Plan Membership And Contributions print
Becoming a Member
Overwaitea Foods/Save-On-Foods makes a contribution for each Overwaitea Foods/Save-On-Foods 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 Overwaitea Foods/Save-On-Foods makes a contribution to the pension fund on your behalf.
Contributions
Contributions are payable in accordance with the collective agreement. Overwaitea Foods/Save-On-Foods makes contributions for all eligible employees. If you are age 30 or older, you also make contributions to the Plan.
Employer Contributions
Overwaitea Foods/Save-On-Foods 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 |
Overwaitea Foods/Save-On-Foods will contribute an additional 1.7% of your earnings until the end of 2007. These additional contributions were negotiated in order to finance the cost of the increased benefit rate for your service before 1998 (i.e., the $45 benefit rate).
Employee Contributions
The amount of your employee contributions to the Plan is based on your age and 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 |