Common use of Pension Protection Act Clause in Contracts

Pension Protection Act. The Fund actuaries have: (a) certified under the Pension Protection Act (the “PPA”) that the Pension Fund was in critical status for each of the Plan Years beginning 4/1/2008 to 4/1/2010, and that they expect the Fund will again be in critical status for the Plan Year beginning 4/1/11; (b) agreed that, to the extent permitted under the PPA and at the direction of the Board of Trustees, they will apply the requirements for relief granted to the Fund by the IRS under IRC § 412(e) to determine if the Fund will emerge from critical status under the Pension Fund’s Rehabilitation Plan; and (c) determined that the 2008 Schedule (as that term is defined in the previous collective bargaining agreement ) is no longer sufficient to permit the Fund to emerge from critical status during the required time frame, even if the Fund takes full advantage of the funding relief available under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (the “Pension Relief Act”). Therefore, the parties hereby agree as follows: The Trustees are authorized and directed to make timely elections and take all other steps reasonably required under the Pension Relief Act to adopt the extended amortization period for net investment losses for 2008, the extended asset smoothing period of 10 years for such losses, and to use the full 130 percent corridor for the actuarial value of assets. As a result of the expectation that the Pension Fund will again be certified in critical status for the Plan Year beginning April 1, 2011, and that the 2008 Schedule and the Rehabilitation Plan adopted July 8, 2008 will no longer be sufficient to permit the Fund to emerge from critical status by March 31, 2024, the Trustees are authorized and directed to adopt the 2011 Preferred Schedule attached as Exhibit “A” hereto (the “2011 Preferred Schedule”), and to update the Rehabilitation Plan adopted July 9, 2008 as required by the PPA and to be consistent with the 2011 Preferred Schedule. If the 2011 Preferred Schedule is adopted by the Trustees, it is hereby deemed approved by the bargaining parties and automatically incorporated into this Agreement. The following provisions shall apply to the implementation and operation of the Preferred Schedule:

Pension Protection Act. The Fund actuaries have: (a) certified under the Pension Protection Act (the “PPA”) that the Pension Fund was in critical status for each of the Plan Years beginning 4/1/2008 to 4/1/20104/1/2013, and that they expect the Fund will again be in critical status for the Plan Year beginning 4/1/114/1/2014; (b) agreed that, to the extent permitted under the PPA and at the direction of the Board of Trustees, they will apply the requirements for relief granted to the Fund by the IRS under IRC § 412(e) to determine if the Fund will emerge from critical status under the Pension Fund’s Rehabilitation Plan; and (c) determined that the 2008 2011 Schedule (as that term is defined in the previous collective bargaining agreement ) is no longer sufficient to permit the Fund to emerge from critical status during the required time frame, even if the Fund takes full advantage of the funding relief available under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (the “Pension Relief Act”). Therefore, the parties hereby agree as follows: The Trustees are authorized and directed to make timely elections and take all other steps reasonably required under Because the Pension Relief Act to adopt the extended amortization period for net investment losses for 2008, the extended asset smoothing period of 10 years for such losses, and to use the full 130 percent corridor for the actuarial value of assets. As a result of the expectation that the Pension Fund will again be certified in critical status for the Plan Year beginning April 1, 2011, and that the 2008 2011 Schedule and the Rehabilitation Plan adopted July 8June 11, 2008 will 2011 is no longer be sufficient to permit the Fund to emerge from critical status by March 31, 2024, the Trustees are authorized and directed to adopt the 2011 a new 2014 Preferred Schedule attached as Exhibit “A” hereto which provides for increases in the employer contribution rates consistent with this Article (the “2011 2014 Preferred Schedule”), and . The Trustees are further authorized to update the Rehabilitation Plan adopted July 9June 11, 2008 2011 as required by the PPA and to be consistent with the 2011 2014 Preferred Schedule. If Upon adoption of the 2011 2014 Preferred Schedule is adopted by the TrusteesSchedule, it is hereby deemed approved by the bargaining parties and automatically incorporated into this Agreement. The following provisions shall apply to the implementation and operation of the Preferred Schedule:

