Xxxxxxxxx Labour Association of Canada Pension Plan 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 with no waiting period for employer pension contributions. 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. Contribution rate shall be eight (8%) percent 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 the contributions in Schedule A will be paid to that employee on each paycheque. This payment in-lieu of pension contributions will not be less than the amount that employee would have received if he/she were still contributing to the Plan. The Union acknowledges and agrees that, other than remitting contributions to the...

Xxxxxxxxx Labour Association of Canada Pension Plan. This Plan is maintained and administered by the Union and is supervised by a Board of Trustees. Registered with the Financial Securities Commission of Ontario as Pension Plan 0398594, the Pension Plan is designed for the benefit of all employees covered under this Agreement, providing for those eligible a certain amount of pension income upon retirement.