Common use of Retirement Plan Contribution Details Clause in Contracts

Retirement Plan Contribution Details. a) All contributions received shall vest immediately in the employee’s account on whose behalf the deposit was made. The Employer’s contributions to the retirement plans will be non-refundable to the Employer once received by the applicable CLAC Remittance Team except where adjustments are required due to administrative remittance errors. b) Where legislation prohibits retirement plan contributions because of age, an amount equivalent to the contributions in Articles 17.01 and 17.02 will be paid to that employee on each paycheque starting the first pay period after September 1st of the year in which the employee reaches the age of restriction. This payment in- lieu of retirement contributions will not be less than the amount that employee would have received if he/she were still contributing to the applicable plan. c) The total amount of retirement contributions remitted by the Employer and on an employee’s behalf cannot exceed the annual maximum contribution limits outlined by the Canada Revenue Agency. The Employer has no obligation to monitor the employee’s contribution made outside the employment relationship. For greater clarity, it is the employee’s responsibility to ensure he/she does not exceed their annual contribution limits. If the employee exceeds the annual maximum contribution limit as a result of contributions made outside the employment relationship, neither the Employer nor the Union shall not be liable for any tax consequence imposed on the employee. d) The Employer will remit retirement contributions to the applicable CLAC Remittance Team as outlined in Article

Retirement Plan Contribution Details. a) All contributions received shall vest immediately in the employee’s account on whose behalf the deposit was made. The Employer’s contributions to the retirement plans will be non-refundable to the Employer once received by the applicable CLAC Remittance Team except where adjustments are required due to administrative remittance errors. b) Where legislation prohibits retirement plan contributions because of age, an amount equivalent to the contributions in Articles 17.01 and 17.02 will be paid to that employee on each paycheque pay period starting the first pay period after September 1st of the year in which the employee reaches the age of restrictionrestriction (end of 71st year). This payment in- lieu of retirement contributions will not be less than the amount that employee would have received if he/she they were still contributing to the applicable plan. c) The total amount of retirement contributions remitted by the Employer and on an employee’s behalf cannot exceed the annual maximum contribution limits outlined by the Canada Revenue Agency. The Employer has no obligation to monitor the employee’s contribution made outside the employment relationship. For greater clarity, it is the employee’s responsibility to ensure he/she does not exceed their annual contribution limits. If the employee exceeds the annual maximum contribution limit as a result of contributions made outside the employment relationship, neither the Employer nor the Union shall not be liable for any tax consequence imposed on the employee. d) The Employer will remit retirement contributions to the applicable CLAC Remittance Team as outlined in Article