Defined Contribution Pension Plan. 21.1 The employer shall establish a Defined Contribution Pension Plan (“DC Plan”) effective January 1, 2003. The DC Plan shall be separate from the DB Plan described in Article
Defined Contribution Pension Plan. This Plan is applicable to all bargaining unit employees (except co-op and summer students) who were hired after June 2, 2010 and those existing seniority employees who were on the seniority list as of June 2, 2010 who voluntarily choose to participate in this Plan after ceasing to participate in the Plan described in (a) above. No employee contributions are permitted to the Plan. Withdrawals from the Plan are not permitted while employee is employed by the Company. Employees can make investment decisions from options made available. If no selection is made, funds are invested in the Default Option provided. Schedule of Company Contributions Years of Service Company Contribution Less than 5 years 5% of earnings 5 or more years 6% of earnings 10 or more years 7% of earnings 18 or more years 8% of earnings Earnings, for purposes of the Defined Contribution Pension Plan, are defined as base regular earnings including shift differential, any short-term incentives, vacation and holiday pay, but not hours worked at overtime or premium rates.
Defined Contribution Pension Plan. With respect to the 401(k) Savings and Profit Sharing Plan of The XxXxxx-Xxxx Companies, Inc. and its Subsidiaries (the “Parent Savings Plan”), Parent shall (a) make all required contributions that relate to periods (whether or not full payroll periods) ending on or prior to the Closing Date, (b) cease all contributions on behalf of the Transferred Employees with respect to periods after the Closing Date and (c) on a date mutually agreed between Parent and Purchaser (and in no event later than 120 days after the Closing Date, provided that such time period shall be reasonably extended in the event that such transfer is not feasible within the original time period because of adverse market conditions or other unforeseen circumstances), direct the trustee of the Parent Savings Plan to transfer, in accordance with ERISA and the Code, to the trust corresponding to the defined contribution savings plan established for the benefit of the Transferred Employees (the “Education Savings Plan”) Liability for the account balance (including loans) of each Transferred Employee who is a participant in the Parent Savings Plan (the “Transferred Savings Plan Participants”), together with the corresponding assets, the value of which on such transfer date is equal to the Liability; it being understood that none of Purchaser, the Transferred Companies or any of their respective Affiliates nor the Education Savings Plan shall assume any Liabilities or expenses arising under or relating to the Parent Savings Plan other than the obligation to distribute the transferred account balances in accordance with the Education Savings Plan and applicable Law, which obligation Purchaser hereby expressly assumes. All transfers from the Parent Savings Plan to the Education Savings Plan may be made in installments as mutually agreed by the Parent and Purchaser. All transfers from the Parent Savings Plan to the Education Savings Plan shall, except as Parent and Purchaser mutually agree, be in the form of in kind transfers of assets except where the Education Savings Plan does not have identical investments available or the investment fund does not permit in-kind asset transfers, in which case the transfers of assets will be made in the form of cash. Purchaser shall permit, and shall cause the Education Savings Plan to permit, the transferred account balances of Transferred Savings Plan Participants to include any common stock of Parent that is held in such accounts immediately before such tran...
Defined Contribution Pension Plan. Effective July 1st, 2016 the Company will implement a DC Component under the following conditions: • All employees upon the completion of two (2) years seniority must participate in the DC component. • Contribution levels to the DC component for employees with less than five (5) years of membership in the plan will be as follows: • The Employer will contribute 3% of the employee’s regular straight time hourly rate of pay, up to a maximum of 2080 hours per year. • Employees will contribute 2% of their regular straight time hourly rate of pay, up to a maximum of 2080 hours per year. • Contribution levels to the DC component for employees with five (5) years or more of membership in the plan will be as follows: • The Employer will contribute 5% of the employee’s regular straight time hourly rate of pay, up to a maximum of 2080 hours per year. • Employees will contribute 1% of their regular straight time hourly rate of pay, up to a maximum of 2080 hours per year. • The employee may, but is not required to make additional contributions in to the plan, in accordance with applicable legislations.
