PENSION PROGRAM Sample Clauses
The Pension Program clause establishes the employer's obligation to provide retirement benefits to eligible employees. Typically, this clause outlines the type of pension plan offered, such as a defined benefit or defined contribution plan, and may specify eligibility criteria, contribution rates, and vesting schedules. By clearly defining the terms of the pension program, this clause ensures employees understand their retirement benefits and helps the employer comply with legal requirements regarding employee retirement plans.
PENSION PROGRAM. A. The Employer shall pay twenty-six dol lars ($26.00) per month for employees who work an average of twenty-four (24) hours or more per week for the previous month into a jointly administered Employer-Union Pension Fund. To arrive at the twenty-four (24) hour per week average, the following method will be used: In months containing four (4) week endings, the hours worked in those four (4) weeks will be totaled and divided by 4. In those months hav ing five (5) week endings, the total hours worked in those five (5) weeks will be totaled and divided by 5.
B. Employees qualifying for payments to be made for them into the Trust Fund will have such payments discontinued upon being reduced to less than an average of twenty-four (24) hours per week for the eight (8) week period next preceding the date payments to the Health and Welfare Fund are due.
C. The Employer agrees to pay the contri butions for those qualifying for one (1) month following termination of employment.
D. The jointly administered Employer-Union Pension Fund shall be administered by an equal number of Trustees representing the Employer and an equal number of Trustees representing' the Union. Said Pension Fund shall be used to provide benefit pensions for eligible employees of the Employer as provided in a Pension Plan, the terms and provisions of which are to be agreed upon by the parties hereto; said Pension Plan, shall among other things, provide that all benefits under the Plan and costs, charges and expenses of administering the Plan and all taxes levied or assessed upon or in respect of said Plan or Trust or any income therefrom shall be paid out of the Pension Fund.
E. Effective November 1, 1964, the Employer reserves the right to cancel the Employer’s Re tirement Plan then in effect as well as the Company profit-sharing program.
F. A copy of the Trust Agreement and any Amendments thereto shall be made a part here to, as herein at length set forth . . . Trust Agreement and Pension Plan shall in all re spects comply with all applicable legal require ments.
G. Contribution for new employees will not be paid until the first of the month following a full thirty (30) days of employment.
PENSION PROGRAM. Year Current 3/1/2021 3/1/2022 3/1/2023 3/1/2024
A. The parties understand and agree that as of March 1, 2014, the Employer shall cease making contributions to the CMTA-Independent Tool and Die Craftsmen Association Pension Trust with the intent and effect of accomplishing a partial or complete withdrawal from the CMTA Pension Plan.
B. Effective on March 1, 2021, the Employer shall direct a contribution of Four Dollars and Eighty Cents ($4.80) for each straight time hour of work or compensated time compensated as defined as wages for straight time or overtime, paid directly by the employer, up to a maximum of Two Thousand Five Hundred (2500) hours in a calendar year to the CWA Savings & Retirement Trust, a defined contribution plan. The Pension Contribution for apprentices and helpers shall be at 80% from the table above.
C. It is further agreed that it is the intention of the parties to this agreement that no Employer shall be required to provide double benefits. To this end, any pension plan which is now or may be established by any Employer, including all of its provisions, its alteration in any way, or its termination in whole or in part, will be considered outside the scope of collective bargaining for as long as such plan exists.
PENSION PROGRAM. Upon commencement of employment, all employees will become participants in the Public Employees Retirement System (PERS). The PERS program provides for life insurance coverage. Rights, benefits qualifications, restrictions and/or conditions are to be in accordance with applicable law. Upon commencement of employment, it is the obligation of the employee to contact the Human Resources Office to complete the necessary application forms prior to employee eligibility date.
PENSION PROGRAM. The Employer agrees to pay to the Amalga mated Meat Cutters’ and Butcher Workmen of North America, Local 88, & Food Employers and Allied Industry Pension Fund eight dollars ($8.00) per week for each employee covered by this Agreement who works ninety-two (92) hours per month during the preceding month, said payments to be made to the Fund Office on or before the tenth (10th) of each month. It is further agreed that this Trust, details of which are set forth in a separate Agreement, is hereby made an integral part of this Agreement.
