Common use of Variable Annuity Plan Clause in Contracts

Variable Annuity Plan. 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 and the subsequent initial full plan year ending December 31, 2021. The VAP shall operate on a calendar plan year basis. (a) The Employer will contribute (2.8%) percent of salary per month for each eligible active participant to the VAP, commencing with the VAP effective date. Salary shall be gross wages per payroll period. 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. (b) In addition, the Employer will contribute: (1) three cents ($.03) per hour for each eligible active participant to the VAP, commencing with the effective date of the VAP through December 31, 2021. (c) The Employer agrees to promptly provide, on a periodic basis, such salary data for employees intended to be covered by the VAP to alow 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.

Variable Annuity Plan. 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 and the subsequent initial full plan year ending December 31, 2021. The VAP shall operate on a calendar plan year basis. (a) The Employer will contribute (2.8%) percent of salary per month for each eligible active participant to the VAP, commencing with the VAP effective date. Salary shall be gross wages per payroll period. 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. (b) In addition, the Employer will contribute: (1) three cents ($.03) per hour for each eligible active participant to the VAP, commencing with the effective date of the VAP through December 31, 20212021 for the benefit gaurentee. (c) The Employer agrees to promptly provide, on a periodic basis, such salary data for employees intended to be covered by the VAP to alow 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.

Variable Annuity Plan. 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 and the subsequent initial full plan year ending December 31, 2021. The VAP shall operate on a calendar plan year basis. (aA) The Employer will contribute [(2.8%xx%) percent of salary per month month] for each eligible active participant to the VAP, commencing with the VAP effective datedate [if salary percentage used, add] as determined by the actuaries for the VAP to reflect the intent of the parties that: (1) that the contribution is set based on the cost of the aggregate current benefit accrual for the Employer’s employees, but determined using a 5.5% discount rate and administrative costs, and (2) the benefit accrual rate is determined by the amount that can be funded with such contributions determined under (1) above (with a margin in the benefit accrual rate that is designed to guard against adverse non-investment experience). Salary shall be gross wages per payroll period. 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. (bB) In addition, the Employer will contribute: (1) contribute three cents ($.03) per hour for each eligible active participant to the VAP, commencing with the effective date of the VAP through December 31, 2021the end of the initial first full Plan Year. (cC) The Employer agrees to promptly provide, on a periodic basis, such salary data for employees intended to be covered by benefit accrual under the VAP to alow the actuaries for the parties developing the VAP to determine the benefit accrual rate from the VAP that can will be funded with such contributions determined above and in the future as the VAP operates to allow administration of the VAP.periodically reviewed (but at least every three

Variable Annuity Plan. 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 and the subsequent initial full plan year ending December 31, 2021. The VAP shall operate on a calendar plan year basis. (a) The Employer will contribute (2.83%) percent of salary per month for each eligible active participant to the VAP, commencing with the VAP effective date. Salary shall be gross wages per payroll period. 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. (b) In addition, the Employer will contribute: (1) contribute three cents ($.03) per hour for each eligible active participant to the VAP, commencing with the effective date of the VAP through the end of the initial first full Plan Year. (c) The benefit accrual under the VAP will be periodically reviewed (but at least every three (3) years) to ensure that the plan is designed to maintain full funding of all benefit liabilities, with the first review no later than December 31, 2021. Notwithstanding the above, for the term of this contract, all actuarial assumptions of the plan will be reviewed and adjusted as necessary on an annual basis for the term of this CBA. (cd) The eligibility, rights and features of the benefit design of the VAP on the effective date of the VAP will replicate the current benefit design of the SRT, except that the benefit accrual will be based on a formula that utilizes total contributions made on the employee’s behalf and a percentage accrual factor that reflects the VAP characteristics (to be reviewed jointly by the parties). For the short plan year and the first full plan year, there shall be a floor benefit and the benefit accrual of the VAP cannot be less than what the participant would have earned in the same period under the SRT benefit formula. Thereafter, the earned benefit accrual will be adjusted annually up or down based on performance to a 5.5% hurdle rate which will also be used to discount the benefit liabilities. (e) The Employer agrees to promptly provide, on a periodic basis, such salary data for employees intended to be covered by the VAP to alow 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. (f) Annual benefit improvements will be capped at 3.0% above the 5.5% hurdle rate. Any surplus investment return between the 5.5% and the 8.5% cap will fund benefit improvements and any surplus investment return over 8.5% shall be allocated to the stabilization reserve. (g) The VAP board of trustees will formulate a stabilization reserve policy which will define the board’s discretion to manage the stabilization reserve and determine how and when it is used to support benefit accruals in years in which the plan investments underperform the hurdle rate. The Employer will contribute to the stabilization reserve from January through March, 2022 in accordance with Section 10.08(d). (h) It is the intent of the parties that the stabilization reserve policy will be used to stabilize benefits for active and retired participants in the event of returns of 2% or lower (‘the Floor Return”) and maintained in order to address the VAP investment and demographic experience and the level of assets/benefits accrued under VAP. It is not the intent that the stabilization reserve be used in the event of investment returns higher than the Floor Return. (i) The Governance of the VAP will be modeled after the SRT Trust Agreement document, as appropriate and agreed to by the plan sponsor.

Variable Annuity Plan. As of the effective date of the new future service defined benefit variable annuity plan (VAP)VAP for this Employer unit, 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) 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 and the subsequent initial full plan year ending December 31, 20212022. The VAP shall operate on a calendar plan year basis. (a) . The Employer will contribute one dollar and twenty-five cents (2.8%$1.25) percent of salary per month hour for each eligible active participant to the VAP, commencing with the VAP effective date. Salary shall Effective April 1, 2022, that rate will be gross wages increased by five cents ($.05) per payroll periodhour, and by another five cents ($.05) per hour effective April 1, 2023. Contributions will be made on behalf of current active employees and future newly hired employees in classifications for whom contributions have been made under the current collective bargaining agreement. Salary shall be gross wages per payroll period. Contributions shall be remitted monthly, in the same manner as they have been made to the SRT. . The benefit accrual under the VAP will be periodically reviewed (bbut at least every three years) to ensure that the plan is designed to maintain full funding of all benefit liabilities, with the first review no later than December 31, 2021. All actuarial assumptions of the plan will be reviewed and adjusted as necessary on an annual basis for the term of this CBA. In addition, the Employer will contribute: (1) contribute three cents ($.03) per hour for each eligible active participant to the VAP, commencing with the effective date of the VAP through December 31, 2021. (c) . The Employer agrees to promptly provide, on a periodic basis, such salary data for employees intended to be covered by the VAP to alow 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. The VAP board of trustees will formulate a stabilization reserve policy which will define the board’s discretion to manage the stabilization reserve and determine how and when it is used to support benefit accruals in years in which the plan investments underperform the hurdle rate. The Employer will contribute to the stabilization reserve under Section 12.2.2. The total amount due for each calendar month shall be remitted in a lump sum not later than twenty (20) days after the last business day of such month.