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Ironworkers Local #395 Apprenticeship <br />Fund, the Local #395 Annuity Fund and/or <br />the NW Indiana Building Trades are <br />terminated by mutual consent of the <br />negotiating committee, then the amount <br />or amounts of contributions to these funds <br />and/or all future funds, shall be added to <br />the employee's hourly rate the day after <br />the termination date or dates. <br />VACATION FUND <br />Section XII. Each Employer shall deduct <br />the amount per hour, specified in the <br />wage and fringe benefit section of this <br />Agreement, from the net wages of all <br />employees covered by this Agreement. (For <br />example: Employee works 10 hours x $4.00 <br />($40.00) which is deducted from Net <br />Wages.) <br />The said Vacation Fund shall be <br />administered by any responsible <br />financial institution so designated by The <br />Executive Board, pursuant to an <br />Agreement between said Credit Union or <br />financial institution and Iron Workers <br />Local 395, and all monies remitted by <br />the Employers shall be held in trust by <br />said Credit Union or financial institution <br />for the purpose of providing vacations <br />for covered employees. <br />Upon lay off, a separate check for all <br />vacation fund money owed ironworker <br />employees shall be written and mailed to <br />the Fringe Fund Disbursement Office on <br />the same day as the lay off, failure to <br />receive said check within three (3) days <br />will dictate a 10% penalty to be paid to <br />each ironworker who was laid off. <br />Exceptions are granted to those <br />employers who are members of NWICA <br />in good standing with the Union, and <br />who are in compliance with the bonding <br />provisions in this agreement. <br />If Vacation Fund is terminated the <br />money will be placed on the check. <br />Local 395 agrees to give a forty-five (45) <br />day notification to Employers. <br />25 26 <br />