Pension Protection Act. The Fund actuaries have: (a) certified under the Pension Protection Act (the “PPA”) that the Pension Fund was in critical status for each of the Plan Years beginning 4/1/2008 to 4/1/2016, and that they expect the Fund will again be in critical status for the Plan Year beginning 4/1/2017; (b) if the Fund will emerge from critical status under the Pension Fund’s Rehabilitation Plan; and (c) determined that the 2014 Schedule (as that term is defined in the previous collective bargaining agreement) is no longer sufficient to permit the Fund to emerge from critical status during the required time frame, even if the Fund takes full advantage of the funding relief available under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (the “Pension Relief Act”). Therefore, the parties hereby agree as follows: Because the 2014 Schedule and Rehabilitation Plan is no longer sufficient to permit the Fund to emerge from critical status by March 31, 2024, the Trustees are authorized and directed to adopt a new 2016 Preferred Schedule which provides for increases in the employer contribution rates consistent with this Article (the “2016Preferred Schedule”). The Trustees are further authorized to update the Rehabilitation Plan as required by the PPA and to be consistent with the 2014 Preferred Schedule. Upon adoption of the 2016 Preferred Schedule, it is hereby deemed approved by the bargaining parties and automatically incorporated into this Agreement. The following provisions shall apply to the implementation and operation of the Preferred Schedule:
i. The bargaining parties agree and understand that the Employer’s obligation to make pension contributions in addition to the base contribution rate specified in Article 15, Section B(1)
(a) of this Agreement shall be limited to the following contribution rates provided herein: Effective with hours worked in January 2012, payable in February 2012, and ending with hours worked through June 2012, a supplemental contribution of eight and 3/10 cents ($0.083) per contribution-eligible hour; Immediately in the event the Fund is unsuccessful in prospectively terminating its 412(e) relief, but no later than hours worked in July 2012, payable in August 2012, the foregoing supplemental contribution shall automatically be reduced to seven and 7/10 cents ($0.077) per contribution-eligible hour; Effective with hours worked in October 2012, payable in November 2012, an additional supplemental contrib...
Pension Protection Act. “PPA”). This Agreement is to be subject to the 2018 Plan Year Rehabilitation Plan adopted by the Board of Trustees as revised December 5, 2019.
Pension Protection Act. “PPA”).
(a) This Agreement is to be subject to the 2015 Plan Year Rehabilitation Plan adopted by the Board of Trustees as revised June 20, 2016.
Pension Protection Act. The National Benefits Joint Committee provided for in Article 20, Section 3 of this Agreement shall hold back a portion of the national fringe benefit increase amounts to pay for any surcharges legally imposed by the Pension Protection Act of 2006 (PPA) during the term of the Agreement. Such holdback shall occur annually prior to the release of any national fringe benefit increase amount to the Supplemental Negotiating Committees for allocation to the applicable H&W and pension funds. The annual holdback amount will be sufficient to pay for any surcharge amount imposed by a pension fund in critical (“red”) status, as defined by ERISA Section 305(b)(2), and the parties’ intent is that the national fringe benefit increases in the NMFA are sufficient to cover any potential surcharges, unless otherwise required by law. The Union and the Employers will establish rules of procedures for the National Benefits Joint Committee. The National Benefits Joint Committee will require each pension fund receiving contributions pursuant to this Agreement to certify on an annual basis whether it will be in critical status during the upcoming twelve (12) month period commencing August 1st. For those pension funds certifying that they will not be in critical status, the held-back amount will be released to the appropriate Supplemental Negotiating Committee for typical allocation between H&W and pension. For those pension funds certifying that they will be in critical status (as well as those funds failing to certify regarding their status), the National Benefits Joint Committee will hold back and designate the appropriate surcharge amount from the holdback. In the event the holdback amount is greater than the surcharge for a fund, the remaining amount will be released to the appropriate Supplemental Negotiating Committee for allocation between H&W and pension.
Pension Protection Act. The undersigned Parties acknowledge and agree that the applicable multi-employer pension plans are, or may become, subject to the remedial provisions and requirements of the federal Pension Protection Act of 2006 (PPA), which sets forth certain funding standards and remedial requirements for multi-employer pension plans. Under applicable circumstances, the PPA imposes extra-contractual obligations upon contributing employers. The Union hereby agrees that, in the event any contribution surcharges, funding obligation, eligibility requirements, rehabilitation plan terms, or any other PPA provision or requirement results, in obligating the Employer to contribute any amount in excess of the amount agreed upon here- in during the term of this Agreement, the corresponding amount of such additional contribution obligation shall be offset by equivalent reductions to the wage rates set forth in Schedule A of this Agreement. Should the offset amounts not be readily ascertainable, i.e., other than $xx.xx per hour per employee or $xx.xx per week, per employee, the undersigned Parties shall attempt to agree upon the amount(s) and methodology for the calculation and implementation of any such offsets. Failing to agree, the matter shall be subject to the grievance and arbitration procedure set forth in Article X of this Agreement. The costs of such arbitration shall be borne by the Union.