Pension Protection Act. The Fund actuaries have: 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 Article 24, Section (a) certified of this 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”) that ), including any amounts paid after January 1, 2009, the Pension Fund was date the plan entered the Red Zone, and shall be accounted for in critical status the form of a contribution credit. The supplemental contributions provided for each herein shall be dedicated solely to improving the funding of the Plan Years beginning 4/1/2008 to 4/1/2010Plan, 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 they expect such supplemental contributions are no longer needed to support the Fund will again be 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 4/1/11; (b) agreed that, to the extent permitted under the PPA and at the direction of the Board of Trustees, they will apply the requirements for relief granted to the Fund by the IRS under IRC § 412(e) to determine if the Fund will emerge from critical status under the Pension Fund’s Rehabilitation Plan; and (c) determined that the 2008 Schedule (as that term is defined in the previous collective bargaining agreement ) is no longer sufficient to permit the Fund to emerge from critical status during the required time frame, even if the Fund takes full advantage of the funding relief available under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (the “Pension Relief Act”). Therefore, the parties hereby agree as follows: The Trustees are authorized and directed to make timely elections and take all other steps reasonably required under the Pension Relief Act to adopt the extended amortization period for net investment losses for 2008, the extended asset smoothing period of 10 years for such losses, and to use the full 130 percent corridor for the actuarial value of assets. As a result of the expectation that the Pension Fund will again be certified in critical status for the Plan Year beginning April January 1, 2011, and that the 2008 Schedule and the Rehabilitation Plan adopted July 8, 2008 will no longer be sufficient to permit the Fund to emerge from critical status by March 31, 20242009, the Trustees are authorized and directed to adopt the 2011 Preferred Rehabilitation Plan Alternate Schedule attached as Exhibit “A” hereto (the “2011 Preferred Schedule”), and to update the Rehabilitation Plan adopted July 9, 2008 as required by the PPA and to be consistent with the 2011 Preferred ScheduleB hereto. If the 2011 Preferred Alternate Schedule is adopted by the Trustees, it is hereby deemed approved by the bargaining parties and automatically incorporated into this Agreement. The following provisions shall apply to the implementation and operation of the Preferred Schedule:.

Pension Protection Act. The Fund actuaries have: (a) certified under the Pension Protection Act (the “PPA”) that the Pension Fund was in critical status for each of the Plan Years beginning 4/1/2008 to 4/1/20104/1/2013, and that they expect the Fund will again be in critical status for the Plan Year beginning 4/1/114/1/2014; (b) agreed that, to the extent permitted under the PPA and at the direction of the Board of Trustees, they will apply the requirements for relief granted to the Fund by the IRS under IRC § 412(e) to determine if the Fund will emerge from critical status under the Pension Fund’s Rehabilitation Plan; and (c) determined that the 2008 2011 Schedule (as that term is defined in the previous collective bargaining agreement agreement) is no longer sufficient to permit the Fund to emerge from critical status during the required time frame, even if the Fund takes full advantage of the funding relief available under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (the “Pension Relief Act”). Therefore, the parties hereby agree as follows: The Trustees are authorized and directed to make timely elections and take all other steps reasonably required under Because the Pension Relief Act to adopt the extended amortization period for net investment losses for 2008, the extended asset smoothing period of 10 years for such losses, and to use the full 130 percent corridor for the actuarial value of assets. As a result of the expectation that the Pension Fund will again be certified in critical status for the Plan Year beginning April 1, 2011, and that the 2008 2011 Schedule and the Rehabilitation Plan adopted July 8June 11, 2008 will 2011 is no longer be sufficient to permit the Fund to emerge from critical status by March 31, 2024, the Trustees are authorized and directed to adopt the 2011 a new 2014 Preferred Schedule attached as Exhibit “A” hereto which provides for increases in the employer contribution rates consistent with this Article (the “2011 2014 Preferred Schedule”), and . The Trustees are further authorized to update the Rehabilitation Plan adopted July 9June 11, 2008 2011 as required by the PPA and to be consistent with the 2011 2014 Preferred Schedule. If Upon adoption of the 2011 2014 Preferred Schedule is adopted by the TrusteesSchedule, it is hereby deemed approved by the bargaining parties and automatically incorporated into this Agreement. The following provisions shall apply to the implementation and operation of the Preferred Schedule: