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. 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 automatically incorporated into this Agreement. The following provisions shall apply to the implementation and operation of the Preferred Schedule:
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 4/1/2010, and that they expect the Fund will again be in critical status for the Plan Year beginning 4/1/11; (b) agreed that, to the extent permitted under the PPA and at the direction of the Board of Trustees, they will apply the requirements for relief granted to the Fund by the IRS under IRC § 412(e) to determine if the Fund will emerge from critical status under the Pension Fund’s Rehabilitation Plan; and (c) determined that the 2008 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: The Trustees are authorized and directed to make timely elections and take all other steps reasonably required under the Pension Relief Act to adopt the extended amortization period for net investment losses for 2008, the extended asset smoothing period of 10 years for such losses, and to use the full 130 percent corridor for the actuarial value of assets. As a result of the expectation that the Pension Fund will again be certified in critical status for the Plan Year beginning April 1, 2011, and that the 2008 Schedule and the Rehabilitation Plan adopted July 8, 2008 will no longer be sufficient to permit the Fund to emerge from critical status by March 31, 2024, the Trustees are authorized and directed to adopt the 2011 Preferred Schedule attached as Exhibit “A” hereto (the “2011 Preferred Schedule”), and to update the Rehabilitation Plan adopted July 9, 2008 as required by the PPA and to be consistent with the 2011 Preferred Schedule. If the 2011 Preferred Schedule is adopted by the Trustees, 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:
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:
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 parties agree to use their reasonable best efforts to support use of the relief granted to the Pension Fund by the IRS pursuant to IRC § 412(e) so as to avoid having the Plan certified as critical or endangered within the meaning of the Pension Protection Act (“PPA”) for any Plan Year. It is the intent and the understanding of the parties that if the Fund is certified as critical or endangered, the Fund actuaries have agreed that under the PPA as currently in effect they will apply the relief granted to the Fund by the IRS under IRC § 412(e) to determine if the Fund will emerge from critical status or exit from endangered status and that the Fund’s actuaries have determined that the conditions of the 2008 Schedule (as defined below) are sufficient to permit the Fund to emerge from critical status and go into the “green zone” without any benefit reductions or further contribution increases. In the event that the Plan’s actuaries are unable to avoid certifying the Plan as being in endangered or critical status within the meaning of the PPA, the provisions of this Article shall be re-opened upon such certification for the sole purpose of adopting and implementing the schedule of benefits and contribution rates (the “Schedule”) submitted to the bargaining parties in accordance with the PPA and the Rehabilitation Plan adopted by the Trustees. The bargaining parties agree that the Schedule shall be determined and adopted upon such re-opener as follows:
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. (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.
Pension Protection Act. The bargaining parties agree and understand that the Employer’s obligation to make pension contributions in addition to the base contribution rate specified in Section 20.2 and 20.3 of this Agreement shall be limited to the contribution rates required in the attached Alternate Schedule (modified only as provided herein) as follows: effective with hours worked in December 2009 a supplemental contribution of ten cents ($0.10) per contribution-eligible hour; effective with hours worked in December 2010 an additional supplemental contribution of fifteen cents ($0.15) per contribution-eligible hour; and effective with hours worked in December 2011 an additional supplemental contribution of fifteen cents ($0.15) per contribution-eligible hour. These supplemental contribution increases, in the aggregate, shall not exceed $0.40 cents per contribution- eligible hour during the term of this Agreement. It is understood and agreed that the Employer may reduce the amount of any supplemental contribution due the Trust (but not below zero) by the amount of any surcharge, deficiency or excise tax required to be paid by the Employer as a result of the plan’s being in the Red Zone under the Pension Protection Act (the “PPA”), including any amounts paid after January 1, 2009, the date the plan entered the Red Zone, and shall be accounted for in the form of a contribution credit. The supplemental contributions provided for herein shall be dedicated solely to improving the funding of the Plan, and shall not be used to increase or improve benefits, and will be reduced or discontinued upon determination by the Plan’s Trustees, based on projections provided by the Plan’s actuaries, that such supplemental contributions are no longer needed to support the level of benefits provided for under the Plan in accordance with the provisions of subsection (iv). As a result of the Plan's having been certified and being in critical status for the Plan Year beginning January 1, 2009, the Trustees have adopted the Rehabilitation Plan Alternate Schedule attached as Exhibit B hereto. The Alternate is hereby deemed approved by the bargaining parties and automatically incorporated into this Agreement.
Pension Protection Act. “PPA”). This Agreement is to be subject to the 2015 Plan Year Rehabilitation Plan adopted by the Sound Retirement Trust Board of Trustees, as revised June 20, 2016.
