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ARTICLE 41

PENSION

  1. Employees covered by this Agreement who have completed ninety (90) calendar days of cumulative active service for benefit eligibility shall participate in a pension plan. Those regular employees who are not currently in the Federal Civil Service Retirement Plan shall be included in the ARRC Pension Plan in effect as of the signing of this Agreement.
  2. A Pension Committee, comprised of two management representatives, two labor representatives and the Manager of Benefits and Compensation, shall administer the ARRC Pension Plan.
  3. For the purpose of this Article, the completion of ninety (90) calendar days of cumulative active service shall be considered the benefit vesting date. Employee contributions will begin on this date and will be made thereafter on a bi-weekly basis from "subject-to-retirement" earnings within the pay period. Subject-to-retirement earnings for the UTU will be the first forty (40) hours of compensation per week.
  4. The employees adjusted date of hire is the date of credited service for the ARRC Pension Plan for employees of the Alaska Railroad hired prior to May 24, 1987 and participating in the plan as of the effective date of this Agreement.