HomeMy WebLinkAboutBRU 89 005 rrsp employees 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 -. 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. --. 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