VAPP definition
Examples of VAPP in a sentence
Beginning July 1, 2020, retirement benefits for Meat and Seafood employees covered by this CBA will be provided through the UFCW International Union - Industry Variable Annuity Pension Plan (“VAPP”) and Kroger shall be obligated to make contributions to the VAPP in accordance with the terms and conditions of the Pension MOU.
In order to ensure that all bargaining unit employees entitled to participate in the VAPP are appropriately reflected in the records of the VAPP, Kroger further agrees to the examination of its payroll records by the Board of Trustees of the VAPP or its designee.
Meat and Seafood employees in the bargaining unit covered by this CBA shall participate in the VAPP in accordance with the terms of the Pension MOU and subject to the eligibility, vesting and other requirements and in accordance with the plan of benefits of the VAPP.
Kroger agrees to be bound by the Agreement and Declaration of Trust of the VAPP and to provide to the Board of Trustees of the VAPP or its designee all information with respect to Meat, Seafood, Deli/Bakery and Starbucks bargaining unit employees that is needed in connection with the administration of the VAPP, including but not limited to all hours or months worked, paid, or for which employees are entitled to payment.
The VAPP shall include, to the extent appropriate to the nature of the VAPP, all benefit options currently provided under the National Fund, including but not limited to the right to receive disability, deferred vested benefits and surviving spouse benefits; provided, however, that notwithstanding the foregoing, the VAPP shall not offer a Social Security Level Income Option.
Except as provided in this subsection, the rules for eligibility, participation and vesting as described in the National Fund Plan Documents shall be used to determine the eligibility, participation and vesting rules of the VAPP.
All reciprocity rules and agreements in place with the National Fund as of June 30, 2020 shall be deemed adopted by the VAPP Board of Trustees and shall apply on and after July 1, 2020 for purposes of determining eligibility to participate and vesting credit in the VAPP.
Employer contributions shall be required to be made to the VAPP without regard to the requirement under Section 5.2 of the MOU that an Employee attain age 21 to participate in the VAPP.
Beginning July 1, 2020 retirement benefits for Meat, Seafood, Deli/Bakery and Starbucks employees covered by this CBA will be provided through the UFCW International Union - Industry Variable Annuity Pension Plan (“VAPP”) and Kroger shall be obligated to make contributions to the VAPP in accordance with the terms and conditions of the Pension MOU.
Any increase to the PBGC premiums after May 1, 2020 that are imposed on the VAPP due to newly enacted legislation will be added to the Administrative Expense Charge.