Notes to the Financial Statements
December 31, 2021 and 2020
(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 is a defined contribution plan.
The Plan sponsor, PCS Administration (USA), Inc. (the Company) is a wholly owned subsidiary of Nutrien Ltd. (Nutrien). 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. (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.
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. Effective January 1, 2022, the above contribution matching policy will apply 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. Effective January 1, 2022, participants covered by the Mulberry collective bargaining agreement, will also be entitled to the 6 percent basic contribution.
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.
For the participants covered by the Lima collective bargaining agreement, the Company may also make a discretionary Company performance contribution
ranging from 0 percent to 3 percent of each eligible participants eligible pay. A discretionary Company performance contribution of $197,547 for the year ended December 31, 2021 was made in March 2022.
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