Common use of Required Contributions Clause in Contracts

Required Contributions. (a) (i) The Employers agree to make pension contributions for each hour worked by each Employee covered by this Agreement in addition to the wages herein stipulated, said amounts may hereafter be amended in future bargaining: That for each hour worked by each employee covered under this agreement 25 cents per hour of the above pension contribution shall be paid towards a percentage of contribution plan whereby the monthly accrued benefit payable at regular retirement age is determined by taking the multiplier times the amount of a participant's total contributions during his years of plan participation. From June 1, 2021 until May 31, 2022 the Employers shall contribute $13.49 per hour. From June 1, 2022 until May 31, 2023 the Employers shall contribute $13.49 per hour from the amount payable for the June 1, 2021 - May 31, 2022 contract year plus such additional amount as the Union chooses to allocate from its June 1, 2022 total economic adjustment package. From June 1, 2023 until May 31, 2024 the Employers shall contribute the amount payable for the June 1, 2022 - May 31, 2023 contract year plus such additional amount as the Union chooses to allocate from its June 1, 2023 total economic adjustment package. As part of the collective bargaining process, for purposes of funding the IUPAT Industry Pension Fund, the Employer and the Union agree to an increase of an additional thirty four cents (.34¢) per hour for a fifth year June 1, 2021 through May 31, 2022. Such contributions shall be made to the Chicago Painters and Decorators Pension Fund, hereafter referred to as the “Pension Fund.” Such amount will be no less than the amount calculated by the Pension Fund consultant as is required to maintain the current level of benefits before any amount is allocated to the wage portion of the total economic adjustment package for that year.

Required Contributions. (a) (i) The Employers agree to make pension welfare contributions for each hour worked by each Employee covered by this Agreement in addition to the wages herein stipulated, said amounts may hereafter be amended in future bargaining: That bargaining as required to maintain the current level of benefits. From June 1, 2017 until May 31, 2018 each Employer shall contribute $11.56 per hour for each hour worked by each employee Employee covered under by this agreement 25 cents per hour of the above pension contribution shall be paid towards a percentage of contribution plan whereby the monthly accrued benefit payable at regular retirement age is determined by taking the multiplier times the amount of a participant's total contributions during his years of plan participationagreement. From June 1, 2021 2018 until May 31, 2022 the Employers 2019 each Employer shall contribute $13.49 per hour. From June 1, 2022 until May 31, 2023 the Employers shall contribute $13.49 11.56 per hour from the amount payable for the June 1, 2021 2017 - May 31, 2022 2018 contract year year, plus such additional amount as the Union chooses to allocate from its June 1, 2022 2018 total economic adjustment package. From June 1, 2023 2019 until May 31, 2024 the Employers 2020 each Employer shall contribute the amount payable for per hour from the June 1, 2022 2018 - May 31, 2023 2019 contract year year, plus such additional amount as the Union chooses to allocate from its June 1, 2023 2019 total economic adjustment package. As part of the collective bargaining process, for purposes of funding the IUPAT Industry Pension Fund, the Employer and the Union agree to an increase of an additional thirty four cents (.34¢) per hour for a fifth year From June 1, 2021 through 2020 until May 31, 20222021 each Employer shall contribute the amount per hour from the June 1, 2019 - May 31, 2020 contract year, plus such additional amount as the Union chooses to allocate from its June 1, 2020 total economic adjustment package. Such contributions shall be made to the Chicago Painters and Decorators Pension Welfare Fund, hereafter referred to as the “Pension Welfare Fund.” Such amount will be no less than The Union commits to allocate to the amount Welfare Fund from its total economic package during the life of this contract such amounts as are required to maintain current benefits, as calculated by the Pension Welfare Fund consultant as is required to maintain the current level of benefits consultants, before any amount distribution is allocated made to the wage portion of allocation from the total economic adjustment package for that yearpackage.

Required Contributions. (a) (i) The Employers agree to make pension contributions for each hour worked by each Employee covered by this Agreement in addition to the wages herein stipulated, said amounts may hereafter be amended in future bargaining: That for each hour worked by each employee covered under this agreement 25 cents per hour of the above pension contribution shall be paid towards a percentage of contribution plan whereby the monthly accrued benefit payable at regular retirement age is determined by taking the multiplier times the amount of a participant's total contributions during his years of plan participation. From June 1, 2021 2017 until May 31, 2022 2018 the Employers shall contribute $13.49 11.44 per hour. From June 1, 2022 2018 until May 31, 2023 2019 the Employers shall contribute $13.49 11.44 per hour from the amount payable for the June 1, 2021 2017 - May 31, 2022 2018 contract year plus such additional amount as the Union chooses to allocate from its June 1, 2022 2018 total economic adjustment package. From June 1, 2023 2019 until May 31, 2024 2020 the Employers shall contribute the amount payable for the June 1, 2022 2018 - May 31, 2023 2019 contract year plus such additional amount as the Union chooses to allocate from its June 1, 2023 2019 total economic adjustment package. From June 1, 2020 until May 31, 2021 the Employers shall contribute the amount payable for the June 1, 2019 - May 31, 2020 contract year plus such additional amount as the Union chooses to allocate from its June 1, 2020 total economic adjustment package. As part of the collective bargaining process, for purposes of funding the IUPAT Industry Pension Fund, the Employer and the Union agree to an increase of an additional thirty four cents (.34¢) per hour for a fifth year June 1, 2021 through May 31, 2022. Such contributions shall be made to the Chicago Painters and Decorators Pension Fund, hereafter referred to as the “Pension Fund.” Such amount will be no less than the amount calculated by the Pension Fund consultant as is required to maintain the current level of benefits before any amount is allocated to the wage portion of the total economic adjustment package for that year.