Retirement/401k Plan a. The Company shall provide each employee a 401k plan conforming to the provisions of IRS Rule 401k (and will be referred to hereafter as the “401k Plan”). The Plan shall be made available to employees. Contributions and loan payments made by payroll deduction shall be deposited in the 401k plan within one week from the day employees normally receive pay for each pay period and shall be vested 100% in each participating employee’s name on that day. Reports of earnings shall be made to all plan members on a quarterly basis (see Appendix H). Administration of the plan may be done by an investment firm or by an independent firm and may be changed from time to time at the discretion of the Company and the approval of a majority of the participants. Employees will be provided access to review their personal account activity via the internet or by phone.
b. All administrative costs of the 401k Plan will be borne by the Company at no expense to the employee with the exception of loan administration fees.
c. The Company shall withhold from each employee’s pay each pay period the percentage of gross pay (within IRS limitations) requested by each employee as his individual contribution to the 401k Plan, and shall deposit such funds with the selected financial institution.
d. Within fourteen (14) days following each pay period, the company shall make a 401(k) plan contribution as follows: Employees hired prior to 1 November 2014 will receive a 401(k) plan contribution equal to 8% of the employee’s salary (excluding any sick leave payouts, travel or special pays) with the selected financial institution as the company’s contribution to the individual’s 401(k) plan. Employees hired after 1 November 2014 will receive a defined contribution of 4% of the employee’s salary (excluding any sick leave payouts, travel or other special pays) to the individuals 401k plan. The company will also make a matching contribution equal to the contribution of the employee not to exceed 4% of the employee’s base compensation (excluding any sick leave payouts, travel or other special pays).
e. Employees may begin individual contributions to the 401k plan at any time. Subsequent changes to individual contributions may be made in accordance with the 401k Plan Administrator rules.
Retirement/401k Plan. E ffective July 1, 2019, HCP’s who have not worked more than two-thousand (2,000) hours the Employer shall make a contribution of fifty cents ($0.50) fourty-seven ($0.47) per hour for all hours worked to the Local 8 Supplemental Retirement 401K Plan. Effective July 1, 2019, the Employer shall make a contribution of sixty-five cents ($0.65) sixty-two ($0.62) per hour for all HCP’s with two-thousand and one (2,001) or more hours for all hours worked to the OPEIU Local 8 Supplemental Retirement 401K Plan. Only employees actively on the payroll on the date of ratification will receive the 401K Plan contribution retroactive to July 1, 2019. Effective July 1, 2020, the Employer shall make a contribution of eighty cents ($0.80) seventy-seven cents ($0.77) per hour for all HCP’s with two-thousand and one (2,001) or more hours for all hours worked to the OPEIU Local 8 Supplemental Retirement 401K Plan. Effective July 1, 2021, the Employer shall make a contribution of seventy-seven cents ($0.77) per hour for all HCP’s with two-thousand and one (2,001) or more hours for all hours worked to the OPEIU Local 8 Supplemental Retirement 401K Plan. Only employees actively on the payroll on the date of ratification will receive the 401K Plan contribution retroactive to July 1, 2021. The Employer agrees to recognize pre-tax wage deferral elections made by employees covered under this Agreement and to transmit the amounts withheld from such employees’ wages on a pre-tax basis as soon as the funds can be transmitted and not later than the 15th day of the following month to the depository designated by the administrator of the Plan. Employees may elect to divert any amount up to the maximum threshold set by IRS rules governing 401K plans. The Employer agrees to provide employee information as may be needed by the administrator of the Plan including information that may be needed to complete any required IRS discrimination tests.
Retirement/401k Plan. Executive understands and acknowledges that Executive’s right to continue participation, if any, in any Company sponsored retirement or 401(k) Plan shall be governed by the terms of such plan and not this Agreement, and, if applicable, the Company will continue to deduct Executive contributions and make Company matching contributions, each to the limits allowed under the 401(k) Plan, pursuant to Executive’s current election unless Executive modifies such election through proper documentation.
Retirement/401k Plan. The Employer will offer a 401(k) plan that includes a Xxxx deferral option, and employees shall be permitted to contribute the maximum under IRS regulations for the given calendar year. Employee contributions are 100% vested in the plan. Employer contributions are vested on the following schedule: 1 year: 25%, 2 years: 50%, 3 years: 75%, and 4 years: 100%. The Union and employees will be given at least 30 days’ notice of any change in the plan before the change is implemented. Following the first 12 months of employment, the Employer shall provide a 50% match for each dollar of the employee’s contribution, up to the first 6% of the employee’s pay contributed, in a given pay period.
