Morningstar Air Express

 

Pensions / Pension Communications

 

Collective Agreement provisions

 

25.3 Pensions

 

25.3.1
The Company and Union will establish a Defined Contribution Plan which shall be available, on a voluntary basis, to FCM's after probation as defined in Article 9. The Plan will be in place no later than December 31, 1998. The Plan will be established by mutual agreement between the Company and Union (Joint Committee).

 

25.3.2
Post probationary employee's contributions shall be 3% (4% effective April 1, 2003) of earnings; matched by a 3% (4% effective April 1, 2003) contribution by the Company.

 

25.3.3
After five (5) years' of employment, the employee's contributions shall be 4% (5% effective April 1, 2003) matched by 4% (5% effective April 1, 2003) contributions by the Company.

 

25.3.4
After fifteen (15) years' of employment, the employee's contributions shall be 5% (6% effective April 1, 2003) of earnings matched by 5% (6% effective April 1, 2003) contributions by the Company.

 

25.3.5
The minimum contribution is 3% (4% effective April 1, 2003) which the Company matches. Anything over 3% (4% effective April 1, 2003) is considered voluntary and will be matched by the Company in accordance with 25.3.2, 25.3.3 and 25.3.4 provided the Employee contributes this amount.

 

25.3.6
Contributions will be monthly, by payroll deduction and shall be matched by the Company on a monthly basis.

 

Vesting ‑ 2 year.