SUPPLEMENTAL RETIREMENT AND SAVINGS (SRSP) FUND. The Employer shall make contributions to a trust fund known as the “Building Service 32BJ Supplemental Retirement and Savings Plan Fund” to cover bargaining unit employees who are regularly employed twenty (20) or more hours per week, including paid time off, with employer contributions as hereinafter provided and tax exempt employee wage deferrals as provided by the Plan and/or Plan rules. Employer contributions for other bargaining unit employees shall also be required for each week in which they work twenty
SUPPLEMENTAL RETIREMENT AND SAVINGS (SRSP) FUND. The Employer shall make contributions to a trust fund known as the “Building Service 32BJ Supplemental Retirement and Savings Fund” to cover bargaining unit employees who are regularly employed twenty (20) or more hours per week, including paid time off, with employer contributions as hereinafter provided and tax exempt employee wage deferrals as provided by the Plan and/or Plan rules. Employer contributions for other bargaining unit employees shall also be required for each week in which they work twenty (20) or more hours, including paid time off. Effective April 21, 2018, the rate of contributions to the SRSF shall be $10.00 per week per employee, payable when and how the Trustees determine. For those Resident Managers and full-time Superintendents who have been employed as a Resident Manager or full-time Superintendent for at least two (2) years in that position in the building, the Employer shall contribute an additional $10.00 per week to the SRSF for time worked in that position. The Employer shall contribute an additional $10.00 per week to the SRSF for each employee upon the employee’s completion of 25 years of service, provided, however, that if as a result of the 2020 Commercial Building Agreement such employees receive additional pension benefits for years of service in excess of 25, the obligation under this provision shall cease on the effective date of the commencement of such additional benefits. Effective January 1, 2019, in addition to the contributions provided above, each Employer may voluntarily elect to implement an additional contribution to the SRSF for its Resident Managers and full-time Superintendents in an amount to be determined in the absolute discretion of the Employer, but not to exceed such amount as may be determined by the Fund, payable as determined by the Employer, subject to the rules established by the Trustees. The additional contribution(s) described herein can be revoked or discontinued by the Employer, consistent with rules established by the Fund, at any time and shall not be considered a practice of providing terms or conditions of employment better than those provided for in this Agreement. The parties shall direct the Trustees of the SRSF to develop any necessary rules, processes and procedures that will govern the implementation of the additional contribution, including any required documentation to be executed by the Employer and rules relating to frequency and timing of contributions. The RAB and the Union ...
