Notes to the Financial Statements
December 31, 2020 and 2019
(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. Prior to January 1, 2020, the Plan was previously named as PCS U.S. Employees Savings Plan for
Collectively Bargained Employees. The Plan is a defined contribution plan.
The Plan sponsor, PCS Administration (USA), Inc. (the
Company) is a wholly owned subsidiary of Nutrien Ltd. (Nutrien). Prior to December 31, 2019, the Plan was 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., who are represented by a collective bargaining agreement, as defined in the Plan. On December 31, 2019, the Agrium 401(k) Savings Plan for Union Employees
at Florence, AL; Mulberry, FL; & Americus, GA (Agrium Plan) merged with the Plan. As of the merger date onwards, the net assets of the Agrium Plan are governed by the terms of the Plan and the Agrium Plan ceased to exist as a
separate plan effective with the merger date. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
The trustee of the Plan at December 31, 2020 and 2019 was Fidelity Management Trust Company (Fidelity or Trustee).
The recordkeeper of the Plan at December 31, 2020 and 2019 was 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.
Effective January 1, 2020, 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. Prior to January 1,
2020, the Plan assets were not held in a Master Trust.
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.
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.
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.
After the end
of each plan year, the Company may make an additional true-up matching contribution to a participant account if the aggregate matching contribution allocation for the plan year is less than the
amount the participant would otherwise have received as matching contributions had the participant employee contributed at least 3 percent of eligible compensation for each pay period throughout the plan year. The amount of the true-up contribution will be the difference between the amount of matching contributions allocated to the participant account during the plan year and the amount that would have been allocated for the plan year had
the participant contributed at least 3 percent of eligible compensation throughout the year.
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