Common use of PENSIONS, INSURANCE, RETIREMENT AND BENEFIT PLANS Clause in Contracts

PENSIONS, INSURANCE, RETIREMENT AND BENEFIT PLANS. Clause 16.01 Participation by each regular and probationary employee in the Ontario Municipal Employees Retirement System Basic Plan and the Canada Pension Plan is compulsory. Employees hired prior to December 31, 1982, will also be covered by Type III OMERS with the Employer being responsible for one hundred percent (100%) of the premium cost of the past service portion. (a) The Employer shall pay the total premium cost of a basic life insurance plan for all regular and probationary employees under the age of 65 at two (2) times annual salary. Increases in insurance coverages are subject to the employee being actively at work. The life insurance amount reduces at age 65 to $25,000. On the employees 70th birthday or date of retirement, whichever is earlier, coverage will revert to the level as outlined under Schedule “E”. (b) Regular and probationary employees may also, subject to evidence of insurability satisfactory to Great-West Life Assurance, purchase during the months of May and/or October in any given year, optional coverage at their cost. Such coverage may be purchased in blocks of $10,000 up to a total maximum of $200,000. Employees must be actively at work at times of purchase.

PENSIONS, INSURANCE, RETIREMENT AND BENEFIT PLANS. Clause 16.01 Participation by each regular and probationary employee in the Ontario Municipal Employees Retirement System Basic Plan and the Canada Pension Plan is compulsory. Employees hired prior to December 31, 1982, will also be covered by Type III OMERS with the Employer being responsible for one hundred percent (100%) of the premium cost of the past service portion. (a) The Employer shall pay the total premium cost of a basic life insurance plan for all regular and probationary employees under the age of 65 at two (2) times annual salary. Increases in insurance coverages are subject to the employee being actively at work. The life insurance amount reduces at age 65 to $25,000. On the employees 70th birthday or date of retirement, whichever which ever is earlier, coverage will revert to the level as outlined under Schedule “E”. (b) Regular and probationary employees may also, subject to evidence of insurability satisfactory to Great-West Life Assurance, purchase during the months of May and/or October in any given year, optional coverage at their cost. Such coverage may be purchased in blocks of $10,000 up to a total maximum of $200,000. Employees must be actively at work at times of purchase.