Common use of Tax Deferred Savings Plan 401(k Clause in Contracts

Tax Deferred Savings Plan 401(k. The Employer and the Union agree to continue the Teamster UPS National 401(k) Tax Deferred Savings Plan. The Employer shall pay the record-keeping expense for the Plan. It is further agreed, by the Union and the Employer, that the Em- ployer shall withhold from an employee’s earnings, amounts mutu- ally agreed between the Employer and the employee, and deposit such monies into a 401(k) account in the employee’s name in com- pliance with the Internal Revenue Code and E.R.I.S.A. This Plan will be jointly administered by the Union and the Employer.