Re: Retirement Plan. The Retirement Plan will be a group RRSP vehicle with defined contributions by both Employees and the Employer. The Retirement Plan will be available to full time and part-time nurses and all new hires will be eligible to join after six (6) continuous months of employment, provided they have successfully completed their probationary period. Participation in the plan is voluntary. The Retirement Plan will have defined contributions by both the Employer and the Employees. The contribution formula for both the Employer and the employee contributions shall be as follows: Effective June 1, 2012, the contribution formula for both Employer and employee will be six point one percent (6.1%) of annual earnings up to and including $40,000 and seven point one percent (7.1%) of annual earnings in excess of $40,000.
