Common use of R.S.P Clause in Contracts

R.S.P. 20.01 An employee who has worked for three thousand one (3001) hours shall be eligible to qualify for a maximum R.R.S.P. contribution payment by the Company of one and one half (1.50%) percent of the employee’s annual gross earnings. To qualify, an employee must contribute to an R.R.S.P. fund and verify payment to the Company prior to February 1st, the amount paid to an R.R.S.P. fund at a financial institution. The Company will match the employee’s contribution which in no event will exceed a maximum contribution of one and one half (1.50%) percent of the employee’s gross earnings in the previous calendar year. Such opportunity will be deemed waived if not exercised by February 1st of the following calendar year.