Common use of SAVINGS FUND Clause in Contracts

SAVINGS FUND. The Employer shall contribute (add to base wage, tax and deduct) per hour for each hour worked or paid to Employees covered by this Agreement, and pay said amount to an account maintained in the Employee's name at a Financial Institution authorized by the Union. Neither the Employer nor the Union shall have any control over the individual accounts established in each Employee's name. Any monies deposited in these accounts shall be under the exclusive control and discretion of the Employee in whose name the account is established and may be withdrawn at any time subject only to such rules and regulations as the Financial Institution has adopted or may adopt pursuant to its charter. The Employer's sole responsibility under this Section shall be to pay the amounts described herein. Authorized Laborer Political Action League contributions will be deducted from this fund.