Common use of Basic Contributions Clause in Contracts

Basic Contributions. You will contribute by payroll deduction of your earnings and the Employer will contribute an equal amount on your behalf. The maximum amount for which you are allowed tax relief in any one year is limited to the amounts deductible under the provisions of the Income Tax Act. You may contribute any amount of voluntary contributions to the Plan. The amount for which tax relief is allowed in any one year is limited to the amounts deductible under the provisions of the Income Tax Act. If you are contributing voluntary contributions by payroll deduction, in order for you to change the amount being deducted, you must give written notice to the Employer no later than one month before the date of change. Interest is derived from the contributions the Employer has invested in the Daily Interest Account, Term Deposit Account and the Investment Funds Account in the funding contract. If the Employer directs contributions to the Investment Funds Account, the Investment Funds Account will be credited with the number of Investment Units equal in value to such contributions. The value of all contributions will be calculated each month when the Investment Fund is revalued and will reflect the rate of return earned by the Investment Fund. The investment experience of this Account is not guaranteed. The amount of your monthly pension on retirement will be the amount which your Individual Account balance will purchase when applied on the date you retire. However, if you have a spouse with whom you are not living separate and apart on your retirement date, your pension will not be payable in the normal form as stated above. Instead the pension will be payable in the form of a monthly annuity on your retirement date and continuing for your lifetime with o the monthly annuity payable to your spouse for lifetime after your death. You and your spouse may jointly waive the to this payment method, in writing, in the prescribed form required by Legislation or by certified copy of a domestic contract as defined in Part of the Family Law Act, containing the waiver. Such election may be made at any time prior to retirement date but the spousal waiver is not effective unless the written waiver or certified copy is delivered to the Employer within the period of months immediately preceding your annuity commencement date.

Basic Contributions. You Effective November you will contribute by payroll deduction of your gross earnings if you are an employee in Calgary, Red Deer, and the Employer will contribute an equal amount Edmonton. All other employees who are currently contributing shall increase to as of January The Company contribution on your behalfbehalf will equal your contribution. The maximum amount for which you are allowed tax relief in any one year is Contributions shall be limited to the amounts deductible under the provisions of the Income income Tax Act. You may contribute any amount of voluntary contributions to the Plan. The amount for which tax relief is allowed in any one year is contributions however, shall be limited to the amounts deductible under the provisions of the Income Tax Act. The accumulation with interest of your voluntary contributions will, as elected by you, be applied on your date of retirement to increase the amount of pension purchased on your behalf or, transferred to another insurance company to purchase a deferred annuity or to an Optional Retirement Vehicle as outlined in the Forms of Pension Payment section of this booklet or taken as a cash payment, transferred to an or to a If you are contributing voluntary contributions by payroll deduction, in order for you to change the amount being deducted, you must give written notice to the Employer Company no later than one month before the date of the change. Interest is derived from the contributions the Employer has invested in the Daily Interest Account, Term Deposit Account and the Investment Funds Account in the funding contract. If the Employer directs contributions to the Investment Funds Account, the Investment Funds An Individual Account will be established on your behalf at the time you become a member of the Plan. Your contributions received from the Company will be credited to your Individual Account. Your Individual Account will also be credited with the number of Investment Units equal interest at regular intervals in value to such contributionsaccordance with Government Legislation. The value of all contributions will be calculated each month when the Investment Fund is revalued and will reflect the rate of return earned by the Investment Fund. The investment experience of this Account is not guaranteed. AMOUNT OF PENSION PAYMENT The amount of your monthly pension on retirement will be the amount which your Individual Account balance will purchase when applied on the date you retire. FORMS OF PENSION PAYMENT Normally your pension will be payable in the form of a monthly annuity commencing on your retirement date and continuing for your lifetime. However, should you die before monthly payments have been received the payments will be continued to your beneficiary until payments in all have been made. However, if you have a spouse with whom you are not living separate and apart on your retirement date, date your pension will not be payable in the normal form as stated above. Instead the pension will be payable in the form of a monthly annuity commencing on your retirement date and continuing for your lifetime with o of the monthly annuity payable to your spouse for lifetime after your death. You and your Your spouse may jointly waive the right to this payment method, in writing, in the prescribed form required by Legislation or by certified copy of a domestic contract as defined in Part of the Family Law Act, containing the waiverGovernment Legislation. Such election The spousal waiver form may not be made at any time signed more than days prior to retirement the date but the spousal waiver is not effective unless the written waiver or certified copy is delivered to the Employer within the period of months immediately preceding your annuity commencement datepayments commence.