Common use of VACATION AND HOLIDAY TRUST Clause in Contracts

VACATION AND HOLIDAY TRUST. The Vacation and Holiday Trust receives contributions from Employers, maintains records for the employees on whose behalf contributions are made, and makes payments to the employees based upon amounts accumulated and subject to the provisions for eligibility requirements set forth in the Trust Agreement. The funds received are deposited in a national bank and a portion of the funds are invested in short-term certificates of deposit. The earnings from the certificates of deposit and the interest on savings accounts are used, in part, to defray the expenses of record keeping, data processing and administration expense. After payment of administrative expense, the amounts held are paid to eligible employees for purposes of vacation and reimbursement for lost pay attributable to holidays provided in the Agreement to the extent contributions have been made on behalf of the particular employee.

VACATION AND HOLIDAY TRUST. The Vacation and Holiday Trust receives contributions from Employers, maintains records for the employees on whose behalf contributions are made, and makes payments to the employees based upon amounts accumulated and subject to the provisions for eligibility requirements set forth in the Trust Agreement. The funds received are deposited in a national bank and a portion of the funds are invested in short-term certificates certificates of deposit. The earnings from the certificates certificates of deposit and the interest on savings accounts are used, in part, to defray the expenses of record keeping, data processing and administration expense. After payment of administrative expense, the amounts held are paid to eligible employees for purposes of vacation and reimbursement for lost pay attributable to holidays provided in the Agreement to the extent contributions have been made on behalf of the particular employee.