Xxxxxxxxx Labour Association of Canada Pension Sample Clauses

Xxxxxxxxx Labour Association of Canada Pension. Plan The CLAC Pension Plan (“the Plan”), is a defined contribution, registered pension plan, which is registered with the Canada Revenue Agency and the Financial Services Commission of Ontario under #0398594, applies to all employees covered by this Collective Agreement. New employees will join the Plan immediately upon completing the employment probationary period with the Employer. Effective May 13, 2018 the waiting period for employee eligibility for employer pension contributions shall be eliminated. Contributions will commence upon hire. For each month, the Employer shall remit to the Remittance Processing Centre (RPC), for each eligible employee, an Employer contribution equal to a percentage of gross wage (gross wage defined as all wages plus vacation pay). Employer contributions will vest in accordance with the rules of the Plan. Effective May 15, 2016: contribution rate shall be five (5%) percent of gross wages Effective May 14, 2017: contribution rate shall be six (6%) percent of gross wages Effective May 13, 2018: contribution rate shall be eight (8%) of gross wages The Employer agrees to deduct, by way of payroll deduction, and remit to the RPC, additional voluntary employee pension contributions which are above and beyond those contributions outlined in Schedule A. A request for such deductions shall be submitted to the Employer on a form provided by the Plan and a copy of the completed form shall be sent to the RPC along with the first remittance of such voluntary contributions. The total amount of pension contributions remitted by the Employer, on an employee’s behalf, cannot exceed the annual maximum money purchase outlined by the Canada Revenue Agency. The employer has no obligation to monitor the employee’s contribution made outside the employment relationship. For greater clarity, if the employee exceeds the annual maximum money purchase limit as a result of contributions made outside the employment relationship, the employer shall not be liable for any tax consequence imposed on the employee. The Employer will remit the employees’ and the Employer’s contributions to the RPC within fifteen (15) days following the end of the month for which contributions are payable, together with an itemized list of the employees and the amounts applicable to each. Employer, employee and voluntary contributions will be recorded separately on the remittance. Where legislation prohibits an employee from contributing because of age, an amount equivalent to ...
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  • When Must Distributions from a Xxxxxxxxx Education Savings Account Begin? Distribution of a Xxxxxxxxx Education Savings Account must be made (or otherwise will be deemed made) no later than 30 days from the earlier of the beneficiary’s death or attainment of age 30. A distribution from a Xxxxxxxxx Education Savings Account may be rolled over to another beneficiary’s Xxxxxxxxx Education Savings Account according to the requirements of Section (4). Note that the Economic Growth and Tax Relief Reconciliation Act of 2001 waives the distribution age limitation if the beneficiary of the Xxxxxxxxx Education Savings Account is a “Special Needs” student.

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