Defined Contribution Pension Plan. This Plan applies to all employees hired on or after September 8, 2010. Eligibility to join the Plan will be on the first day of the month following the month in which the employee is hired. Vesting period is two (2) years following date of enrolment in the Plan. Any employee contributions are returned to the employee if the employee leaves the employ of the Company prior to completion of the vesting period. Company contributions are 6% of annual pensionable earnings (regular earnings, vacation and holiday pay, shift differential but not overtime or premium pay earnings). Employee contributions are allowed up to 18% (including 6% Company contributions) of current year’s earned income or the maximum allowed under the Income Tax Act. No employee withdrawals are allowed from the Plan while the employee is employed. Employee choice as to which of the investment funds their monies are allocated to. Default investment fund is provided if employee does not elect an investment option.
Defined Contribution Pension Plan. All new employees hired after January 1, 2002 are eligible to participate in this plan. There are 2 components.
Defined Contribution Pension Plan. Seller shall fully vest all non-union Transferred Employees in their accounts under Seller’s tax qualified defined contribution plan and, with respect to such Transferred Employees’ employment service rendered prior to the Closing Date, shall make all required employer contributions. From and after the Closing Date, Purchaser shall cause a Purchaser tax-qualified defined contribution plan (“Purchaser DC Plan”) to accept rollover contributions, in cash, of the “eligible rollover distributions” (within the meaning of Section 402(c)(4) of the Code) of the Transferred Employees from any tax-qualified defined contribution plan of Seller or its Affiliates qualified under Section 401(a) of the Code.
Defined Contribution Pension Plan. This Plan is applicable to all bargaining unit employees (except co-op and summer students) who were hired after June 2, 2010 and those existing seniority employees who were on the seniority list as of June 2, 2010 who voluntarily choose to participate in this Plan after ceasing to participate in the Plan described in (a) above. No employee contributions are permitted to the Plan. Withdrawals from the Plan are not permitted while employee is employed by the Company. Employees can make investment decisions from options made available. If no selection is made, funds are invested in the Default Option provided. Schedule of Company Contributions Years of Service Company Contribution Less than 5 years 5% of earnings 5 or more years 6% of earnings 10 or more years 7% of earnings 18 or more years 8% of earnings Earnings, for purposes of the Defined Contribution Pension Plan, are defined as base regular earnings including shift differential, any short-term incentives, vacation and holiday pay, but not hours worked at overtime or premium rates. Effective January 1, 2020 employees will be permitted to make voluntary contributions to the D.C. pension plan. Employee contributions will be permitted to the Plan up to each employee’s limit under the Income Tax Act. The employee is responsible for monitoring his own compliance with taxation legislation. Withdrawals from the Plan are not permitted while the employee is employed by the Company.
Defined Contribution Pension Plan. Different contribution combinations (as a % of pensionable earnings): Employee voluntary contributions 0% 1% 2% 3% 4…12% Company contributions 4% 5% 6% 6% 6% Total contributions 4% 6% 8% 9% 10…18% Xxxx Media employees will become participants of the Bell Defined Contribution Pension Plan and will cease to participate in their former DC or DB pension plans. All new employees hired after January 1, 2014, will participate in the DC Pension Plan after completing a term of employment of three (3) months. Employees can change the contribution percentage or stop the contributions at any time. Employee and company contributions, as well as any investment returns, are immediately vested. This means that the employee owns them upon termination, retirement or death. While remaining an employee of the company, the employee DC account is locked-in. This means that it cannot be withdrawn in cash.
Defined Contribution Pension Plan a) All Officers hi red afte r Octobe r 1, 2005 will be eligible to be a Member of the International Forest Products Ltd. Defined Contri bution Pension Plan for Em ployees represented by the Canadian Merchant Service Guild upon completion of the probationary period .
