Common use of Fixed Annual Company Contribution Clause in Contracts

Fixed Annual Company Contribution. (a) The fixed annual Company contribution will be two percent (2%) of each eligible employee’s annual base pay, and will be payable during the first quarter of the following calendar year. Annual base pay is comprised of any pay an employee receives from the Company as base wages, not exceeding 40 hours in a calendar week, during a calendar year. (b) In order to be eligible for this fixed Company contribution, the employee, as of December 31 of the calendar year for which the fixed Company contribution is being made, must have had at least one (1) year of service and must have been actively on payroll in a MIFA # 3 bargaining unit position.

Fixed Annual Company Contribution. (a) The fixed annual Company contribution will be two percent (2%) of each eligible employee’s annual base pay, pay and will be payable during the first quarter of the following calendar year. Annual base pay is comprised of any pay an employee receives from the Company as base wages, not exceeding 40 hours in a calendar week, during a calendar year. (b) In order to be eligible for this fixed Company contribution, the employee, as of December 31 of the calendar year for which the fixed Company contribution is being made, must have had at least one (1) year of service and must have been actively on payroll in a MIFA # 3 bargaining unit position.