Vacation and Holiday Plan. Each Individual Employer covered by this Agreement shall contribute to xxx Xxxxxxxxxx Vacation and Holiday Trust Fund for Northern California the amount listed in Section IV per hour for each hour paid for or worked, whichever is greater, by each employee covered by this Agreement for the purpose of providing Vacation and Holiday benefits for such employees. Such contributing Individual Employer agrees to be bound by that certain Trust Agreement establishing the Fund dated May 1, 1972, as such may from time to time be amended or supplemented. The Union and the Employer agree that this plan is and has been a Defined Contribution Plan. There shall be no duplicating contributions with respect to any employee or the work of any employee. Employer contributions for a xxxxxxx, assistant superintendent and superintendent covered by this Agreement shall be based upon the hourly rate in effect for journeymen in the particular jurisdiction where they are employed. The total number of hours worked by each employee in each work month, for which contributions are made to this Trust Fund, shall be reported by the Individual Employer to this Trust Fund.
Vacation and Holiday Plan. Section 1. For Employers electing to participate, the Employer shall pay as Vacation and holiday Allowance ten percent (10%) of the gross hourly wages.
Section 2. The Employer shall make all legal payroll withholdings for income tax, social security, state, etc., from the total gross wages (including the additional 10% Vacation and Holiday Allowance), and then shall withhold the full amount of the Vacation and Holiday Allowance for transmittal on a monthly basis to the depository.
Section 3. The Vacation and Holiday Allowance shall be sent to the depository by the Employer on a monthly reporting form to be deposited in the employee’s individual accounts.
Section 4. The monthly transmittal shall cover every employee subject to this Agreement on the payroll.
Section 5. Employees may make withdrawals, at any time, in any amount from their accounts during any one calendar year, providing they leave a balance of at least five dollars ($5.00).
Section 6. It is the intention that individual vacations should as far as possible be granted to each employee in accordance with recognized vacation practices. It is recognized that this may not always be practical, on account of particular jobs; sickness of individual men or other sufficient reasons; and it shall be necessary in such cases to make vacation arrangements to fit the needs of each particular job or shop.
Section 7. In accordance with a trust agreement executed by the parties, there is hereby established a Vacation and Holiday Inactive Accounts Trust Fund. The purpose of this Trust is to combine all monies left in the Vacation and Holiday accounts that have been inactive for two (2) years. When an individual account has not had any activity for a period of two (2) years, the monies shall be placed in an escrow account. During the two (2) years after the money has been transferred to the escrow account the individual may claim the money but no interest will be paid to him. The Trust shall have the authority to dispense monies from the escrow account for the purpose of promoting the floor covering industry. The only monies that can be withdrawn by the Trust are the monies that have been in the escrow account for two (2) years. The Trust shall consist of two (2) members from the Contractors and two (2) members of Local Union No. 2014.
