Common use of SAVINGS FUND Clause in Contracts

SAVINGS FUND. 17.01 The Employer agrees to maintain a savings fund for employees. 17.02 Individual employees may authorize the Employer to deduct, after taxes, a set amount of money per pay to be deposited into a trust account on behalf of the employee from whom it was deducted. This authorization shall be in effect until November 30th each year. The amount deducted will be paid out in full to each employee who authorized a deduction, on or before December 10th each year. Any interest accrued will be used to defray the cost of administering the savings fund. 17.03 The Employer shall maintain the appropriate banking or trust documents to give effect to the savings fund and shall be solely liable for all deductions and payments made under this Article.

SAVINGS FUND. 17.01 20.01 The Employer agrees to maintain a savings fund for employees. 17.02 Individual 20.02 On December 1st, individual employees may authorize the Employer to deduct, after taxes, a set amount of money per pay to be deposited into a trust account on behalf of the employee from whom it was deducted. This authorization shall be in effect until November 30th 30 each year. The amount deducted will be paid out in full to each employee who authorized a deduction, on or before December 10th each year. Any interest accrued will be used to defray the cost of administering the savings fund. 17.03 20.03 The Employer shall maintain the appropriate banking or trust documents to give effect to the savings fund and shall be solely liable for all deductions and payments made under this Article.