P ension Protection Act (. “PPA”). This Agreement is to be subject to the 2018 Plan Year Rehabilitation Plan adopted by the Board of Trustees as revised December 5, 2019.
P ension Protection Act (. The Trustees are authorized and directed to make the 205 election under the Worker, Retiree and Employer Recovery Act of 2008 (WRERA) to extend the Rehabilitation Period three (3) years. The bargaining parties agree and understand that the Employer’s obligation to make pension contributions in addition to the base contribution rate specified in Section 21 of the Gallup Retail Clerks Agreement and Section 22 of the Farmington/Aztec Retail Clerks Agreement shall be limited to the contribution rates required in the attached Alternate Schedule (modified only as provided herein) as follows: effective with hours worked in December 2009 a supplemental contribution of ten cents ($0.10) per contribution-eligible hour; effective with hours worked in December 2010 an additional supplemental contribution of fifteen cents ($0.15) per contribution-eligible hour; and effective with hours worked in December 2011 an additional supplemental contribution of fifteen cents ($0.15) per contribution-eligible hour. These supplemental contribution increases, in the aggregate, shall not exceed $0.40 cents per contribution-eligible hour during the term of this Agreement. It is understood and agreed that the Employer may reduce the amount of any supplemental contribution due the Trust (but not below zero) by the amount of any surcharge, deficiency or excise tax required to be paid by the Employer as a result of the plan’s being in the red zone under the Pension Protection Act (the “PPA”), including any amounts paid after January 1, 2009, the date the plan entered the Red Zone, and shall be accounted for in the form of a contribution credit. The supplemental contributions provided for herein shall be dedicated solely to improving the funding of the Plan, and shall not be used to increase or improve benefits, and will be reduced or discontinued upon determination by the Plan’s Trustees, based on projections provided by the Plan’s actuaries, that such supplemental contributions are no longer needed to support the level of benefits provided for under the Plan in accordance with the provisions of subsection (iv). As a result of the Plan's having been certified and being in critical status for the Plan Year beginning January 1, 2009, the Trustees are authorized and directed to adopt the Rehabilitation Plan Alternate Schedule attached as Appendix B-1 hereto. If the Alternate Schedule is adopted by the Trustees, it is hereby deemed approved by the bargaining parties and automatically incorpo...
