Pension Plan Provisions. (College Pension Act) Regular faculty shall enrol in the College Pension Plan, as required by Article 10.1 of the Common Agreement. Exceptions are as described in Common Agreement Article 10.2. Contract faculty may enrol on a pro-rated basis, and will be required, upon hire, to sign whether they wish to enrol or decline. Contract faculty are required to enrol in the College Pension Plan under certain conditions pursuant to the rules of the pension plan, which may change from time. In the event of a contradiction between this Article and the Public Sector Pensions Plan Act and the College Pension Plan Regulations, the Act and Regulations shall apply.
Pension Plan Provisions. Every employee receives a Company contribution of 2% of base salary* towards their pension and retirement savings. Each employee will make a mandatory contribution of 2% of base salary towards their pension and retirement savings and the Company will match the contribution at .75% per each % contributed for a total of 1.5%. (*Base salary for all pension is defined as the employee’s hourly rate to a maximum allowable limit of 2080 hours worked. Base salary does not include overtime.) Each employee can choose whether they would like to make additional voluntary contributions towards their retirement savings. Employees will have the option to contribute 0%, 1% or 2% of their base salary and the Company will match the contribution at 125%. Employees can change their contribution level and the change will be effective the 1st of the following month of the next available payroll cycle (based on payroll cut- off dates) and notice to the employer, in accordance with the plan. This means that if an employee contributes the maximum 4% of base salary (mandatory plus voluntary contributions), the Company will match and contribute 6% of base salary to their retirement savings, for a total of 10%. (See chart below.) New Hire DC Plan Mandatory Employer: 2.00% Employee: 2.00% Employer (75% of ee 2% mand): 1.50% Voluntary Employee: 2.00% Employer (125% of ee 2% vol): 2.50% 10.00%
Pension Plan Provisions. (College Pension Plan) Regular faculty members shall enrol in the College Pension Plan, as required by Article
Pension Plan Provisions. The following outlines the Pension Plan for those temporary employees (that qualify according to pension legislation) hired after January 1, 2007: Defined contribution plan for all temporary employees hired after January 1, 2007 Company contribution: 2% Employee contribution: 3% optional Company will match at 50% of employee contribution Contributions will be made on hours worked at base hourly rate up to a maximum of 2080 hours per year APPENDIX 'N' FOUR (4) DAY - TEN (10) HOUR SHIFTS If the Company determines a need that an employee, group of employees from can line, keg line or forklift operates a ten (10) hour – 4 day work week shift rotation, the following schedule will apply. The company will provide two (2) weeks notice to move in or out of this structure or to change week start dates. Employees that are working 10 hour shifts, Monday to Friday. The following shift will outline the operator work week:
Pension Plan Provisions. Every employee receives a Company contribution of 2% of base salary* towards their pension and retirement savings. Each employee will make a mandatory contribution of 2% of base salary towards their pension and retirement savings and the Company will match the contribution at .75% per each % contributed for a total of 1.5%. (*Base salary for all pension is defined as the employee’s hourly rate to a maximum allowable limit of 2080 hours worked. Base salary does not include overtime.) Each employee can choose whether they would like to make additional voluntary contributions towards their retirement savings. Employees will have the option to contribute 0%, 1% or 2% of their base salary and the Company will match the contribution at 125%. Employees can change their contribution level and the change will be effective the 1st of the following month of the next available payroll cycle (based on payroll cut- off dates) and notice to the employer, in accordance with the plan. This means that if an employee contributes the maximum 4% of base salary (mandatory plus voluntary contributions), the Company will match and contribute 6% of base salary to their retirement savings, for a total of 10%. (See chart below.) New Hire DC Plan Mandatory Employer: 2.00% Employee: 2.00% Employer (75% of ee 2% mand): 1.50% Voluntary Employee: 2.00% Employer (125% of ee 2% vol): 2.50% 10.00% LETTER OF UNDERSTANDING NO. 1 RE: COMPANY BONUS The Nestlé Canada Bonus Plan will be replaced with the Nestlé Sterling Road Bonus Program for the life of this collective agreement. The specifics of the Sterling Road Plan will be forwarded to the Union on an annual basis. FOR THE UNION FOR THE COMPANY Asgar Xxxx Xxxxxx Orofiamma Asgar Xxxx Xxxxxx Orofiamma LETTER OF UNDERSTANDING NO. 2 RE: COLA In respect to Article 63, Schedule “B”, there shall be no COLA payout during the term of this Collective Agreement. Should the Plan be discontinued or should the bonus payable drop below 4%, the Union has the option of giving up their Bonus involvement and moving to the COLA clause at the next quarterly payout from the date of withdrawal from the Plan. The bonus language will then be considered as withdrawn from the Collective Agreement. FOR THE UNION FOR THE COMPANY Asgar Xxxx Xxxxxx Orofiamma Asgar Xxxx Xxxxxx Orofiamma
Pension Plan Provisions. (College Pension Act) Faculty must contribute unless exempted by the Superannuation Commissioner following a resolution of the College Board made within thirty (30) days of beginning employment. The Act should be consulted for details.
