Common use of Xxxxx-Xxxxx Plan Clause in Contracts

Xxxxx-Xxxxx Plan. A Xxxxx-Xxxxx Plan may be established by executing a Xxxxx-Xxxxx Plan Adoption Agreement. The Employer shall notify each Employee covered by any Xxxxx-Xxxxx or prevailing wage contract of his or her eligibility for participation prior to the appropriate Entry Date. The Employer will make contributions for each Participant in accordance with the formula or any public contract subject to the Xxxxx-Xxxxx Act or to any other Federal, state or municipal prevailing wage law as specified in the Adoption Agreement or any schedule attached thereto. The contribution schedule shall take into account each Participant’s hourly rate, employment category, employment classification, and such other factors the Xxxxx-Xxxxx contract may specify. For the purposes of this paragraph, Employees covered by a Xxxxx-Xxxxx or prevailing wage contract will be those who are not included in a unit of Employees covered by a collective bargaining agreement between the Employer and Employee representatives.

Appears in 6 contracts

Samples: Prototype Defined Contribution Plan (1st Constitution Bancorp), Prototype Defined Contribution Plan (Wellesley Bancorp, Inc.), Prototype Defined Contribution Plan (Fraternity Community Bancorp Inc)

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