2016 Agreement Sample Clauses

2016 Agreement. The Fund actuaries have: (A) certified under the Pension Protection Act (the “PPA”) that they expect the Fund will again be in critical status for the Plan Year beginning 4/1/2017; and (B) determined that the 2014 Schedule (as that term is defined in the previous collective bargaining agreement) is no longer sufficient to permit the Fund to emerge from critical status during the required time frame, even if the Fund takes full advantage of the funding relief available under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (the “Pension Relief Act”). Therefore, the parties hereby agree as follows: Because the 2014 Schedule and Rehabilitation Plan is no longer sufficient to permit the Fund to emerge from critical status by March 31, 2024, the Trustees are authorized and directed to adopt a new 2016 Preferred Schedule which provides for increases in the employer contribution rates consistent with this Article (the “2016 Preferred Schedule”). The Trustees are further authorized to update the Rehabilitation Plan as required by the PPA and to be consistent with the 2016 Preferred Schedule. Upon adoption of the 2016 Preferred Schedule, it is hereby deemed approved by the bargaining parties and automatically incorporated into this Agreement. The following provisions shall apply to the implementation and operation of the Preferred Schedule: The bargaining parties agree and understand that the Employer’s obligation to make pension contributions in addition to the base contribution rate specified in Article 15, Section B. 1. (a) of this Agreement shall be limited (for the duration of the March 7, 2016-March 3, 2019, Agreement) to the following contribution rates: Effective with hours worked in January 2012, payable in February 2012, and ending with hours worked through June 2012, a supplemental contribution of eight and 3/10 cents ($0.083) per contribution-eligible hour; Immediately in the event the Fund is unsuccessful in prospectively terminating its 412(e) relief, but no later than hours worked in July 2012, payable in August 2012, the foregoing supplemental contribution shall automatically be reduced to seven and 7/10 cents ($0.077) per contribution-eligible hour; Effective with hours worked in October 2012, payable in November 2012, an additional supplemental contribution of seven and 7/10 cents ($0.077) per contribution-eligible hour; and Effective with hours worked in October 2013, payable in November 2013, an additi...