Common use of Cola Funds Clause in Contracts

Cola Funds. The COLA monies shall be reserved solely for the creation of two, distinct and dedicated COLA Funds with specific allocation as follows: • XXXX COLA Fund # 1 - effective April1, 2014 - for Employees who retire on or after October 1, 2009 shall have an allocation of 0.80% and, effective April1, 2015, shall have an allocation of 0.90% of regular pensionable earnings from each active Employee and each participating Employer, (hereinafter referred to as the "Active Employees Fund"). • XXXX COLA Fund # 2 - effective April1, 2015 - for Employees who retired on or before September 30, 2009 shall have an allocation of 0.10% of regular pensionable earnings from each active Employee and each participating Employer, (hereinafter referred to as the "Past Retirees Fund").

Cola Funds. The COLA monies shall be reserved solely for the creation of two, distinct and dedicated COLA Funds with specific allocation as follows: •  XXXX COLA Fund # 1 - effective April1, 2014 - for Employees who retire on or after October 1, 2009 shall have an allocation of 0.80% and, effective April1, 2015, shall have an allocation of 0.90% of regular pensionable earnings from each active Employee and each participating Employer, (hereinafter referred to as the "Active Employees Fund"). •  XXXX COLA Fund # 2 - effective April1, 2015 - for Employees who retired on or before September 30, 2009 shall have an allocation of 0.10% of regular pensionable earnings from each active Employee and each participating Employer, (hereinafter referred to as the "Past Retirees Fund").