Common use of IRONWORKER MANAGEMENT PROGRESSIVE ACTION COOPERATIVE TRUST Clause in Contracts

IRONWORKER MANAGEMENT PROGRESSIVE ACTION COOPERATIVE TRUST. (IMPACT) Each employer working in the territorial jurisdiction of local Unions, 700, 721, 736, 759, 765 and 786 will actively participate in IMPACT. The Financial commitment to the trust agreement will be three quarters (3/4) of one percent of the Journeyperson base wage outlined in the schedules contained in the agreement. This commitment will be born equally by both Labour and Management and will be reflected in the District Council fund for deduction and remittance to the appropriate parties for each hour earned by employees covered by this agreement to IMPACT Deductions shall be remitted to the Benefit Plan Administrators post-marked by the 15th of the month following the month in which the hours were worked. If the Employer does not submit as required above an interest charge of fifteen percent (15%) per annum will be charged for any unpaid amount. Such interest charge to be calculated from the due date and continuing until the indebtedness is satisfied. Should expense be incurred for legal or other action required to obtain the assessments or interest due, the Employer shall be liable for any such expense.

IRONWORKER MANAGEMENT PROGRESSIVE ACTION COOPERATIVE TRUST. (IMPACT) Each employer working in the territorial jurisdiction of local Unions, 700, 721, 736, 759, 765 and 786 will actively participate in IMPACT. The Financial commitment to the trust agreement will be three quarters five eighths (3/45/8) of one percent of the Journeyperson base wage outlined in the schedules contained in the agreement. This commitment will be born equally by both Labour and Management and will be reflected in the District Council fund for deduction and remittance to the appropriate parties for each hour earned by employees covered by this agreement to IMPACT Deductions shall be remitted to the Benefit Plan Administrators post-marked by the 15th of the month following the month in which the hours were worked. If the Employer does not submit as required above an interest charge of fifteen percent (15%) per annum will be charged for any unpaid amount. Such interest charge to be calculated from the due date and continuing until the indebtedness is satisfied. Should expense be incurred for legal or other action required to obtain the assessments or interest due, the Employer shall be liable for any such expense.