The employer agrees to submit a letter to the Pension Plan Trustees recommending that banked overtime earned, when taken off the following calendar year, will be treated in a like manner to banked overtime hours taken off earned before the employee reached the 2080 hour cutoff.
Section 1: The Plan
The Company is a member of the B.C. Pulp and Paper Industry Pension Plan and agrees to abide by the terms, conditions, and rules of the Plan as administered by its Trustees.
Section 2: Contributions
The Company contribution level will remain at 10% for the term of the agreement. Employee contributions will remain at 8% for the term of the agreement.
Section 3: Governance
The Company agrees to the revised governance of the plan as proposed below.
3 Trustees appointed by the member employers
3 Trustees elected or appointed by Unifor
3 Trustees elected or appointed by the PPWC
The Union agrees to provide the Company with audited financial statements and actuarial valuations as per the plan.
Section 4: Details of Industry Plan
The complete text of the B.C. Pulp and Paper Industry Pension Plan is available, upon request, at the Human Resources Office and may be examined by a member at any time. In the event of any conflict between the terms of the Industry Pension Plan and Article XXVII, the terms of the Industry Pension Plan will govern.
Section 5:
a) Bridge Benefit
The parties agree to refer the matter of integrating the bridge provisions into the Pulp and Paper Industry Pension Plan to the Board of Trustees for their review and consideration.
On the above issue, it is agreed that prior to the implementation of any change to the Pulp & Paper Industry Pension Plan or proceeding with the review, there must be unanimous approval of the nine (9) trustees.
b) Pension Bridging Benefit
The Company shall provide employees with a pension bridge annuity of twenty dollars ($20.00) per month per year of service at age sixty (60) or older who retire prior to attaining age sixty-five (65). The pension bridge benefit will not be payable beyond age sixty-five (65). The calculation of the pension bridge benefit shall be credited on the same basis as under the terms and conditions of the Pulp & Paper Industry Pension Plan.
An employee who chooses to retire at age fifty-five (55) or later shall have access to the bridging benefit paid by the Company when they reach age sixty (60).