Common use of Defined Contribution Clause in Contracts

Defined Contribution. (DC) Pension Plan for Wage Employees (a) The DC Pension Plan applies only to all employees commencing employment with the Company on or after January 1, 2007. All other employees will continue to participate in the DB Pension outlined in (5) above. All employees who commence employment with the company on or after January 1, 2007 may elect to participate in only the DC Pension Plan, rather than the DB Pension Plan. (b) Cost to employee will be 3.4% of earnings to the year’s Maximum Pensionable Earnings (YMPE) under C.P.P. in that year and 5% of earnings which are in excess of the YMPE in that year. (c) Company contributions to the DC Pension Plan will be as follows: Three or more years but less than nine years 5% of earnings (d) The Company will pay all Administrative fees of the DC Pension Plan. However, if an employee transfers funds out of one fund/investment within 30 days after selecting that fund/investment, the employee will be charged a fee equivalent to 1% of the funds being transferred. (e) Except with the consent of the Union, the Company agrees that it will not make changes to the DC Pension Plan during the term of this Agreement once the DC Plan has been established by the Company following ratification.

Defined Contribution. (DC) Pension Plan for Wage Employees (a) The DC Pension Plan applies only to all employees commencing employment with the Company on or after January 1, 2007. All other employees will continue to participate in the DB Pension outlined in (5) above. All employees who commence employment with the company on or after January 1, 2007 may elect to participate in only the DC Pension Plan, rather than the DB Pension Plan. (b) Cost to employee will be 3.4% of earnings to the year’s Maximum Pensionable Earnings (YMPE) under C.P.P. in that year and 5% of earnings which are in excess of the YMPE in that year. (c) Company contributions to the DC Pension Plan will be as follows: Three or more years but less than nine years 5% of earningsearnings 5.5% 6.0% (d) The Company will pay all Administrative fees of the DC Pension Plan. However, if an employee transfers funds out of one fund/investment within 30 days after selecting that fund/investment, the employee will be charged a fee equivalent to 1% of the funds being transferred. (e) Except with the consent of the Union, the Company agrees that it will not make changes to the DC Pension Plan during the term of this Agreement once the DC Plan has been established by the Company following ratification.