Contributions by the Employee. In addition to the Employer’s contribution, each year an employee will be required to make a contribution of three percent (3%) of his/her pensionable earnings to the plan. An employee may also decide to make voluntary contributions to the plan of one percent (1%), two percent (2%) or three percent (3%) of his/her pensionable earnings. Basic UOIT Contribution Supplemental UOIT Contribution Required Faculty Contribution Voluntary Faculty Contribution Total 6% + 0% to 2% (as elected by the employee) + 3% + 0% to 3% (as elected by the employee) = 9% to 14%
Contributions by the Employee. In addition to the Employer’s contribution, each year a Teaching Faculty Member will be required to make a contribution of three percent (3%) of their pensionable earnings to the plan. A Teaching Faculty Member may also decide to make voluntary contributions to the plan of one percent (1%), two percent (2%) or three percent (3%) of their pensionable earnings. Basic UOIT Contribution Supplemental UOIT Contribution Required Faculty Contribution Voluntary Faculty Contribution Total 6% + 0% to 2% (as elected by the Teaching Facutly Member) + 3% + 0% to 3% (as elected by the Teaching Faculty Member) = 9% to 14% Investing Contributions to the UOIT DCPP A Teaching Faculty Member decides how their contributions and the Employer’s contributions are invested by selecting from a list of investment funds offered in the UOIT DCPP. Sun Life Financial is the administrator of the UOIT DCPP and will register and track a Teaching Faculty Member’s investment choices. Receiving Your Pension When a Teaching Faculty Member retires or leaves UOIT, they will be able to transfer their account balance from the UOIT DCPP to a locked-in retirement account or use their balance to purchase an annuity. Any voluntary contributions a Teaching Faculty Member has made to the UOIT DCPP are not “locked-in” and can be withdrawn in cash, subject to the applicable taxes, or transferred to a non-locked-in registered investment vehicle in which case taxes are not withheld. In the event of the death of a Teaching Faculty Member prior to retirement, the balance of the UOIT DCPP will be paid to their spouse, where there is a spouse, or where there is no spouse to the beneficiary designated by the Teaching Faculty Member, or to their estate if no beneficiary is designated. Appendix “C” – List of Arbitrators The Employer and the Association have agreed to a mutually satisfactory list of arbitrators: Xxxxxxx Xxxxxx Xxxxx Xxxxxxx Xxxxxx Xxxxxx Xxxxx Xxxxx Xxxx Xxxxx Xxxxxx Xxxxx Appendix “D” – Intellectual Property
Contributions by the Employee. In addition to the Employer’s contribution, each year a Full Time Continuing or eligible Limited Term Employee will be required to make a contribution of three and a half percent (3.5%) of their pensionable earnings to the plan. An Employee may also decide to make voluntary contributions to the plan of one percent (1%), two percent (2%) or three percent (3%) of their pensionable earnings. Basic Pension Plan Contribution Supplemental Pension Plan Contribution Required Employee Contribution Voluntary Employee Contribution Total 7% + 0% to 2% (as elected by the Employee) + 3.5% + 0% to 3% (as elected by the Employee) = 10.5% to 15.5%
Contributions by the Employee. Every Employee covered by the plan shall contribute the equivalent percentage (as outlined below) of their base earnings as defined in the Collective Agreement, to be deducted bi-weekly and remitted monthly. January 1st, 2014 4.5% January 1st, 2015 5.0% January 1st, 2016 6.0% The Voluntary Employee Contribution Plan implemented in 2012 will remain in effect. Employees may elect to contribute additional amounts to their pension over the percentage thresholds. It is the responsibility of each Employee to ensure they have sufficient room in their individual contribution limits to allow such additional contributions. New Employees: New employees who have completed their probationary period may contribute to the group RRSP plan without a matching Company contribution.
