible for participation in the plan.

Pension Plan Provisions. The following outlines the Pension Plan for those temporary employees (that qualify according to pension legislation) hired after January 1, 2007: Defined contribution plan for all temporary employees hired after January 1, 2007 Company will match at 50% of employee contribution Contributions will be made on hours worked at base hourly rate up to a maximum of 2080 hours per year If the Company determines a need that an employee, group of employees from can line, keg line or forklift operates a ten (10) hour – 4 day work week shift rotation, the following schedule will apply. The company will provide two (2) weeks notice to move in or out of this structure or to change week start dates. Employees that are working 10 hour shifts, Monday to Friday. The following shift will outline the operator work week: