UFCW Pension Plan – Pension Contributions Sample Clauses

UFCW Pension Plan – Pension Contributions. Effective the first contribution period after Ratification of this Agreement, the Employer shall commence contributions to the Joint UFCW Pension Trust on behalf of all employees under separate cost group within the Overwaitea Division of the UFCW Pension Plan Trust. The initial level of Employer contributions shall be at 2.50% of an employee’s earnings and shall increase to the following amounts in January of each of the following years: 2010 – 3.00% 2011 – 3.50% 2012 – 4.00% 2013 – 5.00% 2014 – 5.50% 2015 – 6.00% 2016 – 6.50% 2017 – 7.00% 2018 – 7.50% 2019 – 8.00% Effective January 2014, employee contributions shall commence as follows: Age 18 to under age 30 – 1% of earnings Age 30 to under age 40 – 2% of earnings Age 40 and above – 4% of earnings Each employee shall have the option of transferring their existing pension funds to the Joint UFCW Pension Plan and use these funds to obtain past pensionable service and/or they may use other funds to purchase past pensionable service subject to actuarial calculation. Once this option is exercised Letter of Understanding #7 – Health & Welfare, Dental and Pension Trust can be deleted.
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Related to UFCW Pension Plan – Pension Contributions

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