Common use of Savings Program Clause in Contracts

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.