Group RRSP Program Sample Clauses
Group RRSP Program.
(a) Effective January 1, 2006, employees moved from the Group RRSP Program to the Defined Benefit Pension Plan administered by the Employees Benefits Trust at Credit Union Central BC, as described in Letter of Understanding #2. As a result, the Group RRSP Program was discontinued. The Employer agrees that the Interior Savings Group RRSP Program described in ▇▇▇ #2 shall apply to full-time and part-time employees eligible for benefits under Clauses 22.1 and 22.2 of this article for the life of this agreement.
(b) Employees holding funds in the Group RRSP Program that plan would have had their RRSPs grandfathered under the existing rules of the RRSP Plan, as described in Letter of Understanding #4. Further, said employees would be are permitted to transfer funds from their current staff RRSP to purchase time under the Defined Pension Plan rules.
(c) Funds currently invested in the Locked-in Group RRSP with the Employer will continue to be part of the employee retirement "pension" as described in Letter of Understanding #4.
Group RRSP Program. The Employer agrees that the Okanagan Savings Group RRSP Program in place on March 26, 1998 shall apply to full-time employees covered by this agreement for the life of this agreement, except that:
(a) Part-time employees eligible for benefits as determined under Article 22.1 (d) shall be eligible to participate in the group RRSP Program
(b) The waiting period for participation shall be one (1) calendar year of employment; and
(c) Monthly statements will be provided The Employer shall provide a summary of the program to those employees eligible to participate in it upon enrolment. Assuming that a majority of bargaining unit members vote in favour, the Group RRSP plan will be discontinued and replaced with the Credit Union Central of British Columbia defined benefit pension plan, as described in Letter of Understanding #3. Should a majority of bargaining unit members not vote in favour, Clause 22.4 above, shall apply.
Group RRSP Program