RRSP Matching Retirement Plan‌ Sample Clauses

RRSP Matching Retirement Plan‌. The Employer shall contribute to a Registered Retirement Savings Plan (RRSP) for permanent employees who have completed twelve (12) months of continuous employment, who are eligible to receive Group Insurance Plan benefits under Article 15.01, and who wish to contribute to a RRSP. The Employer’s contribution on behalf of eligible employees shall be up to five percent (5%) of each such employee’s basic earnings (exclusive of overtime), Employees are encouraged to match an amount equal to this contribution by payroll deduction. However, the Employer shall provide a five percent (5%) contribution regardless of the employee’s contribution amount (i.e., employee contributions are non-mandatory). Every eligible employee will be required to enroll in an RRSP plan in order to participate. The onus will be on each employee to enroll to receive the employer’s contribution. Should an employee fail to enroll, or if an employee enrolls late, contributions will not be paid and/or backdated to the date of eligibility. These contributions will cease when the employee’s yearly RRSP contribution limit has been reached. It is the employee’s responsibility to monitor yearly maximums and communicate limits to Payroll, as required. If a fixed-term employee becomes a permanent employee as per Article 6.01 (c) then the time served as a fixed-term employee will be credited toward the eligibility period.