Estamp Plan. On and after May 7, 2003 , Employers shall participate in the Estamp Program as outlined herein. In lieu of remitting monthly hours reports on paper forms with corresponding payment by check, and in lieu of purchase and issuance of physical stamps, Employers obligated for fringe benefit contributions and association fees required by this Agreement shall purchase Estamps pursuant to the Estamp Program established and administered by xxx Xxxxxxxxxx’ Vacation Trust Fund of St. Xxxxx. Employers shall submit, at the time of purchase, such employees’ hours and other information on all employees as required by the Estamp Program to enable Estamps to be credited electronically to employees’ accounts, and shall abide by such rules and regulations as may now or hereafter be established for operation of the Estamp Program. Payment of Vacation and Holiday , Welfare and Pension contributions, plus any related association fees, will be made by electronic purchase of fringe benefit Estamp hours through the Estamp Program. One (1) Estamp hour, also referred to as an Estamp, shall be equivalent to one (1) regular hour worked or one (1) overtime hour worked by the employee. The price of each Estamp hour shall be equal to the sum of the hourly contribution rates established in this Agreement for Vacation and Holiday , Welfare and Pension contributions due on behalf of a covered employee, plus any association fees collected in accordance with this Agreement. The employee shall be entitled to one (1) Estamp hour for each full regular hour worked and two (2) Estamp hours for each full overtime hour worked during the pay period. Should the total number of Estamp hours worked by the employee during a pay week include a fractional amount and the fraction is more than one-half (1/2) hour, then the employee shall be entitled to one (1) Estamp hour for the fraction. If the fraction is one- half (1/2) hour or less, no Estamp hour shall be paid for the fraction. One (1) Estamp Receipt shall represent the total number of Estamp hours earned by the Employee and paid for by the Employer during a pay week. Upon completion of Estamp purchases, a record of the Estamp Receipt will be posted both on the Employer’s Internet Estamp Account and the Employee’s Internet Estamp Account for verification and tracking. Estamp Hours will be downloaded by xxx Xxxxxxxxxx’ Benefit Fund office electronically and posted to the appropriate fringe benefit fund. Contributions and association fees will be proces...
