Impact. In addition to the per-hour wage rate, the Employer shall contribute three- quarters of one percent (¾ of 1%) of the applicable hourly journeyman wage rate for each hour worked to Ironworkers Management Progressive Action Cooperative Trust (IMPACT), a jointly-trusted cooperative trust with federal tax-exempt status under Section 501(a) of the Internal Revenue Code as an exempt organization under Section 501(c)(5) of the Internal Revenue Code. Tax-exempt status determination was rendered under the initial name of the trust, which was the Employers Responsive Educational Cooperation Trust of North America. The general purposes of the trust include the improvement and development of the union ironworking industry through education, training, communication, cooperation, and governmental lobbying and legislative initiatives. The reporting, payment, frequency of payment, and administration of such contributions shall be governed by the terms of the IMPACT trust agreement, policies, and resolutions.
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