Article 16

In the event that any excess Employer or employee contributions reallocated pursuant to Article 16 hereof shall be received by the Trustees of the Pension Plan it shall be applied thereto in such manner - 19- as may be determined by the Trustees of such Plan in consultation with the Acturu-y. PENSION PLAN - EMPLOYER CONTRIBUTION - AMOUNT PER HOUR WORKED $2.25 All contributions required by this Article shall be remitted by the Employer at the office of the Administrator effective at time of signing. The cutoff dates for each month shall be the week endings as advised by the Administrator.

The Union reserves the right to increase amounts of contributions to the funds from wages.

The parties to this Agreement are agreed upon a Pension trust to be administered by a board of six (6) Trustees, three (3) appointed by the Employers and three (3) appointed by the International Union of Elevator Constructors. The Pension Trust Fund shall be known as the "Canadian Elevator Industry Pension Plan," and shall provide pension benefits for Elevator Constructor Mechanics and Helpers.

The Board of Trustees shall have full authority and discretion to adopt the Declaration of Trust and Plan of Pension Benefits which shall be part of this Agreement and bhlding on all parties signatory to this Agreement. The Pension Plan shall include a provision for retirement as well as a provision for optional retirement at an earlier age to be determined by the Trustees.

The Plan of Pension Benefits shall be financed by contributions by the Employers and by the Elevator Constructor Mechanics and Helpers. The Employer agrees to pay and contribute the applicable hourly contribution for each hour of work performed by all Elevator Constructor Mechanics and Helpers in his employ, in accordance with the Contribution Schedule contained herein. Each Elevator Constructor Mechanic and Helper shall continue to pay and contribute two dollars and seventy one cents per hour worked ($2.71). Payments of said contributions by Employers and by Elevator Constructor Mechanics and Helpers shall be in accordance with the terms of the Declaration of Trust adopted by the Board of Trustees.

All disbursements in connection with establishment of the Plan and provision of benefits shall be paid from the funds and the liability of the Employers and the Employees are expressly limited to the foregoing contributions.