Common use of Vacation Fund Clause in Contracts

Vacation Fund. Vacation Fund jointly administered by both parties. The Employer agrees to withhold from net wages (after tax deductions) due all Journeymen in the employ of the Employer, in accordance with the Trust Agreement that has been established and approved by both parties to the agreement. There are six (6) options available for vacation money to be withheld from the Employees’ pay, 1) No money taken out, 2) One ($1.00) dollar per hour taken out after taxes, 3) Two ($2.00) dollars per hour taken out after taxes, 4) Three ($3.00) dollars per hour taken out after taxes, 5) Four ($4.00) dollars per hour taken out after taxes or 6) Five ($5.00) dollars per hour taken out after taxes. Only one declaration of the options can be taken when initially hired, or, in the month of January in each calendar year.

Vacation Fund. SECTION 1. (a) Vacation Fund jointly administered by both parties. The Employer agrees to withhold from net wages (after tax deductions) due all Journeymen in the employ of the Employer, in accordance with the Trust Agreement that has been established and approved by both parties to the agreement. There are six (6) options available for vacation money to be withheld from the Employees’ pay, 1) No money taken out, 2) One ($1.00) dollar per hour taken out after taxes, 3) Two ($2.00) dollars per hour taken out after taxes, 4) Three ($3.00) dollars per hour taken out after taxes, 5) Four ($4.00) dollars per hour taken out after taxes taxes, or 6) Five ($5.00) dollars per hour taken out after taxes. Only one declaration of the options can be taken when initially hired, or, in the month of January in each calendar year.