Common use of Employee Mandatory Contributions Clause in Contracts

Employee Mandatory Contributions. Each mill group participant who is a member of a participating mill group union shall contribute to the plan, 4.5% of his earnings as defined in the Plan up to the Year’s Maximum Pensionable Earnings, and 6.0% of his earnings as defined in the Plan in excess of the Year’s Maximum Pensionable Earnings. Employee's earnings for regularly scheduled hours at the employee's classified rate of pay will be the total of all regularly scheduled straight time hours of work including those hours scheduled and worked on Sundays and Statutory Holidays (calculated at straight time for the purpose of this calculation) plus all monies paid for vacation. Effective January 1, 2005, the employee contribution changes to 6% of his earnings as defined in the Plan. Effective May 1, 2007, the employee contribution changes to 6.5% of his earnings as defined in the Plan. Effective May 1, 2008, the employee contribution changes to 7% of his earnings as defined in the Plan. Effective May 1, 2009, the employee contribution changes to 7.5% of his earnings as defined in the Plan.

Employee Mandatory Contributions. Each mill group participant who is a member of a participating mill group union shall contribute to the plan, 4.5% of his earnings as defined in the Plan up to the Year’s Maximum Pensionable Earnings, and 6.06% of his earnings as defined in the Plan in excess of the Year’s Maximum Pensionable Earnings. Employee's earnings for regularly scheduled hours at the employee's classified rate of pay will be the total of all regularly scheduled straight time hours of work including those hours scheduled and worked on Sundays and Statutory Holidays (calculated at straight time for the purpose of this calculation) plus all monies paid for vacation. Effective January 1, 2005, the employee contribution changes to 6% of his earnings as defined in the Plan. Effective May 1, 2007, the employee contribution changes to 6.5% of his earnings as defined in the Plan. Effective May 1, 2008, the employee contribution changes to 7% of his earnings as defined in the Plan. Effective May 1, 2009, the employee contribution changes to 7.5% of his earnings as defined in the Plan.