HEALTH AND WELFARE PAYMENTS. It is agreed that all employers signatory hereto shall pay the allocated rate per hour for each hour worked by employee, for all employees. This shall be used exclusively to provide Group Life Insurance, Accidental Death and Dismemberment Insurance and Temporary Disability Benefits to eligible employees and their dependents in such form and amount as the Trustees of the Welfare Fund may determine; and to provide funds for the organization and administration expenses for the Welfare Fund. The said Welfare Fund shall be administered jointly by an equal number of representatives of the Employers and the Union, which Agreement and Declaration of Trust, together with any amendments thereto, shall be considered as part of this agreement as though set forth here at length. It is agreed any employer who is delinquent over thirty (30) days on Welfare and Pension payments will be held for any and all claims which may arise out of this delinquency. Ironworkers Local #782 reserves the right to place wage increases in properly trusted benefits if so desired. Such fringe benefits shall be limited to Health & Welfare, Pension, and Annuity Funds. A thirty (30) day notice by the Union to the employer is required.
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