Your employer makes a contribution for each employee covered by a collective agreement between the company and either UFCW Local 1518 or UFCW Local 247. Your Plan membership begins as soon as your employer makes a contribution to the pension fund on your behalf.
Contributions are payable in accordance with the collective agreement. Your employer makes contributions for all eligible employees. If you are age 30 or older, you also make contributions to the Plan.
Your employer makes monthly contributions to the pension fund on your behalf as follows:
Date |
Amount
of Employer Contributions |
|---|---|
March 30, 2003 |
6%
of your earnings |
December 30, 2007 |
6.75%
of your earnings |
December 28, 2008 |
7%
of your earnings |
The amount of your employee contributions to the Plan is based on your age and is calculated as follows:
Age |
Amount
of Employee Contributions Deducted per Paycheque |
|---|---|
30
- 39 |
1%
of your earnings |
40
- 49 |
2%
of your earnings |
50
and older |
4%
of your earnings |