COLLECTIVE BARGAINING AGREEMENT BY AND ... - Port of Seattle

11.3 Annuity - Puget Sound Electrical Workers Annuity - The Pm1 shall contribute thefollowing amounts, for each hour compensated for each employee covered by this agreement tothe defined contribution plan of the Puget Sound Electrical Workers Retirement Annuity TmstFund. (Refer to Section 8.5)Effective June I, 2012$2.05 per hour11.4 Variable Annuity - In addition to the amounts set fm1h above, the Pm1 agrees to contributesuch sums, as may be elected to be paid by Employees working under the several jobclassifications described by this Agreement, to the variable annuity plan of the Puget SoundElectrical Workers Retirement Annuity Tmst Fund. The amounts paid shall be in accordancewith the amounts periodically established and authorized by the Tmst Fund for all Employeeswho elect such coverage, provided however, that I st and 2nd period Apprentices are noteligible to pat1icipate in the Tmst Fund. Beginning August I, 2010 the Pm1 shall contribute thevariable annuity amount on all hours compensated.Eligible Employees who work under the several job classifications described by this Agreementand who elect to make contributions:(a) Are petmitted to make such election only once each calendar year as established by theTmst Fund;(b) Shall sign the appropriate authorization card provided by the Union and given to theEmployer;(c) May elect up to the maximum amount of contribution established for the jobclassification in which the Employee is working at the time, or a lesser amount, and;(d) Agree to comply with all other mles and regulations required by the Tmst Fund forpat1icipation.11.5 Payment Due Date - Payment shall be due on the fifteenth (15) of the month following themonth in which the hours were worked. Each remittance shall be accompanied by a fmm,which will be made available for this purpose.11.6 Trust Terms - The Pot1 agrees to be bound by the terms and provtswns of the TtustAgreement goveming the Puget Sound Electrical Workers Pension Tmst effective June I,1973, and all amendments or revisions hereafter adopted and fut1her agrees as itsrepresentatives the current Employer Ttustees and their lawfully appointed successors.The failure of the Pm1 to comply with the applicable provisions of the Ttust Agreementgoveming the Puget Sound Electrical Workers Pension Tmst shall also constitute a breach ofthis labor Agreement.11.7 Deferred Compensation -Full-time, eligible employees shall be eligible for pat1icipation inthe Port of Seattle's Deferred Compensation Plan as revised December 8, 1981. Eligibility andpat1icipation of employees shall be subject to the tetms and conditions of such plan includingany plan amendments, revisions, or possible cancellation. It is fut1her agreed that content ofElectricians Collective Bargaining Agreement June 1, 2012- May 31, 2017Page 20 of29