SALARY DIVERSION. An amount may be elected by each employee as a reduction in their minimum salary for the purpose of contributing such amount to the Office and Professional Employees Local 8 Supplemental Retirement Plan. An employee can elect any amount of salary reduction in accordance with the conditions of the 401(k) plan. The Employer agrees to recognize pre-tax wage deferral elections made by employees covered under terms of the Collective Bargaining 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 no later than the fifteenth (15th) day of the following month to the bank or other depository designated by the administrator of the Office and Professional Employees Retirement Plan. The Employer acknowledges that if its pre-tax wage deferrals are determined to be delinquent, it is responsible under Department of Labor guidance for interest on the amounts paid untimely. The forms for the election shall be provided by the administrative office of the aforesaid Trust Fund. Any election under this paragraph shall not be effective until the first of the month following the month in which a completed election form is provided to the Employer. The Union shall indemnify LIHI for any legalities that may arise related to the Trust Fund.
SALARY DIVERSION. An amount may be elected by each employee as a reduction in the minimum salary schedule described in the Salary Schedule for the purpose of contributing such amount to the Office and Professional Employees Local 8
SALARY DIVERSION. Revise to read:
SALARY DIVERSION. The Employer agrees to provide for elective deferrals by employees covered by this collective bargaining agreement to the Office and Professional Employees Retirement Trust, a 401(k) plan. The Employer agrees to recognize wage deferral elections made by employees covered under the terms of this collective bargaining agreement and to transmit the amounts withheld from such employees’ wages as soon as the funds can be reasonably segregated from the Employer’s general assets but in no event later than the 15th business day of the month. The Employer acknowledges that if its pre-tax wage deferrals are determined to be delinquent, it is responsible under Department of Labor guidance for interest on the amounts paid untimely. The Employer agrees to provide such information with respect to employees covered by the collective bargaining agreement as may be needed by the administrator of the Office and Professional Employees Retirement Plan to complete any required IRS discrimination tests. The Employer agrees to be bound by the terms of the Plan document and Trust Agreement.
SALARY DIVERSION. The Employer agrees to allow employees covered under this Agreement to participate in the OPEIU Local 8 Supplemental Retirement 401k Plan. The Employer agrees to and shall be bound by all terms, conditions and provisions of the Plan Document and the Trust Agreement and any changes, additions, amendments or modifications, which are made by the Trustees of the OPEIU Local 8 Supplemental Retirement 401k Plan. 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.
