NUTRIEN COLLECTIVELY BARGAINED
401(k) RETIREMENT PLAN
Notes to the Financial Statements
December 31, 2022 and 2021
(US dollars)
The following description of the Nutrien Collectively Bargained 401(k) Retirement Plan (the Plan) is provided for general information purposes
only. Participants should refer to the Plan document for a more complete description of the Plans provisions.
The Plan sponsor, PCS Administration
(USA), Inc. (the Company) is a wholly owned subsidiary of Nutrien Ltd. (Nutrien). The Plan is a defined contribution plan established for the benefit of all eligible employees of the Company; PCS Purified Phosphates; PCS
Nitrogen Ohio, L.P. (Lima); and White Springs Agricultural Chemicals, Inc. (White Springs); who are represented by a collective bargaining agreement, as defined in the Plan and union employees at Florence, AL;
Mulberry, FL; & Americus, GA. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
The
trustee of the Plan is Fidelity Management Trust Company (Fidelity or Trustee). The recordkeeper of the Plan is Fidelity Investments Institutional Operations Company, Inc., an affiliate of the Trustee. The Plan is
administered by a committee of three or more persons (the Plan Committee) appointed by Nutriens Board of Directors. The Plan Committee determines the appropriateness of the Plans investment offerings and monitors investment
performance.
All of the Plans investment assets are held in a trust account at the Trustee and consist of an interest in an investment account of
the Nutrien 401(k) Retirement Plan Master Trust (the Master Trust), a master trust established by an affiliate of the Company on behalf of the Company and administered by the Trustee.
Participant eligibility and plan entry
Employees of the
Company are eligible to participate in the Plan if they are represented by a collective bargaining unit of the Companys participating subsidiaries or affiliated companies. Regular full-time employees are enrolled into the Plan as soon as
practical after they begin working with the Company. Employees who are not regular full-time employees and are not otherwise ineligible are enrolled into the Plan at which time they complete a year of eligibility service.
Contributions
Participants may contribute up to
75 percent of eligible compensation each year, as defined in the Plan, subject to certain Internal Revenue Code of 1986, as amended (IRC), limitations. These contributions may be pre-tax
contributions and/or ROTH after-tax contributions. Participants who are age 50 and over may also make catch-up contributions. The Plan has an automatic
enrollment provision, under which new participants make a 3 percent pre-tax contribution, unless they formally waive participation or elect a different participation level. The Plan also has an automatic
increase program, which is available for participants to voluntarily elect to have an increase in the deferral rate each year in the Plan on or after April 2, 2012. The Plan has an automatic enrollment provision, under which new participants
make a 3 percent pre-tax contribution, unless they formally waive participation or elect a different participation level. The Plan has an automatic increase provision, under which new participants
are automatically enrolled to have an automatic increase of 1 percent per year up to a maximum of 10 percent, unless they formally waive participation.
For participants covered by the Lima and White Springs respective collective bargaining agreements, the Company matches 100 percent of the first
3 percent of eligible compensation that participants contribute for a maximum match of 3 percent. For all other participants, the Company does not provide a match. Catch-up contributions are eligible
for the Company match. Participants may also rollover amounts representing distributions from other qualified defined benefit or contribution plans (rollover contributions), which are not eligible for the Company match. Effective January 1,
2022, the above contribution matching policy applies to participants covered by the Mulberry collective bargaining agreement.
The Company also
contributes a basic contribution of 6 percent of eligible compensation on behalf of each eligible employee of Lima, as defined in the Plan and effective January 1, 2022, includes participants covered by the Mulberry collective bargaining
agreement.
Effective January 1, 2022, for Mulberry Union employees meeting the required criteria set forth in the collective bargaining agreement,
the Company will make a non-elective Transition Contribution equal to a percentage of eligible compensation to the employee account each pay period. The Transition Contribution will continue through the end of
the current respective collective bargaining agreement.
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