Common use of PENSION PROGRAM Clause in Contracts

PENSION PROGRAM. Year Current 3/1/2021 3/1/2022 3/1/2023 3/1/2024 A. The parties understand and agree that as of March 1, 2014, the Employer shall cease making contributions to the CMTA-Independent Tool and Die Craftsmen Association Pension Trust with the intent and effect of accomplishing a partial or complete withdrawal from the CMTA Pension Plan. B. Effective on March 1, 2021, the Employer shall direct a contribution of Four Dollars and Eighty Cents ($4.80) for each straight time hour of work or compensated time compensated as defined as wages for straight time or overtime, paid directly by the employer, up to a maximum of Two Thousand Five Hundred (2500) hours in a calendar year to the CWA Savings & Retirement Trust, a defined contribution plan. The Pension Contribution for apprentices and helpers shall be at 80% from the table above. C. It is further agreed that it is the intention of the parties to this agreement that no Employer shall be required to provide double benefits. To this end, any pension plan which is now or may be established by any Employer, including all of its provisions, its alteration in any way, or its termination in whole or in part, will be considered outside the scope of collective bargaining for as long as such plan exists.