Preferred Schedule definition

Preferred Schedule means the schedule of contribution in- creases and benefit reductions denominated as the “preferred schedule” and adopted by the Trustees as part of the Rehabilita- tion Plan, and as that schedule may be amended by the Trustees from time to time.
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Examples of Preferred Schedule in a sentence

  • Upon adoption of the 2016 Preferred Schedule, it is hereby deemed approved by the bargaining parties and automatically incorporated into this Agreement.

  • The Trustees are further authorized to update the Rehabilitation Plan as required by the PPA and to be consistent with the 2016 Preferred Schedule.

  • Therefore, the parties hereby agree as follows: Because the 2014 Schedule and Rehabilitation Plan is no longer sufficient to permit the Fund to emerge from critical status by March 31, 2024, the Trustees are authorized and directed to adopt a new 2016 Preferred Schedule which provides for increases in the employer contribution rates consistent with this Article (the “2016 Preferred Schedule”).

  • If, during the term of this Agreement, there are legislative, regulatory, judicial or other changes or interpretations of the PPA or other state or federal law which would impact the contribution increases set forth in the 2016 Preferred Schedule, the Trustees are authorized and directed to mitigate such contribution increases.

  • In no event shall any further contribution increases be required from the Employer during the term of this Agreement as a result of any required annual updates or other changes to the 2016 Preferred Schedule or, if applicable, to any Default Schedule.

  • The 2016 Preferred Schedule shall first be effective with hours worked on and after October 1, 2016, as to the supplemental Employer contributions required in this subsection.

  • In the event the Trustees amend the Schedule as provided in subsection (i) or in this subsection (v), then the amended 2016 Preferred Schedule shall be deemed adopted by the bargaining parties, and the supplemental contribution rates and benefits will be adjusted as provided in the amended Schedule.

  • The supplemental contribution increases shall be subject to the following automatic reduction in the event the Pension Fund is successful in prospectively terminating its 412(e) relief: effective for hours worked in the month in which 412(e) relief is terminated, the supplemental contributions rates shall automatically be reduced by the maximum amount permitted that would still allow the Fund to exit the red zone consistent with the 2014 Preferred Schedule.

  • The Employer and the Union adopted the Preferred Schedule in the predecessor to this Agreement (where it was referred to as Alternative Schedule 2) and agree the Employer will continue to contribute to the Rehabilitation Plan in accordance with the terms of the Preferred Schedule.

  • The parties’ expressly agree that future increases, if any, which may be required in the 2016 Preferred Schedule, commencing with hours worked in October 2019, shall be subject to bargaining in subsequent collective bargaining agreements.