Retirement Trust Fund. The Employer in consultation with the Employee involved will agree to add the hourly contribution amount to a combination of the Employee’s wages and SHP and VP. Wage schedules for workers under this option will be adjusted by a formula that will provide a total of 80% of the pension contribution normally contributed to the Pension Trust Fund. This amount will be distributed to the Base Rate and Holiday/Vacation Rate as per the established distribution method. [e.g.: Industrial Pension adjustment $5.50 x 80% = $4.40 added to pensioner gross rate; Commercial/Institutional Pension adjustment $4.50 x 80% = $3.60 added to pensioner gross rate]. The Pension contribution attributed to Pensioners and the Employer’s payroll burdens will equal the amount normally contributed to pension.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
