First Amendment to the Integrated Metal Technology, Inc Bargaining Unit Retirement Plan
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EX-10.(DD) 4 k07101exv10wxddy.htm FIRST AMENDMENT TO THE INTEGRATED METAL TECHNOLOGY, INC BARGAINING UNIT RETIREMENT PLAN exv10wxddy
Exhibit 10 (dd)
FIRST AMENDMENT TO THE
INTEGRATED METAL TECHNOLOGY, INC.
BARGAINING UNIT RETIREMENT PLAN
(October 1, 2001 Restatement)
INTEGRATED METAL TECHNOLOGY, INC.
BARGAINING UNIT RETIREMENT PLAN
(October 1, 2001 Restatement)
This First Amendment to the October 1, 2001 Restatement of the Integrated Metal Technology, Inc. Bargaining Unit Retirement Plan (the Plan) is adopted by Integrated Metal Technology, Inc. (the Employer) with reference to the following:
A. The Employer and its predecessors have maintained the Plan since October 1, 1966 to provide retirement benefits to Employees who are in the bargaining unit represented by Local 6-0410 of the Paper, Allied Industrial, Chemical and Energy Workers International Union, AFL-CIO, Canadian Labour Congress (the Union); and
B. The Employer wishes to amend the Plan further to provide for the increases negotiated by the Employer and the Union in their most recent collective bargaining agreement.
NOW, THEREFORE, the Plan is amended as follows:
1. Section 5.2(a) is amended in its entirety to read as follows:
(a) General Rule. The monthly pension benefit payable for life to a Participant who is entitled to a Normal Retirement Benefit shall be an amount equal to his Years of Credited Service multiplied by the applicable benefit rate determined from the following table:
Participants Date of Retirement | Benefit Rate | |||
October 1, 1976 September 30, 1978 | $ | 5.50 | ||
October 1, 1978 September 30, 1979 | $ | 6.00 | ||
October 1, 1979 September 30, 1980 | $ | 6.50 | ||
October 1, 1980 September 30, 1982 | $ | 7.00 | ||
October 1, 1982 September 30, 1983 | $ | 7.50 | ||
October 1, 1983 = September 30, 1985 | $ | 8.00 | ||
October 1, 1985 September 30, 1986 | $ | 8.50 | ||
October 1, 1986 September 30, 1987 | $ | 9.25 | ||
October 1, 1987 December 14, 1990 | $ | 10.00 | ||
December 15, 1990 December 14, 1991 | $ | 11.00 | ||
December 15, 1991 December 14, 1992 | $ | 12.00 | ||
December 15, 1992 December 15, 1993 | $ | 13.00 | ||
December 16, 1993 December 15,1994 | $ | 16.00 | ||
December 16, 1994 December 15, 1995 | $ | 18.00 | ||
December 16, 1995 December 15, 2001 | $ | 21.00 | ||
December 16, 2001 December 14, 2002 | $ | 23.00 | ||
December 15, 2002 December 20, 2003 | $ | 24.00 | ||
December 21, 2003 January 14, 2005 | $ | 25.00 | ||
January 15, 2005 December 18, 2005 | $ | 27.00 | ||
December 19, 2005 December 17, 2006 | $ | 29.00 | ||
On or After December 18, 2006 | $ | 31.00 |
2. This Amendment will be effective as of January 15, 2005.
IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed this 1st day of May, 2006.
INTEGRATED METAL TECHNOLOGY, INC. By Brian C. Walker Its President | ||||