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HomeMy WebLinkAboutTIV 88 012 employee benefits I II eo I( I il . VILLAGE OF TIVERTON BY-LAW NUMBER 1988-/~ Being a by-law to set up a pension plan and sick leave credits and health and safety benefits for the Clerk and other employees of the Village of Tiverton as authorized by the Municipal Act RSO 1980 Chapter 302 Section 208 Paragraph 46 and 47. NOWTHEREFORE, the Council of the Village of Tiverton enacts as follows: 1) On or before February 29th of each year a Registered Retirement Savings Plan in the amount of one thousand dollars ($1000.00) shall be purchased for each employee in his or her name, to be kept in trust by the Clerk of the Municipali 2)a)To be eligible for the Registered Retirement Savings Plan an employee must be in the employment of the Village of Tiverton for one year. b)Employees must contribute one half of Village of Tiverton contribution five five hundreds dollars ($500.00) Savings Plan. Employees shar~ I i I I I I ! the Registered Retirement hundred dollars ($500.00) c)Upon termination of employment employee will receive paid up plans and accumulated interest and the amount for the year of termination shall be prorated. 3) Sick leave credits shall be five days (5) after six months employment, then a) one day per month to a maximum of 10 days per year. b) accumulation of unused days not to exceed 60 days. c) upon retirement of employment, payment to be made for credits accumulated to date of retirement. 4) That a credit of up to five hundred ($500.00) be paid for medical expenses and safety equipment. Payment upon receipt of expenses only. Any balance at end of fiscal year will not be accumulative. READ A FIRST, SECOND AND THIRD TIME AND FINALLY PASSED SIGNED AND SEALED THIS 8th DAY OF NOVEMBER 1988. eeve .c. ~ J;---'-~ ~Jt.6;.,/ - lerk I I'