PENSION PROGRAM. Section 19.1 The parties agree that employees covered by this Agreement shall participate in the SEIU National Industry Pension Plan Fund ("Fund"), and that each Employer, the Union and the
Section 19.2 The rights of employees participating in the Fund with respect to eligibility to participate, vesting of benefits, benefit accrual and eligibility for benefits, shall be as set forth in the Trust Agreement as amended from time to time by the Trustees.
PENSION PROGRAM. The Employer shall continue to participate in the Public Employees Retirement System (PERS) or any other retirement system which the City and Borough of Juneau may subsequently participate in, on behalf of each and every eligible employee covered by this Agreement. Retirement benefits and eligibility requirements for participation shall be defined by that plan.
PENSION PROGRAM. Full time bargaining unit employees shall be eligible to participate in the Town of Fairfield Employees Retirement System Pension Plan, consistent with its terms and qualifications. Pursuant to Section 2.5 of the Town Employee Retirement System Pension Plan, employees annual contribution shall be 2% of the first $7800 earned, and 5% of annual earnings in excess of $7800.
PENSION PROGRAM. Immediately upon the Borrower's --------------- realization of Net Cash Proceeds attributable to the termination of the Ethyl Corporation Pension Plan, the Borrower shall prepay the Loans in an aggregate amount equal to 100% of the Net Cash Proceeds received from such plan (such prepayment to be applied as set forth in clause (vii) below).
PENSION PROGRAM. Section 1. The Employer shall pay into the Service Employees International Union National Industry Pension Fund $692.00 per month on account of each member of the bargaining unit, or $160.00 per week for each week employed if employed less than the full month, or $32.00 per day if employed less than one (1) week for all days of more than four (4) hours' work, said amount to be computed monthly. The total amount due for each calendar month shall be remitted in a lump sum not later than twenty (20) days after the last business day of such month. The Employer agrees to abide by such rules as may be established by the Trustees of said trust fund to facilitate the determination of hours for which contributions are due; the prompt and orderly collection of such amounts and the accurate reporting and recording of such hours and such amounts paid on account of each member of the bargaining unit. Failure to make all payments herein provided for within the specified time shall be a breach of this Agreement. The Employer hereby agrees to be bound by the provisions of the Agreement and Declaration of Trust establishing the Fund, as it may from time to time be amended, and by all resolutions and rules adopted by the Trustees pursuant to the powers delegated to them by that agreement, including collection policies, receipt of which is hereby acknowledged. The Employer hereby designates the Employer members of the Fund's Board of Trustees, or their duly selected successor(s), as its representatives on the Board. The parties to this Agreement adopt the Preferred Schedule of benefit changes and contribution increases provided in the Rehabilitation Plan adopted by the Service Employees International Union National Industry Pension Fund and set out in a memorandum dated November 25, 2009. Should the Employer consider at any time during the term of this agreement to permanently cease to contribute to the Service Employees International Union National Industry Pension Fund, such decision shall be made by mutual agreement between the parties and require contributions at the rate of $692.00 per month, $160.00 per week or $32.00 per day for which a member of the bargaining unit is paid, as described in the first paragraph above, to be made to an alternative retirement plan. Mutual agreement will not be unreasonably withheld.
Section 2. The Employer agrees to provide payroll deduction for employee’s contributions to the Machinists District Lodge 24 Retirement Savings Plan (401K).
PENSION PROGRAM. (a) The Employer agrees to pay to the Amal gamated Meat Cutters’ and Butcher Work men of North America, Local 88, & Food Employers’ and Allied Industry Pension Fund eight dollars ($8.00) per week for each employee covered by this Agreement Who works ninety-two (92) hours per month during the preceding month, said payments to be made to the Fund Office on or before the tenth (10th) of each month. It is further agreed that this Trust, details of which are set forth in a separate Agree ment, is hereby made an integral part of this Agreement.
(b) The Employer shall make contribution to the Pension Program for three (3) con secutive months during which an employee is off from work due to verified illness or verified injury off the job.