Pension Plan Continued Sample Clauses
The "Pension Plan Continued" clause ensures that an employee's participation in the employer's pension plan remains uninterrupted during a specified period, such as a leave of absence or after a change in employment status. This clause typically outlines that the employee will continue to accrue benefits or maintain eligibility for the pension plan as if they were actively working, provided certain conditions are met. Its core function is to protect the employee's retirement benefits from being negatively affected by temporary changes in their employment situation, thereby offering financial security and continuity.
Pension Plan Continued. (a) Effective the Effective Date, the pension plan continued under Schedule B and the Statutory Pension Plan Rules is further continued under this Agreement and the Pension Plan Rules.
(b) An entity who immediately before the Effective Date was an “employer” to whom Schedule B applied continues to be an Employer, and those persons who were eligible employees of that entity continue to be Employees, on and after the Effective Date.
(c) A person who immediately before the Effective Date was a “member” to whom Schedule B applied continues to be a Plan Member under the Pension Plan on and after the Effective Date.
(d) Any rights vested in an individual under the pension plan provided for by and under Schedule B continue to apply to the individual, in the same manner and to the same extent, under the pension plan continued under this Agreement and the Pension Plan Rules.
(e) The fiscal year end of the Pension Plan is December 31st, or any other date that the Board may establish as the fiscal year end for the Pension Plan.
Pension Plan Continued. 27.02 Effective May 1, 2012, the Employers, on behalf of the Employees covered by this Agreement, agree to pay into the International Union of Painters and Allied Trades Union and Industry Pension Plan (Canada), contributions in the amount of one dollar and fifty cents ($1.50) per hour for every hour worked. Effective May 1, 2014 the contribution rate will be one dollar and seventy five cents ($1.75) per hour for every hour worked. Effective May 1, 2015, and for the balance of the life of this Agreement, the contribution rate will be two dollars ($2.00) per hour for every hour worked.
27.03 International Union of Painters and Allied Trades, Province of Ontario Pension Trust Fund and Industry Pension Plan (Canada) contributions are to be remitted in accordance with Article 13, Payments to Trust Funds, Administration Dues and Union Dues.
Pension Plan Continued. (a) The pension plan continued under the 2001 Joint Trust Agreement and the Pension Plan Rules is further continued under this Joint Trust Agreement and the Pension Plan Rules.
(b) All persons or entities who were considered “Employers”, “Employees”, “Plan Members” or “Trustees” immediately before the entry into this Joint Trust Agreement continue to be “Employers”, “Employees”, “Plan Members” and “Trustees” respectively, after the entry into this Joint Trust Agreement, subject to the terms of this Joint Trust Agreement and the Pension Plan Rules.
Pension Plan Continued. 45.02 A member who holds certification as a teacher shall become and remain a member of the Ontario Teacher’s Pension Plan (T.P.P.)
45.03 The Board shall maintain any and all pension plans to which members of this Bargaining Unit belong prior to signing of this Agreement.
45.04 Present employees who are less than full time shall be given the option of joining the O.M.E.R.S. pension plan consistent with the terms and conditions of the Ontario Benefits and Pensions Act, and O.M.E.R.S. New permanent employees of the Board shall be enrolled in O.M.E.R.S. upon commencement of employment with the Board consistent with the terms and conditions of the Ontario Benefits and Pensions Act, and O.M.E.R.S. For those employees who may not meet the criteria upon beginning employment with the Board, they shall be enrolled immediately upon fulfilling the requirements.
45.05 The Board shall make the appropriate deductions from the member’s pay and submit to O.M.E.R.S. or T.P.P. as the case may be.