National Pension Fund Pension Fund Sample Clauses

National Pension Fund Pension Fund. The City of Xxxxxxxx agrees to contribute to the I.A.M. National Pension Fund pursuant to the authorized amount for each hour or portion thereof for which employees in all job classifications covered by this Agreement are entitled to receive pay under this Agreement. The City of Scranton will contribute this amount each pay period. Deductions shall be remitted with the roster of employees and amount of employee contribution to the I.A.M. National Pension Fund no later than the tenth (10th) day of the month following the month in which the deduction was made and shall include deductions made in the previous month. The hourly rate contributed shall not exceed a maximum of forty (40) hours per work week. The City of Scranton shall continue contributions based on a forty (40) hour work week while an employee is off work due to paid leave or paid holidays. The City of Scranton shall also make contributions whenever an employee receives vacation pay at termination, or vacation pay in lieu of time off. Contributions for a new, temporary, probationary, part-time and full-time employee are payable from the first day of employment. The IAM&AW Local Lodge 2462 and the City of Scranton adopt and agree to be bound by, and hereby assent to the Trust Agreement, dated May 1, 1960, as amended, creating the I.A.M. National Pension Fund and the Plan rules adopted by the Trustees of the I.A.M. National Pension Fund in establishing and administering the foregoing Plan pursuant to the said Trust Agreement, as currently in effect and as the Trust and Plan may be amended from time to time. The parties acknowledge that the Trustees of the I.A.M. National Pension Fund may terminate the participation of the employees and the in the Plan if the successor collective bargaining agreement fails to renew the provisions of this pension Article or reduces the Contribution Rate. The parties may increase the Contribution Rate and/or add job classifications or categories of hours for which contributions are payable. The IAMAW, Direct 1, Local Lodge 2462 and the City of Scranton agree that upon mutual agreement between the clerical bargaining unit and the City, employees hired prior to January 1, 2012 currently in the Non-uniform Pension Fund may be transferred into a mutually agreeable alternate pension fund, such as the IAM or similar pension fund. This Article contains the entire agreement between the parties regarding pensions and retirement under this Plan and any contrary provisions in t...

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Related to National Pension Fund Pension Fund

Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.
Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.