International Painters and Allied Trades Industry Pension Fund Sample Clauses

International Painters and Allied Trades Industry Pension Fund. (a) For the purpose of this Article, each hour paid for, including hours attributable to show up time, and other hours for which pay is received by the employee in accordance with this Agreement, shall be counted as hours for which contributions are payable. For the purpose of this Agreement the contributions on overtime hours will be payable on only actual hours worked. (b) Contributions shall be paid on behalf of any employee starting with the employee’s first day of employment in a job classification covered by this Agreement. This includes but is not limited to apprentices. (c) The payments to the Pension Fund required above shall be made to the IUPAT Industry Pension Fund, which was established under an Agreement and Declaration of Trust, dated April 1, 1967. The Employer hereby agrees to be bound by and to the said Agreement and Declaration of Trust, as amended from time to time, as though he had actually signed the same. (d) The Employer hereby irrevocably designates as its representatives on the Board of Trustees such Trustees as are now serving, or who will in the future serve, as Employer Trustees, together with their successors. The Employer further agrees to be bound by all actions taken by the Trustees pursuant to the said Agreement and Declaration of Trust, as amended from time to time. (e) All contributions shall be made at such time and in such manner as the Trustees require; and the Trustees may at any time conduct an audit in accordance with the provisions of this Agreement or said Declaration of Trust. (f) The parties agree that no later than December 31, 2021, the contribution rate to the IUPAT Industry Pension Fund for each hour, or portion thereof, worked shall be increased to $6.08 for all Journeymen, and First Year Apprentices will increase to $1.58, Second Year Apprentices $2.25, Third Year Apprentices $2.70, Fourth Year Apprentices $3.75. Prior to that time, the contribution rate shall be equal to the current rate plus the portion of the package increase allocated to Pension contributions by the Union.
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