Common use of PENSION PROGRAM Clause in Contracts

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.