Sound Retirement Trust Sample Clauses

Sound Retirement Trust. Pension Protection Act (“PPA”). (a) This Agreement is to be subject to the Preferred Schedule of the Rehabilitation Plan adopted by the Board of Trustees for the 2018 Plan year as revised December, 2019. The Employer shall contribute in accordance with such Schedule and Exhibit A. (b) The Board of Trustees is authorized and directed to take all reasonable measures to cooperate and assist in achieving the objectives of this Section. (c) Until the effective date of the new future service defined benefit variable plan under Section 11.09, the Employer will continue to make contributions to the Sound Retirement Trust as described in this Section and the Employer’s active participants will continue to earn benefit accruals until such effective date. The Employer shall make contributions on behalf of all eligible employees to the Sound Retirement Trust under this Section. 1/1/2021 or first 1/2018 - month following Current CBA Period 12/2020 ratification 1/1/2022 1/1/2023 Base $ 0.280 $ 0.280 $ 0.280 $ 0.280 Pre-Rehab Rate $ 0.170 $ 0.170 $ 0.170 $ 0.170 Current Rehab Rate $ 0.754 $ 0.920 $ 1.056 $ 1.192 TOTAL $ 1.204 $ 1.370 $ 1.506 $ 1.642 (d) Upon the effective date of the new future service defined benefit variable plan under Section 11.09 , future benefit accruals under the SRT will cease and the SRT plan will be frozen; as a result, the funding of 125% of the employer’s base contribution for the SRT for the Employer’s employees is discontinued once future benefit accruals commence under the VAP and all hourly contribution rates paid to the SRT will be reduced by this adjusted base contribution under this Section. (e) The Employer will continue to contribute to the SRT and not incur a withdrawal from the SRT solely as a result of the cessation of future benefit accruals under the SRT. (f) The SRT Employer liabilities will be funded under an updated Rehabilitation Plan designed with the objective that the Plan will move to the green zone and achieve 102% funding by 2030. This updated Rehabilitation Plan will include the current scheduled increases plus an additional contribution of three ($.03) cents per hour in annual increases over a new ten-year period beginning January 1, 2020 (January hours/February payment). Such accelerated funding in this agreement shall apply to the SRT liabilities and shall remain in effect regardless of the Zone status of the Plan. (g) The Employer shall continue to pay all of the scheduled contribution increases under the updated ...

Sound Retirement Trust. Each Employer and the Union agree to be bound by the terms and provisions of that certain Trust Agreement creating the Sound Retirement Trust (formerly Retail Clerks Pension Trust Fund), dated January 13, 1966, and as subsequently amended and by all subsequent revisions or amendments thereto, and by all policies and other conditions of participation and eligibility, which may be established from time to time by the Plan Document, the Trusts’ Rules and Regulations, the Summary Plan Description, and other pertinent procedures, practices, and Trustee actions. Further, each Employer Trustee will be appointed by Allied Employers, Inc. to serve on the Board of Trustees of said Trust fund and their duly appointed successors. Each Employer and the Union also agree to be bound by the terms of the

Sound Retirement Trust