Sound VAP Trust Employer Contributions. Upon the effective date of the new future service defined benefit variable plan (“Sound VAP Trust”), the employer will contribute for each eligible employee to the Sound VAP Trust in accordance with Attachment A-2 (Kroger) to the Health & Welfare and Pension Agreement.
Sound VAP Trust Employer Contributions. Effective September 1, 2022, the Employer will contribute fifty-five (55) cents and an additional three (3) cents for a total of fifty-eight (58) cents per hour for each eligible employee to the Sound VAP Trust in accordance with Attachment A-1 (Albertsons/Safeway) to the Health & Welfare and Pension Agreement and the parties’ pension agreement. Effective March 1, 2023, the Employer will contribute an additional one (1) cent per hour for a total of fifty-nine (59) cents per hour.
Sound VAP Trust Employer Contributions. Upon the effective date of the new future service defined benefit variable plan (“Sound VAP Trust”), each employer will contribute for each eligible employee to the Sound VAP Trust in accordance with the applicable Attachment A to the parties’ Health & Welfare and Pension Agreement. As of the effective date of the new future service defined benefit variable annuity plan (VAP), future service benefit accruals will be earned in the VAP, a multiemployer variable annuity defined benefit plan. Participants’ service earned under the Sound Retirement Trust (SRT) and the VAP will be recognized for participation, vesting and benefit eligibility purposes in both plans. In the event of a short plan year running from the transfer date to December 31, the benefit guarantee will apply for the short plan year ending December 31, 2021. The VAP shall operate on a calendar plan year basis. The employer will contribute an amount equal to 125% of the employer’s contribution on which employee accruals are based under the Sound Retirement Trust per hour for each eligible participant to the VAP trust plus three cents ($0.03) per hour. Effective January 1, 2022 this rate will increase by an additional one cent ($0.01) per hour.
Sound VAP Trust Employer Contributions. Each employer will contribute 2.8 percent of salary per month for each eligible active participant to the VAP. Contributions will be made on behalf of current active employees and future newly hired employees in classifications for whom contributions have been made under the current collective bargaining agreement.
Sound VAP Trust Employer Contributions. Effective April 1, 2023, the Employer will contribute fifty-five (55) cents and an additional three (3) cents for a total of fifty-eight (58) cents per hour for each eligible employee to the Sound VAP Trust in accordance with Attachment A-1 (Albertsons/Safeway) to the Health & Welfare and Pension Agreement and the parties pension agreement. Effective October 1, 2023, the Employer will contribute an additional one (1) cent per hour for a total of fifty-nine (59) cents per hour.
22.3.1 The Employer agrees to promptly provide on a periodic basis, such salary data and covered employee data for employees intended to be covered by the VAP to allow the actuaries for the parties developing the VAP to determine the benefit accrual rate from the VAP that can be funded with such contributions determined above and in the future as the VAP operates to allow administration of the VAP.
Sound VAP Trust Employer Contributions. Each employer will contribute 2.8 percent of salary per month for each eligible active participant to the VAP. Contributions will be made on UFCW Local No. 3000 - Meat (King and Kitsap Counties) May 8, 2022 – May 3, 2025 behalf of current active employees and future newly hired employees in classifications for whom contributions have been made under the current collective bargaining agreement.
Sound VAP Trust Employer Contributions. Effective July 1, 2021, the Employer will contribute for each eligible employee to the Sound VAP Trust as follows and in accordance with Attachment A-2 (Kroger) to the Health & Welfare and Pension Agreement.
a. For employees hired on or after August 16, 2006, there shall be a waiting period of 1040 hours or one calendar year, whichever is longer, before the Employer is required to begin making required contributions.
b. There shall be no contributions required for employees in the Courtesy Clerk or Senior Courtesy Clerk classifications.
Sound VAP Trust Employer Contributions. Upon the effective date of the new future service defined benefit variable plan (“Sound VAP Trust”), each employer will contribute for each eligible employee to the Sound VAP Trust in accordance with the applicable Attachment A to the Health & Welfare and Pension Agreement. As of the effective date of the new future service defined benefit variable annuity plan (VAP), future service benefit accruals will be earned in the VAP, a multiemployer variable annuity defined benefit plan. Participants’ service earned under the Sound Retirement Trust (SRT) and the VAP will be recognized for participation, vesting and benefit eligibility purposes in both plans. In the event of a short plan year running from the transfer date to December 31, the benefit guarantee will apply for the short plan year ending December 31, 2021. The VAP shall operate on a calendar plan year basis. The employer will contribute (2.5%) percent of salary per month for each eligible active participant to the VAP, commencing with the VAP effective date. The employer also will contribute three cents ($0.03) per hour for the benefit guarantee for each eligible active participant to the VAP, commencing with the VAP effective date through December 31, 2021. Salary shall be defined as W-2 gross wages for federal income tax purposes plus pre-tax elective deferrals under sections 401(k), 125, health and welfare plan contributions and amounts contributed for 132(f)(4) plans under the Internal Revenue Code of 1986, for each eligible active participant to the VAPcommencing with the VAP effective date. Contributions will be made on behalf of current active employees and future newly hired employees in classifications for whom contributions have been made under the current collective bargaining agreement. Contributions shall be remitted monthly, in the same manner as they have been made to the SRT.
