PENSION PROGRAM. A. The Employer shall pay twenty-six dol lars ($26.00) per month for employees who work an average of twenty-four (24) hours or more per week for the previous month into a jointly administered Employer-Union Pension Fund. To arrive at the twenty-four (24) hour per week average, the following method will be used: In months containing four (4) week endings, the hours worked in those four (4) weeks will be totaled and divided by 4. In those months hav ing five (5) week endings, the total hours worked in those five (5) weeks will be totaled and divided by 5.
B. Employees qualifying for payments to be made for them into the Trust Fund will have such payments discontinued upon being reduced to less than an average of twenty-four (24) hours per week for the eight (8) week period next preceding the date payments to the Health and Welfare Fund are due.
C. The Employer agrees to pay the contri butions for those qualifying for one (1) month following termination of employment.
D. The jointly administered Employer-Union Pension Fund shall be administered by an equal number of Trustees representing the Employer and an equal number of Trustees representing' the Union. Said Pension Fund shall be used to provide benefit pensions for eligible employees of the Employer as provided in a Pension Plan, the terms and provisions of which are to be agreed upon by the parties hereto; said Pension Plan, shall among other things, provide that all benefits under the Plan and costs, charges and expenses of administering the Plan and all taxes levied or assessed upon or in respect of said Plan or Trust or any income therefrom shall be paid out of the Pension Fund.
E. Effective November 1, 1964, the Employer reserves the right to cancel the Employer’s Re tirement Plan then in effect as well as the Company profit-sharing program.
F. A copy of the Trust Agreement and any Amendments thereto shall be made a part here to, as herein at length set forth . . . Trust Agreement and Pension Plan shall in all re spects comply with all applicable legal require ments.
G. Contribution for new employees will not be paid until the first of the month following a full thirty (30) days of employment.
PENSION PROGRAM. Year Current 3/1/2021 3/1/2022 3/1/2023 3/1/2024
A. The parties understand and agree that as of March 1, 2014, the Employer shall cease making contributions to the CMTA-Independent Tool and Die Craftsmen Association Pension Trust with the intent and effect of accomplishing a partial or complete withdrawal from the CMTA Pension Plan.
B. Effective on March 1, 2021, the Employer shall direct a contribution of Four Dollars and Eighty Cents ($4.80) for each straight time hour of work or compensated time compensated as defined as wages for straight time or overtime, paid directly by the employer, up to a maximum of Two Thousand Five Hundred (2500) hours in a calendar year to the CWA Savings & Retirement Trust, a defined contribution plan. The Pension Contribution for apprentices and helpers shall be at 80% from the table above.
C. It is further agreed that it is the intention of the parties to this agreement that no Employer shall be required to provide double benefits. To this end, any pension plan which is now or may be established by any Employer, including all of its provisions, its alteration in any way, or its termination in whole or in part, will be considered outside the scope of collective bargaining for as long as such plan exists.
PENSION PROGRAM. It is hereby understood and agreed that:
(a) In or about June 2005, the parties agreed to change the recipient of pension contributions and that the employer would contribute the sum of one dollar ($1.00) to the CMTA-Independent Tool & Die Craftsmen Association Trust (CMTA Plan) for each hour worked and contribute all other agreed upon pension monies to the CWA Savings and Retirement Trust (CWA Plan). The parties acknowledge and agree that the collective bargaining agreement they entered into in 2007 and that will expire on June 30; 2011 mistakenly failed to reflect this change even though the parties agreed that during the term of that 2007-2011 agreement; the employer would contribute $1.00 for each hour worked to the CMTA Plan with all other pension monies to be contributed to the CWA Plan. By this provision; the parties do hereby amend the 2007-2011 collective bargaining agreement to reflect that agreement and to correct their mutual drafting error.
(b) The employer will continue to pay the contributions provided below for each hour worked up to a cap of 50 hours per week, said contributions to be apportioned as follows: an amount to be paid to the CMTA Plan as required by said Plan's trustees as is necessary to satisfy said Plan's funding requirements under the Pension Protection Act of 2006 and in accordance with said Plan's rehabilitation plan/default schedule, if any, and with the remainder of said contribution paid to the CWA Plan.
(c) Pursuant to a side letter between the Employer and the Union executed on May 16, 2014, the parties agreed that, as of March 1, 2014, the Employer would permanently cease to have any continuing obligation to make contributions to the CMTA-Independent Tool & Die Craftsmen Association Trust (CMTA Plan). Through this side letter and the Employer's permanent cessation of contributions, the Employer effectuated a complete withdrawal from the CMTA Plan under the Multiemployer Pension Plan Amendments Act of 1980. In accordance with this side letter, the parties are currently in the process of resolving any outstanding withdrawal liability. Once the parties have reached an agreement and the Employer has satisfied the agreed upon withdrawal liability to the CMTA Plan, the Employer will have no further obligations to the CMTA Plan and Sections (a) and (b) of this Article XVII will be null and void.
(d) In accordance with the parties' withdraw/exit from the CMTA Plan, the amount specified below shall be contributed into the CWA...
