Money Purchase Plan. The first full pay period after Assembly approval of this Agreement the Municipality agrees to make contributions equal to 1.9% of each employee’s gross wages to the Alaska Electrical Workers Money Purchase Plan (Annuity Plan). Employees may also voluntarily contribute to the Alaska Electrical Workers Money Purchase Plan upon presentation of a properly signed authorization form to the Municipality. The Municipality agrees to withhold and forward voluntary contributions authorized by an Employee. This authorization for deduction may be discontinued at any time by the employee, but there must be a three (3) month waiting period prior to reinstatement of the deduction.
Money Purchase Plan. The ILA and USMX shall create a coastwise money purchase plan for qualified employees who are working hours under the Master Contract in ports that do not have local money purchase plans. The coastwise money purchase plan will be centrally managed. Qualification thresholds and disbursements for the coastwise plan shall be agreed upon by USMX and the ILA. Where a local money purchase plan exists, the money purchase plan contributions prescribed in this section will be transferred to the local money purchase plan. In any port one of the two hourly contributions set forth in subsections (a) and (b) of this section may be converted into an additional hourly contribution for local fringe benefit purposes as set forth in Article IV, Section 1 of this Master Contract provided the conversion is agreed to by all of the ILA locals covered by the Master Contract in the port as well as by the labor and management trustees in that port. The money purchase plan contributions shall be as follows:
Money Purchase Plan. The Employer agrees to make contributions equal to 1.3% of each employees gross wages to the Alaska Electrical Workers Money Purchase Plan (Annuity Plan). Employees may also voluntarily contribute to the Alaska Electrical Workers Money Purchase Plan upon presentation of a properly signed authorization form to the Employer. The Employer agrees to withhold and forward voluntary contributions authorized by an Employee. This authorization for deduction may be discontinued at anytime by the employee, but there must be a three (3) month waiting period prior to reinstatement of the deduction.
Money Purchase Plan. If this Plan is a profit sharing plan or a 401(k) plan and the Plan Administrator directs the Trustee to accept a transfer of assets from a money purchase plan (other than as a Qualified Transfer as defined in subsection (d) below), the amounts transferred (and any gains attributable to such transferred amounts) continue to be subject to the distribution restrictions applicable to money purchase plan assets under the transferor plan. Such amounts may not be distributed for reasons other than death, disability, attainment of Normal Retirement Age, or termination of employment, regardless of any distribution provisions under this Plan that would otherwise permit a distribution prior to such events.
Money Purchase Plan. In the case of a money purchase plan, no more than 10% of the fair market value of Plan assets may be invested in Qualifying Employer Securities and Qualifying Employer Real Property.
Money Purchase Plan. An Employer Contribution of 1.9% of gross annual earnings will become effective on the date of sale or October 30, 2020 which ever is later. Employees may voluntarily contribute to the Alaska Electrical Workers Money Purchase Plan upon presentation of a properly signed authorization form to the Employer. The Employer agrees to withhold and forward voluntary money purchase plan contributions authorized by an Employee. This authorization for deduction may be discontinued at any time by the employee. The foregoing payments to the Fund made by Employer will entitle the said covered employees of Employer to pension payments under such terms and conditions as may be lawfully provided for the administration and management of said Fund. All payments due hereunder will be made to the said Fund on or before the fifteenth (15th) day of the month following the month in which said compensable hours were earned by employees.
Money Purchase Plan. An Employer Contribution of 1.9% of gross annual earnings will become effective October 30, 2020. Employees may voluntarily contribute to the Alaska Electrical Workers Money Purchase Plan upon presentation of a properly signed authorization form to the Employer. The Employer agrees to withhold and forward voluntary money purchase plan contributions authorized by an Employee. This authorization for deduction may be discontinued at any time by the employee. 74
Money Purchase Plan. The Company has established a Money Purchase Plan that will pay thirty cents ($0.30) per hour worked for those employees working in excess of 1,000 hours in a calendar year. The Company also provides the G.R.S. 401k Plan that is contributory at the discretion of the Company.
Money Purchase Plan. Effective February 24, 2006, the City shall contribute 2% of salary toward a defined contribution Money Purchase Plan for part-time employees in the Professional Unit.
Money Purchase Plan. In addition to the current Flat Benefit Plan as noted above, a mandatory Money Purchase Plan will be introduced and will be applicable to all employees after one (1) year of service. This new Money Purchase Plan will be contributed to by both the Company and the employee. The Company will increase the contribution amount from $90.00 to $95.00 effective September 1, 2004. Effective October 1st, 2009 the monthly contribution level by both the employee and the employer will increase from $95.00 to $105.00. On September 1st, 2010 the employer will add a third unit of $105.00. The administrative costs associated with the Money Purchase Plan are to be paid for by the Company. These monies contributed to the Money Purchase Plan will be directed to the USW/Domtar Wood Products Supplementary Pension Plan. Employee’s who are off work due to Weekly Indemnity claim can for a period of up to twelve (12) months continue to contribute into the Money Purchase Plan.
