Effective 2018 June 11 Clause Samples

Effective 2018 June 11. Each employee shall take all due annual vacation and public holiday time and all accumulated vacation time prior to the effective date of such employee's retirement, provided however, that if they are off work on WorkSafeBC benefits, they shall receive their vacation and public holiday time in pay. (a) All existing eligible employees and all future eligible employees will be covered by and be subject to the current and any future rules established by the Municipal Pension Board and the Pension Corporation governing Group 5 participation. (b) In conjunction with the establishment of Group 5, all contributions by both the City and the employees to the Special Agreement (SA) Pension shall cease for eligible employees. Employee balances in the SA shall be handled in accordance with the rules established by the Municipal Pension Plan. (c) All employees eligible for enrolment in Group 5 shall receive a Supplemental Pension Allowance of 0.56% of pensionable earnings to be paid directly to the employee. The payment will be made once per year following the end of the calendar year and will generally be made in February. (d) In the event there are employees who are in Group 2 as of the date the Pension Corporation approves the application for the Group 5 Pension who do not qualify for Group 5, those employees will continue, subject to the approval of the Pension Corporation, to be covered by the Group 2 provisions of the Municipal Pension Plan and to contribute to the Special Agreement (if they are already contributing). New hires into positions that are not eligible to participate in the Group 5 Pension will be treated as Group 1 or Group 4 as appropriate under the rules of the Municipal Pension Plan.