Common use of RETAIL CLERKS INDUSTRY PENSION PLAN Clause in Contracts

RETAIL CLERKS INDUSTRY PENSION PLAN. Effective January 1, 1999, the Employer agrees to contribute an amount equal to six percent (6%) of all earnings, less taxable benefits, on behalf of each employee covered by this agreement. Effective January 1, 2000, this contribution shall increase to seven percent (7%); on January 1, 2001, this will increase to eight percent (8%). After January 1, 1999, the employee shall also make a contribution, by way of payroll deduction, as follows: Up to 30 years of age 0% 30 - 39 years of age 1% 40 - 49 years of age 2% 50 years of age and older 4% Changes in contribution rates shall be effective from the first day of the pay period following the attainment of age 30, 40 and 50 respectively. "Pay period" means the biweekly period from Sunday through Saturday used by the Employer for payment of earnings. The Employer and the Union agree to the original method of selection of Employer and Union Trustees to administer the plan. It is agreed that the terms of the plan and its administration shall be entirely the responsibility of these original Trustees or their valid replacements, provided that the plan is administered consistently with this Collective Agreement, subject to any applicable government law or regulation and with the intention of meeting all of the requirements for continued registration under the Income Tax Act of Canada. Subject to the foregoing, the Employer and the Union agree to be bound by the actions taken by the Employer and Union Trustees under the plan.

RETAIL CLERKS INDUSTRY PENSION PLAN. ‌ Effective January 1, 1999, the Employer agrees to contribute an amount equal to six percent (6%) of all earnings, less taxable benefits, on behalf of each employee covered by this agreement. Effective January 1, 2000, this contribution shall increase to seven percent (7%); on January 1, 2001, this will increase to eight percent (8%). After January 1, 1999, the employee shall also make a contribution, by way of payroll deduction, as follows: Up to 30 years of age 0% 30 - 39 years of age ... 1% 40 - 49 years of age ... 2% 50 years of age and older 4% Changes in contribution rates shall be effective from the first day of the pay period following the attainment of age 30, 40 and 50 respectively. "Pay period" means the biweekly period from Sunday through Saturday used by the Employer for payment of earnings. The Employer and the Union agree to the original method of selection of Employer and Union Trustees to administer the plan. It is agreed that the terms of the plan and its administration shall be entirely the responsibility of these original Trustees or their valid replacements, provided that the plan is administered consistently with this Collective Agreement, subject to any applicable government law or regulation and with the intention of meeting all of the requirements for continued registration under the Income Tax Act of Canada. Subject to the foregoing, the Employer and the Union agree to be bound by the actions taken by the Employer and Union Trustees under the plan.