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(a) The Company shall pay to the Graphic Arts Industry Joint Pension Trust (“Pension Fund”), or its successor by consolidation or merger, the amounts hereinafter set for each employee covered by this Agreement (“Covered Employee”) for all straight time hours worked or paid for (As defined in (b) below):
For work performed on or after, November 1, 2004 the sum of $1.30 per hour. For work performed on or after, November 1, 2008 the sum of $1.35 per hour. For work performed on or after, November 1, 2009 the sum of $1.40 per hour.
(b) The term “hour of service” means any hours for which an employee is compensated by the Company, including compensated time such as vacations, absences for sickness, paid holidays, paid leaves of absence, jury duty and such other absences. For purposes of determining hours of service, an employee shall be deemed to have worked an hour of service when they have earned one (1) hour of the normal wage paid per shift.
(c) All payments to the Pension Fund shall be by check or other order for money payable to the Graphic Arts Industry Joint Pension Trust and shall be transmitted monthly to the office of the Pension Fund. Concurrent with the payment by the Company, the Company shall submit such reports as the Trustees deem necessary for the purpose of properly administering the Pension Fund and payment of benefits. All payments by the Company required hereunder shall be due and payable within ten (10) days after the payroll period of the month for which such payment is required.
(d) If the Company is delinquent in making payments required under this Pension Article by more than thirty (30) days, it shall be liable for and agrees to pay interest on, the money due to the date payment is made, at a rate established by the Trustees pursuant to the Trust Agreement and such legal, court or other costs incurred in collection proceedings and further, the Trustees may, in their discretion, suspend or terminate the Company's status as a participating employer. Any action to collect any amount owed hereunder shall not be subject to or covered by any grievance or arbitration procedure contained in this Collective Bargaining Agreement. In addition to any other remedy which may otherwise be available, the Union, the Trustees of the Pension Fund or both, shall have the right to sue in any court of competent jurisdiction to secure the payment of any monies due hereunder without the necessity of first utilizing any other remedy.
(e) Contributions shall be made on behalf of Covered Employees only, and the Company's participation in the Fund is contingent upon such participation not impairing the Fund's qualification under Sections 401 and 501 of the Internal Revenue Code of 1954, as amended and the Company's contribution being deductible for federal income tax purposes.
The Company recognizes that the participation of its employees in the Fund is subject to acceptance by the Board of Trustees of the Graphic Arts Industry Joint Pension Trust.
(f) The Company and the Union agree that categories of employees, other than those covered by this Collective Bargaining Agreement, must be accepted for participation by the Trustees of the Joint Pension Trust and such determination will be made based upon actuarial valuation for such new category.