Examples of Retirement Savings Plan in a sentence
P is 50% of the Year’s Maximum Pensionable Earnings, and Q is two thirds of the Annuitant’s total expected income for the calendar year determined in accordance with the Income Tax Act (Canada), excluding withdrawals in the calendar year for financial hardship from any Locked-in Registered Retirement Savings Plan (LRSP), Restricted Locked-in Savings Plan (RLSP), Life Income Fund (LIF), Restricted Life Income Fund (RLIF) or under paragraph 20.1(1)(m), 20.2(l)(e) or 20.3(l)(m).
The annuitant of the Locked-In Registered Retirement Savings Plan may withdraw an amount from the plan up to the lesser of the amount determined by the formula M + N and 50% of the Year’s Maximum Pensionable Earnings minus any amount withdrawn in the calendar year from any Locked-in Registered Retirement Savings Plan (LRSP), Restricted Locked-in Savings Plan (RLSP), Life Income Fund (LIF), Restricted Life Income Fund (RLIF) or under paragraph 20.1(1)(m), 20.2(l)(e) or 20.3(l)(m).
The purpose of the Retirement Savings Plan is to encourage employees to develop a financial plan for their future by providing money, which would otherwise have been available at retirement, for investment during the course of employment with the District.
A Locked-in Registered Retirement Savings Plan shall provide that, where a physician certifies that owing to mental or physical disability the life expectancy of the annuitant of the plan is likely to be shortened considerably, the funds may be paid to the Annuitant in a lump sum.
Administration of CTT Plan and Retirement Savings Plan 41 ARTICLE X – TEACHER TRANSFER 43 Section A.