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THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 89-5
BEING A BY-LAW to authorize payment of and fix as part of the
remuneration of certain servants of the Corporation as authorized
by the Municipal Act, R.S.O. 1980 C. 302, Section 208, Paragraph
45.
WHEREAS the Corporation has adopted a policy that all employees
of the Corporation must become members of Ontario Municipal
Employees Retirement System (OMERS);
AND WHEREAS some of the persons employed by the Corporation have
requested that they be exempt from the requirement of becoming
members of OMERS:
AND WHEREAS the
these employees
Corporation
in providing
desires to participate
for future retirement;
and assist
BE IT ENACTED as a by-law of the Corporation as follows:
1.
The persons named in this by-law be and they
becoming members of OMERS as a condition of
the Corporation;
are exempt
employment
from
with
2. The persons so exempt shall be:
Wi 11 iam Hodge
Arnold Berndt
Louise Neeb
George Large
Jean Roppel
Norman Ribey
3.
During the term of employment of each person named in
Section 2, and commencing January I, 1989, the Corporation
shall payor deposit to the credit of each person, at least
once each month to a Registered Retirement Fund, the amount
which the Corporation would otherwise pay to OMERS as the
employer's contribution had such person been a member of
OMERS. The amount so deducted and paid into the registered
retirement fund shall remain in such fund until the employee
ceases to be an employee of the Corporation. The amount so
contributed by the Corporation shall be in addition to the
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THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 89-5
PAGE 2
.
annual remuneration of the
law passed annually by
pursuant to Section 208,
or any successor section.
employee as determined by the by-
the Council of the Corporation
Paragraph 45 of the Municipal Act
4. The Corporation shall cause to be deducted from each pay of
such employees the amount which would otherwise be deducted
from such persons' pay had they been a member of OMERS¡ such
amount shall be deposited to a registered retirement plan of
such employee.
5. As a condition of proceeding with this arrangement each
employee so named shall execute an agreement with the
Corporation and Canadian Imperial Bank of Commerce
substantially in a form of the agreement annexed to and
forming part of the by-law, (Schedule "A"I.
6. The Reeve and the Clerk be and they are hereby authorized to
execute on behalf of the Corporation the agreement mentioned
in Section 5 with each employee named in Section 2.
By-law introduced and read a First time this FOURTEENTH day of
FEBRUARY, 1989.
By-law read a Second time this FOURTEENTH day of FEBRUARY, 1989.
By-law read a Third time and finally passed, signed, sealed, and
numbered 89-5 this FOURTEENTH day of FEBRUARY, 1989.
/JIV~
CLERK
REEVE
-.
SEAL
·
THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 89-5 (SCHEDULE "A" I
PAGE 3
A G R E E HEN T
BET WEE N:
hereinafter called "the Employee"
and
THE CORPORATION OF THE TOWNSHIP OF BRUCE
hereinafter called "the Employer"
and
CANADIAN IMPERIAL BANK OF COMMERCE
hereinafter called "the Bank"
WHEREAS the
contributions
Employee;
Employer has by By-law
to a registered retirement
Number 89-5 authorized
plan in the name of the
AND WHEREAS the Employee, as a
agreed to contribute to a registered
condition of employment,
retirement plan;
has
AND WHEREAS the Bank
depository for the
Employee;
has agreed to administer plans and act as a
contributions made by the Employer and the
NOW THEREFORE in consideration of these premises the parties
mutually covenant and agree as follows:
1. The Employee shall establish two registered retirement plans
with the Bank, one to be known as an employee plan and the
other as an employer plan.
2.
The plans shall be vested in the Employee from date of
establishment and the employee plan may be commuted or
surrendered at any time at the pleasure of the Employee
subject to the terms of the plan established with the Bank.
The Employer plan shall provide that it may not be commuted
or surrendered until
i) the Employee ceases to be an employee of the
Employer, or
ii) the last day of the calendar year in which the
Employee attains the age of 71 years, whichever
shall first occur.
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THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 89-5 (SCHEDULE "A" I
PAGE 4
3. The Employee shall in respect to each plan have the right to
direct the type of deposit agreement available with the Bank
and which qualifies as an investment for the purposes of the
Income Tax Act of Canada as a registered retirement plan.
4. The Employer shall cause deposits to be made to the Bank for
credit to the Employee's plans the amounts deducted as
settled by By-law Number 89-5 of the Corporation and such
deposits shall be made as and when determined by the
Treasurer employed by the Employer but not less than once
each month.
5. The Bank shall provide to the Employer the following:
a) the plan numbers of the Employee's plans;
bl an acknowledgement of each deposit made.
6. The Bank shall provide to the Employee not less than once
each calendar year a receipt for the deposits to the two
plans, such receipts to be in the form as required to
qualify for contributions to registered retirement plans for
purposes of the Income Tax Act of Canada.
7. It is understood and agreed that the Employer has no control
or direction in respect to either plan save that the
employer plan will not be commuted or surrendered other than
as provided in Paragraph 2 of this agreement. The Bank and
the Employee will establish a separate contractual
relationship as to the operation, administration and other
matters dealing with the deposits after received by the
Bank.
.
THE CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 89-5 (SCHEDULE "A")
PAGE 5
DATED this
day of
, 1989.
Employee
DATED this day of , 1989.
The Corporation of the Township of Bruce
Per
Reeve
Per
Clerk
DATED this day of , 1989.
Canadian Imper ial Bank of Commerce
Per