Over Contributions. If the Employer receives a refund from the Pension Corporation of an over contribution by the Employer in excess of the maximum allowed by the Canada Customs and Revenue Agency, the Employer shall hold the refund in accordance with the following: (a) The Employer shall hold in trust and invest all excess contributions on behalf of the employee. (b) The Employer pays compounded interest on these funds based on the bank's interest rate in place at the beginning of each year. (c) All principal and interest held for each employee shall be paid to the employee on retirement. (d) The funds shall be paid in the form of a retiring allowance and added to all funds eligible for the Retirement Gratuity. (e) The Employer agrees to provide the employee with an annual statement that outlines the employee's funds held in trust and the interest rate applied for the previous year.
Appears in 3 contracts
Sources: Collective Agreement, Collective Agreement, Collective Agreement