ARTICLE XVIII(A) - 401 (k) Annuity
The National Elevator Industry 401(k) Retirement Plan shall
have a provision added to enable the Plan to accept annuity
contributions and shall be known as the Elevator Constructors
Annuity and 401(k) Plan.
The Plan shall be administered by a board of eight (8) Trustees;
four (4) appointed by the International Union of Elevator Constructors
and four (4) appointed by the National Elevator Industry, Inc..
The Board of Trustees shall adopt a Declaration of Trust and
Plan of Benefits which shall be part of this agreement and binding
on all parties signatory to this agreement.
The annuity benefits shall be funded by Employer contributions
as follows (except as modified pursuant to Article V, Paragraph
3):
| Effective Date |
Amount of Increase |
Hourly Contribution Rate |
| January 1, 2003 |
$0.40 |
$0.40 |
| January 1, 2004 |
$0.20 |
$0.60 |
| January 1, 2005 |
$0.20 |
$0.80 |
| January 1, 2006 |
$0.20 |
$1.00 |
| January 1, 2007 |
$0.20 |
$1.20 |
