RRSP Plan Clause Samples
The RRSP Plan clause defines the terms and conditions governing a Registered Retirement Savings Plan (RRSP) as it relates to the agreement. It typically outlines how contributions are to be made, who is eligible to participate, and the process for managing or transferring funds within the plan. This clause ensures that both parties understand their rights and obligations regarding retirement savings, providing clarity and compliance with relevant tax laws.
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RRSP Plan. The Employer shall provide a Group RRSP matching pension plan. Eligible employees can contribute up to three (3%) per cent of regular earnings which shall be matched by the Employer. RRSP contributions will be made through payroll deduction. Effective January 1, 2022, eligible employees can contribute up to three point five (3.5%) percent of regular earnings, which shall be matched by the Employer. Enrolment in the Group RRSP plan is voluntary. An open period will occur once a year in November. In the event a participating Employee opts out of, or withdraws funds from the RRSP, the Employee shall not be eligible to continue participating in the RRSP and the Employer’s obligations to contribute to the Plan shall cease.
RRSP Plan. All full-time Employees who have completed one (1) year of continuous service are eligible to participate in the Group RRSP. The Employer will match contributions up to a maximum of four percent (4%) of the Employee’s gross bi-weekly payroll and contribute same into a registered retirement savings plan.
RRSP Plan. Section 33.1 - Contributions and Administration
RRSP Plan. Following the establishment of a CUPE Group RRSP Plan, the Board agrees to deduct the monthly contributions from employees authorizing their participation in the plan and to remit those monthly contributions to the designated plan trustee.
RRSP Plan. 48.01 You must have been an employee for one full year on January 1st of the current year in order to be added to the plan. i.e. Hired January 15th 2008 may Join January 1st, 2010.
48.02 Maximum Company Contribution
RRSP Plan. The current RRSP plan will continue:
RRSP Plan. 42.01 The Employer will contribute a matching amount to a total of five hundred dollars ($500.00) per annum.
RRSP Plan. 20.01 All permanent employees are eligible for RRSP following successful completion of probation.
20.02 The Employer designates a financial institution to provide eligible employees with the required financial services.
20.03 Employees must join the plan provided by the designated financial institution and complete a membership application form to that effect.
20.04 For employees who chose to join the RRSP employee contributions are matched by the Employer to the applicable percentage set out below. Employees may choose to contribute in excess of the Employer matching contribution limit but the Employer will not contribute more than the applicable maximum matching percentage.
20.05 The Employer shall cease making any and all contributions for an employee if it learns that he has closed or cancelled his RRSP plan or withdrawn any sums without notifying the Employer in advance and obtaining its approval.
20.06 The Employer’s contribution shall be calculated at each pay period by applying the following percentages to the employee’s gross earnings: Following successful completion of probation and less than five (5) years of continuous service: 2% Over five (5) years and less than ten (10) years of continuous service: 5%. Over ten (10) years of continuous services: 5%.
20.07 The Employer’s contribution shall vest only after the completion of two full years of participation in the plan.
RRSP Plan.
(a) The Employer shall establish a Retirement Savings Plan ("RRSP”) with a bank, credit union, trust company or insurance company, covering each Continuing Instructor and Probationary Instructor (the "Participant”). Participation in the RRSP shall be a condition of employment.
(b) Each Participant in the RRSP will make regular monthly contributions through payroll deductions. The deductions shall be made in the amount of 8.5% of the Instructor's gross pay ("Regular Contribution”).
(c) Each Participant will be permitted to contribute additional money to the RRSP, subject to Canada Revenue Agency requirements.
(d) At the same time the Participant's contribution is made, the Employer will pay an amount equal to the Participant's Regular Contribution directly into the RRSP.
(e) The choice of broker and carrier shall be subject to the mutual agreement of the Employer and the Union.
(f) Any fees and expenses payable shall be charges against the RRSP.
RRSP Plan. 25.1 Any full time employee who has completed one (1) year service will be allowed to join the RRSP plan and contribute through payroll deductions. Employees with three (3) years service, who are full-time and contribute to the plan, will have their contributions matched, to a maximum two percent (2%) by the Company.