Common use of Separation Trust Clause in Contracts

Separation Trust. The Employer agrees that in lieu of making contributions to the Separation Trust Fund, it will pay to each Regular Fulltime employee in addition to his regular monthly salary an amount equal to one and one-half percent (1½%) of such regular monthly salary. It is understood and agreed that the additional payment will be considered to be completely separate and distinct from regular monthly salary for all administrative purposes.

Separation Trust. The Employer agrees Employers agree that in lieu of making contributions to the Separation Trust Fund, it will pay to each Regular Fulltime Full-time employee in addition to his regular monthly salary an amount equal to one and one-half percent (1½%1.5%) of such regular monthly salary. It is understood and agreed that the additional payment will be considered to be completely separate and distinct from regular monthly salary for all administrative purposes.