Plan Formula Sample Clauses

Plan Formula a) Effective January 1, 2003 the rules of the DB Pension Plan shall be amended to provide for the reduction of the CPP integration factor from .625% to .500%. This change in the CPP integration factor will apply to all of the established service of a Society-represented member who retires after the effective date provided that some portion of such Society-represented established service occurred after the effective date of the change in the CPP integration factor. b) The parties will agree upon a trigger point for an increase in employee’s contributions by .5%.

Plan Formula. Effective January 1, 2004, the CPP integration adjustment factor shall be reduced from .625% to .500%. Employees’ contributions shall increase by .5% if and when the assets fall below 106% of the liabilities based upon a solvency valuation and shall continue until the assets are at or above 106% based upon a solvency valuation, and shall thereafter be in place or not based upon whether the assets are below, or at or above, 106% of the liabilities based upon a solvency valuation. Clarity Note #1: Hydro One may trigger the provision for increasing employee contributions as described above (“provision”) by filing a valuation with the Financial Services Commission of Ontario (FSCO). Where it does so, it is not required to exceed the frequency of filing required by law. Hydro One is not obligated to trigger the provision by a FSCO filing only, and, instead, may do so by an internal valuation. Where Hydro One elects to proceed by an internal valuation, it must do so annually and must share any valuation with the Society for comment if it is relying upon the valuation to cause employee contributions to change. If the Society believes the valuation to be in material error and Hydro One disagrees, the Society may cause a review of the valuation by an independent actuary whose opinion on that complaint shall be final and binding. The independent actuary mutually selected by the parties, or if in disagreement, appointed by a rights arbitrator under the collective agreement, may conduct his/her review in any manner he/she considers appropriate of his/her sole discretion. Hydro One shall pay the actuary’s fees and disbursements. However, if the independent actuary concludes, in his/her sole discretion, that the Society’s objections were unreasonable, the actuary may direct the Society to reimburse Hydro One for all or a portion of the fees and disbursements invoiced by the actuary. Clarity Note #2: The change in the CPP integration factor will apply to all of the established service of a Society-represented member who retires after the effective date provided that some portion of such Society-represented established service occurred after the effective date of the change in the CPP integration factor.

Plan Formula. Effective January 1, 2006 the employee’s contributions will be increased to 7% below and above the YMPE.

Plan Formula. The plan formula calculates your benefit as a Single-Life Annuity -- an annual benefit paid to you on a monthly basis beginning at your normal retirement date (or your termination date, if later) and continuing for your lifetime. The annual benefit is calculated in this way:

Plan Formula. Effective January 1, 2016 the employee’s contributions will be increased to 8% below and above the YMPE. Effective January 1, 2017 the employee’s contribution will be increased to 9% below and above the YMPE.

Plan Formula. Effective January 1, 2011 employee contributions to the pension plan will increase from 6.5% to 7% of base annual pensionable earnings. For purposes of renewal bargaining, status quo for the employee contribution rate for the January 1, 2011 – December 31, 2013 collective agreement shall be deemed to be 6.5% of base annual pensionable earnings. Kinectrics reserves the right to try to negotiate an increase in employee contributions in subsequent collective agreements if the pension plan remains in a deficit. The Society reserves the right to try to negotiate a decrease in employee contributions in subsequent collective agreements if the funding position of the pension plan improves.

Plan Formula. Effective October 1, 2001 there will be a Reduction of CPP integration adjustment factor from .625% to .500%. The employee’s contributions will increase by .5% if and when the assets fall below 106% of the liabilities based upon a solvency valuation. Effective January 1, 2011, if the assets return above 106% of the liabilities based upon a solvency evaluation, then the employee’s contribution will be reduced by 0.5% and employee’s contributions will increase by 0.5% if and when assets subsequently fall below 106% of the liabilities based upon a solvency valuation. Further, NHSS agrees not to take a contribution holiday where the assets are below 106% of the liabilities based upon a solvency valuation. With respect to providing additional pension security during the term of this Collective Agreement and in the event the pension plan assests are below 106% of the liabilities based upon a solvency valuation (including indexation), NHSS will fund Company current service costs up to the maximum tax deductible contribution based on a solvency valuation that includes indexation.

Plan Formula. Effective January 1, 2016 the employee’s contributions will be increased to

Plan Formula. The Society represented employee contributions shall increase by 0.5 percent (below and above YMPE) to 7.5 percent subject to the following three conditions: 1. Society represented employees will only be required to make the increased contributions, to 7.5 percent (below and above YMPE), if Management group make increased contributions of at least 0.5 percent (below and above YMPE) prior to March 31, 2017. The increase for Society represented employees will occur on the date that Management group increase their contributions by at least 0.5 percent in accordance with the above. 2. The increased contributions by the management must not be subject to any conditions. 3. Management will seek a similar increase in contribution rates with the PWU. It is mutually agreed that if any Society bargaining units in the electricity sector agree to pension plan design changes that result in cost savings, the parties will immediately enter into discussions to implement similar changes. Any such implementation shall be by mutual agreement.