Union Contract Local 2, OPEIU - WMATA.com

Said Pension Plan as it applies to members of the bargainingunit covered by this Agreement, shall be subjectto the terms of this Agreement. Plan trustees shall not bepermitted to make any substantive changes in Plan provisionsor in currently effective administrative rules andregulations, affecting the bargaining unit, unless and untilsuch changes are agreed upon (or arbitrated) by the Authorityand the Union.(2) The Authority agrees that the Union may appoint one (1)of the two employee representative trustees to serve onthe Board of Trustees constituted pursuant to the WMATARetirement Plan.(3) The Authority has established a defined contribution plan(“DCP”). The DCP shall apply to all employees hired afterthe effective date of the DCP, to long-term temporaryemployees employed on the effective date of the DCP, andto regular part-time employees employed on the effectivedate of the DCP. Participation in the existing defined benefitRetirement Plan shall be limited to full-time regularemployees hired before the effective date of the DCP. TheDCP has replaced the prior deferred compensation benefitfor long-term temporary employees. The Authority shallcontribute four percent (4%) of base salary to the DCP andshall contribute an additional amount not to exceed 3% ofbase salary to the DCP matching the funds deferred by theemployee under the Authority’s deferred compensationplan. Authority contributions to the DCP shall be subjectto three-year cliff vesting; employees shall receive Authoritydate-of-hire service credit for vesting purposes. Agreementsregarding DCP structure and administration are setforth in a separate Letter of Understanding. Employeesbeing rehired by the Authority shall be placed in the47