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:
(a) Effective October 1, 2018, qualified employees shall receive a $1.00 per hour contribution; and
(b) Effective October 1, 2020, qualified employees shall receive an additional $1.00 per hour contribution.
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. 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. 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. An Employer Contribution of 1.9% of gross annual earnings will become effective on the date of sale or July 1, 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 (15) day of the month following the month in which said compensable hours were earned by employees.
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. If the Plan is a money purchase plan, this Section 3.1(A) applies and the Employer Contribution shall be determined in accordance with the applicable Money Purchase Plan Adoption Agreement.
Money Purchase Plan. Except as otherwise provided in this Article VII, if the Plan, as adopted by the Employer is a money purchase plan, benefits shall be paid in accordance with the provisions of Section 7.14.
