Common use of PENSION PROGRAM Clause in Contracts

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. Section 1. The Employer shall pay into the Service Employees International Union National Industry Pension Fund $692.00 4.00 per month eligible hour paid with a maximum annual contribution limited to 2080 hours per calendar year, 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. Eligible hours paid include regular time, overtime, double-time, holiday, vacation, paid sick leave, military leave, paid bereavement leave, and jury duty. 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 4.00 per month, $160.00 per week or $32.00 per day eligible hour 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).