LOCAL 1645
 
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LETTER OF UNDERSTANDING
BETWEEN
GLENBOW - ALBERTA INSTITUTE
AND
CUPE LOCAL 1645

RE: CONTRIBUTION OF EARNED OVERTIME TO GRRSP

The Employer shall allow Employees who are entitled to participate in the Registered Retirement Savings Plan held in the Employer's name to contribute overtime earned in accordance with Sections 301.01, 301.02, 301.05, 301.06 and 301.07 of the Collective Agreement to this plan. There will be no matching contribution to these payments by the Employer.

When requested by the Employee, the Employer will accumulate overtime earned in accordance with the above mentioned sections and contribute it to the Plan on a quarterly basis. The cut-off dates for quarterly contributions will be June 30, September 30, December 31, and March 31. Overtime earned and not paid out in the period up to and including the last pay-period before each cut-off date, will be contributed to the Plan in the first pay-period following each cut-off date.

Contributions of earned overtime will begin with the first cut-off date falling after the ratification of the agreement, or if this is less than two calendar months, the second cut-off date listed.



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