Pension Protection Act. The Fund actuaries have: (a) certified under the Pension Protection Act (the “PPA”) that the Pension Fund was in critical status for each of the Plan Years beginning 4/1/2008 to 4/1/2016, and that they expect the Fund will again be in critical status for the Plan Year beginning 4/1/2017; (b) determined that the 2014 Schedule (as that term is defined in the previous collective bargaining agreement) is no longer sufficient to permit the Fund to emerge from critical status during the required time frame, even if the Fund takes full advantage of the funding relief available under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (the “Pension Relief Act”). Therefore, the parties hereby agree as follows: Because the 2014 Schedule and Rehabilitation Plan is no longer sufficient to permit the Fund to emerge from critical status by March 31, 2024, the Trustees are authorized and directed to adopt a new 2016 Preferred Schedule which provides for increases in the employer contribution rates consistent with this Article (the “2016 Preferred Schedule”). The Trustees are further authorized to update the Rehabilitation Plan as required by the PPA and to be consistent with the 2016 Preferred Schedule. Upon adoption of the 2016 Preferred Schedule, it is hereby deemed approved by the bargaining parties and
Pension Protection Act. (i) As a result of the Plan's having been certified and being in critical status beginning with the Plan Year commencing September 1, 2011, the Plan's Trustees adopted a Rehabilitation Plan that includes the Preferred Schedule attached as Exhibit B hereto. The bargaining parties agree and understand that the Employer’s obligation to make supplemental pension contributions in addition to the base contribution rates specified in Section 15.02 of this Agreement shall be limited to the contribution rates required in the Preferred Scheduled attached as Exhibit B.
(ii) The supplemental contributions required by the Preferred Schedule shall be effective bargaining with hours worked in the first month that begins after ratification of the Agreement.
(iii) In no event shall any contribution increases be required during the term of this Agreement as a result of annual updates or other changes to the Rehabilitation Plan and its schedules.
(iv) The contributions provided for under the Preferred Schedule shall be dedicated solely to improving the funding of the Plan, and shall not be used to increase or improve benefits.
(v) The Plan's Trustees are authorized and directed to reduce Plan benefits as provided in the Preferred Schedule attached as Exhibit B.
Pension Protection Act. “PPA”).
(a) Prior to the merger this Agreement is to be subject to the Rehabilitation Plan adopted by the Board of Trustees of the Washington Meat Industry Pension Trust for the Plan year last modified January 17, 2014.
Pension Protection Act. (i) As a result of the Plan's having been certified and being in critical status beginning with the Plan Year commencing September 1,2011, the Plan's Trustees adopted a Rehabilitation Plan that includes the Preferred schedule attached as Exhibit B hereto. The bargaining parties agree and understand that the Employer's obligation to make supplemental pension contributions in addition to the base contribution rate specified in Section 17.02 of this Agreement shall be limited to the contribution rates required in the Preferred Schedule attached as Exhibit B.
(ii) The supplemental contributions required by the Preferred Schedule shall be effective beginning with hours worked in the first month that begins after ratification ofthe Agreement.
(iii) In no event shall any contribution increases be required during the term of this Agreement as a result of annual updates or other changes to the Rehabilitation Planand itsschedules.
(iv) The contributions provided for under the Preferred Schedule shall be dedicated solely to improving the funding of the Plan, and shall not be used to increase or improve benefits.
(v) The Plan's Trustees are authorized and directed to reduce Plan benefits as provided in the Preferred Schedule attached as Exhibit B. Exhibit B Hired on or Before 4/30/05 Base Special Rehab Total Rate Effective August 2012 95 cents 15 cents 9 cents $1.19 Effective August 2013 95 cents 15 cents 18 cents $1.28 Effective August 2014 95 cents 15 cents 27 cents $1.37 Hired After 4/30/05 Base Special Rehab Total Rate Effective August 2012 48 cents 0 cents 9 cents 57 cents Effective August 2013 48 cents 0 cents 17 cents 65 cents Effective August 2014 48 cents 0 cents 25 cents 73 cents
Pension Protection Act