Common use of Pension Funding Protection Clause in Contracts

Pension Funding Protection. (a) When the Pension Plan first becomes one hundred and twenty percent (120%) or more funded(as determined by the Plan’s actuary using such actuarial assumptions and methods for valuation of both Plan assets and liabilities which in the aggregate represent the actuary’s best estimate of the Plan’s funded status,) the parties agree that non-benefit contribution amounts allocated under the Pension Plan’s Funding Improvement Plan or Rehabilitation Plan (i.e. monies in excess of the seven dollars ($7.00) per hour Journeyman rate and the five dollars and forty cents ($5.40) per hour Apprentice rate and referred to herein as “excess monies”) shall be reallocated to the Annuity Fund as of a date determined by the Board of Trustees if permitted under Federal Law in effect at that time.

Pension Funding Protection. (a) When the Pension Plan first becomes one hundred and twenty percent (120%) or more funded(as funded (as determined by the Plan’s actuary using such actuarial assumptions and methods for valuation of both Plan assets and liabilities which in the aggregate represent the actuary’s best estimate of the Plan’s funded status,) the parties agree that non-benefit contribution amounts allocated under the Pension Plan’s Funding Improvement Plan or Rehabilitation Plan (i.e. monies in excess of the seven dollars ($7.00) per hour Journeyman rate and the five four dollars and forty sixty two cents ($5.404.62) per hour Apprentice Trainee rate and referred to herein as “excess monies”) shall be reallocated to the Annuity Fund as of a date determined by the Board of Trustees if permitted under Federal Law in effect at that time.