Savings Program. Effective June 1, 1997 Eligibility: The Optional Pension Plan (OPP) and Employee Savings Plan (ESP) are part of the Savings Program. To be eligible for the Optional Pension Plan, you must be a participant of the Retirement Plan. The Employee Savings Plan is open to all employees following their probation period. Effective June 1, 2003, you may contribute up to a maximum of six (6%) percent of your wages, including overtime. Post Foods Canada will make contributions equal to forty (40%) percent of your contributions. In other words, for each dollar that you will contribute to the program, Post Foods Canada will contribute forty ($0.40) cents. In addition, you may make contributions in excess of 6% to the ESP. The limit on the ESP contribution level is 10%. You cannot contribute more than 16% of your pay to the OPP and ESP combined. The Company matching contribution will be eliminated effective April 1, 2009. Detailed information on the Program is contained in the Employee Booklet.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
