Pension Cap definition
Pension Cap means $3,400 effective January 1, 2021, increased thereafter each calendar year commencing January 1, 2022 by one-third (1/3) of the percentage increase in the Average Industrial Wage, calculated on an annual basis. For purposes of this Section, “Average Industrial Wage” means the average industrial wage as published by Statistics Canada under the authority of the Statistics Act (Canada) for purposes of increasing the Year’s Maximum Pensionable Earnings and the maximum pension pursuant to the Income Tax Act.”
Pension Cap has the meaning set forth in Section 14.2 of this Agreement.
Pension Cap means $3,400 effective January 1, 2021, increased effective January 1, 2022 by one-third (1/3) of the percentage increase in the Average Industrial Wage, calculated on an annual basis.
Examples of Pension Cap in a sentence
Retirement Formula Pension Cap shall be consistent with the Water and Power Employees’ Retirement, Disability, and Death Benefit Insurance Plan for Tierl and Tier 2 members.
Retirement Formula Pension Cap shall be consistent with the Water and Power Employees' Retirement, Disability, and Death Benefit Insurance Plan for Tier 1 and Tier 2 members.
For that element of your base salary up to the Company Pension Cap You can join the Group Personal Pension Scheme, which is a defined contribution scheme.
More Definitions of Pension Cap
Pension Cap means $3,400 effective January 1, 2021, increased effective