Defined Contribution Plan
How Are Contributions Allocated to Accounts?
Individual Accounts are established under the Plan on the books of the record keeper, John Hancock Retirement Services.
A Covered Employee who works one or more Covered Hours on and after July 1, 2018 shall be immediately vested with regard to 100% of the contributions made or required to be made to the Plan on his or her behalf. A Covered Hour is any hour worked under a Collective Bargaining Agreement or Participant Agreement requiring contributions to the Plan.
Employees will be vested under this Plan even though they have not worked sufficient Covered Hours to be vested under the Defined Benefit Pension Plan.