PENSION PROGRAM. Upon commencement of employment, all employees will become participants in the Public Employees Retirement System (PERS). The PERS program provides for life insurance coverage. Rights, benefits, qualifications and restrictions and/or conditions are all established by the Public Employees Retirement System and shall be in accordance with applicable law. Upon commencement of employment, it is the obligation of the employee to contact the Human Resources Office to complete the necessary application forms, prior to employee eligibility dates.
PENSION PROGRAM. Section 19.1 The parties agree that employees covered by this Agreement shall participate in the SEIU National Industry Pension Plan Fund ("Fund"), and that each Employer, the Union and the
Section 19.2 The rights of employees participating in the Fund with respect to eligibility to participate, vesting of benefits, benefit accrual and eligibility for benefits, shall be as set forth in the Trust Agreement as amended from time to time by the Trustees.
PENSION PROGRAM. The Employer agrees to pay to the Amalga mated Meat Cutters’ and Butcher Workmen of North America, Local 88, & Food Employers and Allied Industry Pension Fund eight dollars ($8.00) per week for each employee covered by this Agreement who works ninety-two (92) hours per month during the preceding month, said payments to be made to the Fund Office on or before the tenth (10th) of each month. It is further agreed that this Trust, details of which are set forth in a separate Agreement, is hereby made an integral part of this Agreement.
PENSION PROGRAM. (a) The Employer agrees to pay to the Amal gamated Meat Cutters’ and Butcher Work men of North America, Local 88, & Food Employers’ and Allied Industry Pension Fund eight dollars ($8.00) per week for each employee covered by this Agreement Who works ninety-two (92) hours per month during the preceding month, said payments to be made to the Fund Office on or before the tenth (10th) of each month. It is further agreed that this Trust, details of which are set forth in a separate Agree ment, is hereby made an integral part of this Agreement.
(b) The Employer shall make contribution to the Pension Program for three (3) con secutive months during which an employee is off from work due to verified illness or verified injury off the job.
PENSION PROGRAM. A. Each Employer signatory to this Agreement shall pay into the Sign, Pictorial and Display Pension Program for each hour paid or owed for employees covered by this Agreement, $3.50. The Union may defer wages to the Pension plan during the term of this Agreement.
B. Payments are due and payable into the Pension Program between the first and fifteenth day of each month, provided that the Employers receive the necessary forms and data by the first of the month.
C. The Sign, Pictorial and Display Pension Program shall be administered in accordance with the provisions of the Trust Agreement adopted by the parties hereto and by any amendments thereto, and each Employer signatory to this Agreement agrees to be bound by all of the terms and conditions of said Trust Agreement and any amendments thereto now in force or hereafter adopted.
PENSION PROGRAM. Immediately upon the Borrower's realization of Net --------------- Cash Proceeds attributable to the termination of the Ethyl Corporation Pension Plan, the Borrower shall prepay the Loans in an aggregate amount equal to 100% of the Net Cash Proceeds received from such plan (such prepayment to be applied as set forth in clause (vii) below).
PENSION PROGRAM. Section 1. The Employer shall pay into the Service Employees International Union National Industry Pension Fund $692.00 per month on account of each member of the bargaining unit, or $160.00 per week for each week employed if employed less than the full month, or $32.00 per day if employed less than one (1) week for all days of more than four (4) hours' work, said amount to be computed monthly. The total amount due for each calendar month shall be remitted in a lump sum not later than twenty (20) days after the last business day of such month. The Employer agrees to abide by such rules as may be established by the Trustees of said trust fund to facilitate the determination of hours for which contributions are due; the prompt and orderly collection of such amounts and the accurate reporting and recording of such hours and such amounts paid on account of each member of the bargaining unit. Failure to make all payments herein provided for within the specified time shall be a breach of this Agreement. The Employer hereby agrees to be bound by the provisions of the Agreement and Declaration of Trust establishing the Fund, as it may from time to time be amended, and by all resolutions and rules adopted by the Trustees pursuant to the powers delegated to them by that agreement, including collection policies, receipt of which is hereby acknowledged. The Employer hereby designates the Employer members of the Fund's Board of Trustees, or their duly selected successor(s), as its representatives on the Board. The parties to this Agreement adopt the Preferred Schedule of benefit changes and contribution increases provided in the Rehabilitation Plan adopted by the Service Employees International Union National Industry Pension Fund and set out in a memorandum dated November 25, 2009. Should the Employer consider at any time during the term of this agreement to permanently cease to contribute to the Service Employees International Union National Industry Pension Fund, such decision shall be made by mutual agreement between the parties and require contributions at the rate of $692.00 per month, $160.00 per week or $32.00 per day for which a member of the bargaining unit is paid, as described in the first paragraph above, to be made to an alternative retirement plan. Mutual agreement will not be unreasonably withheld.
Section 2. The Employer agrees to provide payroll deduction for employee’s contributions to the Machinists District Lodge 24 Retirement Savings Plan (401K).
