Common use of Savings Plan for Wage Employees Clause in Contracts

Savings Plan for Wage Employees. Effective February 1, 1995, there will be established a Savings Plan for all wage employees. The plan will have two components; an Employee Savings Plan (ESP) and a Group Registered Retirement Savings Plan (Group RRSP). The Company will contribute an amount on a per pay basis to an account established for each employee. Then amount contributed will be as follows: Effective February 1, 2013 $34.67 Effective February 1, 2014 $35.88 Effective February 1, 2015 $37.23 The employee may direct all of the Company’s contribution to either the Group RRSP or to the ESP. Each employee may elect to make voluntary contributions through payroll deduction to either plan component. Contributions to the Group RRSP are on a pre-tax basis. Voluntary contributions to the Group RRSP will be limited to the employee’s annual maximum RRSP room. All administrative fees of the plan will be paid by the Company. Note: The above summarized the highlights of the Health Care benefits and the Pension Plan. For administrative details refer to the full texts of all plans. Such texts will be made available by the Company to the Union. APPENDIX “G” - LETTERS OF UNDERSTANDING

Appears in 2 contracts

Samples: Collective Agreement, Collective Agreement

AutoNDA by SimpleDocs

Savings Plan for Wage Employees. Effective February 1, 1995, there will be established a Savings Plan for all wage employees. The plan will have two components; an Employee Savings Plan (ESP) and a Group Registered Retirement Savings Plan (Group RRSP). The Company will contribute an amount on a per pay basis to an account established for each employee. Then amount contributed will be as follows: Effective February 1, 2013 2010 $34.67 31.57 Effective February 1, 2014 2011 $35.88 32.52 Effective February 1, 2015 2012 $37.23 33.57 The employee may direct all of the Company’s contribution to either the Group RRSP or to the ESP. Each employee may elect to make voluntary contributions through payroll deduction to either plan component. Contributions to the Group RRSP are on a pre-tax basis. Voluntary contributions to the Group RRSP will be limited to the employee’s annual maximum RRSP room. All administrative fees of the plan will be paid by the Company. Note: The above summarized the highlights of the Health Care benefits and the Pension Plan. For administrative details refer to the full texts of all plans. Such texts will be made available by the Company to the Union. APPENDIX “G” - LETTERS OF UNDERSTANDING

Appears in 2 contracts

Samples: Collective Agreement, Collective Agreement

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!