Common use of Trent Pension Plan Clause in Contracts

Trent Pension Plan. ‌ It is understood and agreed by the parties that the Contributory Pension Plan for OPSEU and Exempt Employees of Trent University" (Amended July 1, 2001) as amended from time to time, forms part of this Collective Agreement and, insofar as it relates to members of the OPSEU bargaining unit, may only be altered or amended by mutual agreement of both parties. Copies of the Plan text, as well as additional information about its provisions, are available to any member of the Plan, upon request, through the Department of Human Resources. By way of summary, staff members who participate will contribute 9% of pensionable earnings until June 30, 2020 at 11:58pm, effective June 30, 2020 at 11:59pm staff members will contribute 9.8% of pensionable earnings. The University contributes required amounts in accordance with Appendix XIII (Items 5 and 6). Pension benefits, which are entirely separate from Canada Pension Plan entitlements, provide for an annual pension commencing at Normal Retirement Date (the first day of the month coincident with or next following the date the member attains age 65) equal to 2% of final average earnings times the number of years of service. Effective July 1, 2013, final average earnings are determined by calculating the average of the best consecutive five (5) of the last ten (10) years of the member's earnings at the University. In no event, should the average earnings be less than the average of the highest three consecutive years out of the last ten years as of June 30, 2013. Additional pensionable earnings shall include hours worked by part-time or recurring employees beyond the base hours of their regular position to a maximum of the full- time equivalent. It does not include additional contract positions.

Trent Pension Plan. ‌ It is understood and agreed by the parties that the Contributory Pension Plan for OPSEU and Exempt Employees of Trent University" (Amended July 1, 2001) as amended from time to time, forms part of this Collective Agreement and, insofar as it relates to members of the OPSEU bargaining unit, may only be altered or amended by mutual agreement of both parties. Copies of the Plan text, as well as additional information about its provisions, are available to any member of the Plan, upon request, through the Department of Human Resources. By way of summary, staff members who participate will contribute 96.5% of pensionable earnings until June 30effective immediately, 2020 at 11:58pm7% effective October 1, 2012, 7.5% effective June 30July 1, 2020 at 11:59pm staff members will contribute 9.82013, 8% effective January 1, 2014 and 8.5% effective July 1, 2014 of pensionable earnings. The University contributes required amounts in accordance with Appendix XIII VI (Items 5 and 6). Pension benefits, which are entirely separate from Canada Pension Plan entitlements, provide for an annual pension commencing at Normal Retirement Date (the first day of the month coincident with or next following the date the member attains age 65) equal to 2% of final average earnings times the number of years of service. Effective July 1, 2013, final average earnings are determined by calculating the average of the best consecutive five (5) of the last ten (10) years of the member's earnings at the University. In no event, should the average earnings be less than the average of the highest three consecutive years out of the last ten years as of June 30, 2013. Additional pensionable earnings shall include hours worked by part-time or recurring employees beyond the base hours of their regular position to a maximum of the full- time equivalent. It does not include additional contract positions.

Trent Pension Plan. ‌ It is understood and agreed by the parties that the Contributory Pension Plan for OPSEU and Exempt Employees of Trent University" (Amended July 1, 2001) as amended from time to time, forms part of this Collective Agreement and, insofar as it relates to members of the OPSEU bargaining unit, may only be altered or amended by mutual agreement of both parties. Copies of the Plan text, as well as additional information about its provisions, are available to any member of the Plan, upon request, through the Department of Human Resources. By way of summary, staff members who participate will contribute 9% of pensionable earnings until June 30, 2020 at 11:58pm, effective June 30, 2020 at 11:59pm staff members will contribute 9.8% of pensionable earnings. The University contributes required amounts in accordance with Appendix XIII (Items 5 and 6). Pension benefits, which are entirely separate from Canada Pension Plan entitlements, provide for an annual pension commencing at Normal Retirement Date (the first day of the month coincident with or next following the date the member attains age 65) equal to 2% of final average earnings times the number of years of service. Effective July 1, 2013, final average earnings are determined by calculating the average of the best consecutive five (5) of the last ten (10) years of the member's earnings at the University. In no event, should the average earnings be less than the average of the highest three consecutive years out of the last ten years as of June 30, 2013. Additional pensionable earnings shall include hours worked by part-time or recurring employees beyond the base hours of their regular position to a maximum of the full- full-time equivalent. It does not include additional contract positions.

Trent Pension Plan. ‌ It is understood and agreed by the parties that the Contributory Pension Plan for OPSEU and Exempt Employees of Trent University" (Amended July 1, 2001) as amended from time to time, forms part of this Collective Agreement and, insofar as it relates to members of the OPSEU bargaining unit, may only be altered or amended by mutual agreement of both parties. Copies of the Plan text, as well as additional information about its provisions, are available to any member of the Plan, upon request, through the Department of Human Resources. By way of summary, staff members who participate will contribute 9% of pensionable earnings until June 30, 2020 at 11:58pm, effective June 30, 2020 at 11:59pm staff members will contribute 9.8% of pensionable earnings. The University contributes required amounts in accordance with Appendix XIII (Items 5 and 6). Pension benefits, which are entirely separate from Canada Pension Plan entitlements, provide for an annual pension commencing at Normal Retirement Date (the first day of the month coincident with or next following the date the member attains age 65) equal to 2% of final average earnings times the number of years of service. Effective July 1, 2013, final average earnings are determined by calculating the average of the best consecutive five (5) of the last ten (10) years of the member's earnings at the University. In no event, should the average earnings be less than the average of the highest three consecutive years out of the last ten years as of June 30, 2013. Additional pensionable earnings shall include hours worked by part-time or recurring employees beyond the base hours of their regular position to a maximum of the full- full-time equivalent. It does not include additional contract positions.