Effective April 21, 2007, entrance into the existing Brewers' Distributor Ltd. Pension Plan for Bottle Sort employee's in British Columbia will cease.
Employee's who are not participants in the plan on April 20, 2007, will be eligible to participate in the Group RRSP outlined below based on the following eligibility criteria. Regular employee's shall become eligible following the first day of the month next following one hundred and thirty-two [132] days of work on a full time basis in a twelve [12] month period. Other employee's will be eligible to participate on the first day of the month coincident with or next following completion of two [2] years of continuous service and annual earnings of at least thirty-five [35%] percent of the YMPE in each of two [2] consecutive calendar years immediately preceding membership.
The Company will contribute a base of two [2%] percent of the employee's actual straight time earnings excluding premiums. In addition the Company will contribute fifty [50%] percent of the employee's contributions up to the limits as per the table below. The employee's contributions will be a percentage of the employee's base straight time earnings excluding premiums. The percentage of the employee's and Company's contributions will be as follows:
Years Eligible Company Base Employee Maximum Total to Participate Contributions Contibutions Company Contributions In Group RRSP Eligible for Match 50% Match ______________________________________________________________________________ 1 Year 2% 2% 1% 5% 2 Year 2% 3% 1.5% 6.5% 3+ Years 2% 4% 2% 8%
The Company shall assume all legal and trustee costs for setting up the Group RRSP and shall assume any administration fees charged by the trustee. It is understood and agreed that all matters of eligibility, coverage and benefits shall be as set out in the relevant plan documents as determined by the carrier.