Article 18: Pension

Section 18.1: Steelworkers Pension

A. Effective April 1, 2005, the hourly contributions for the pension plan shall be Two Dollars and Sixteen Cents ($2.61) for the first 173 hours paid in a calendar month, and One Dollar and Thirty Six Cents ($1.66) per hour for all hours worked thereafter.

B. Effective September 1, 2005, the hourly contributions for the pension plan shall be Two Dollars and Sixty-one Cents ($2.61) per hour paid for the first 2080 hours in each 12 month period thereafter.

C. Contributions for the purpose of complying with the IRS 412(E) requirements may be increased as follows:

1. Effective upon ratification, up to a 7% increase in the contribution rates.

2. Effective April 1, 2006, up to a 7.25% additional increase in contribution rates.

3. Effective April 1, 2007, up to a 7.5% additional increase in contribution rates.

D. In the event an employee misses work because of an on-the-job accident, the Company will continue to make regular contributions to the plan as though the employee had been working for up to six (6) calendar months per injury.

E. Pension contributions are made the month following the effective date of the increase based on hours worked during the month in which the increase becomes effective.

F. The Union may also elect to increase the pension contributions for either all or a portion of future wage increases generated under the Cost of Living formula in this agreement. In the event such option is elected, the Union will give timely notice to the Company so appropriate pay and pension computations and adjustments can be made.

G. The United Steelworkers of America shall designate administrators for this plan and hold the Company, Cascade Steel Rolling Mills, harmless for administration of this plan with the exception of the Company making timely contributions as agreed upon herein.

H. The United Steelworkers shall provide an explanation of benefits to the employees of Cascade Steel Rolling Mills.

Section 18.2: 401(K) Plan

A. Effective with this Agreement, bargaining unit employees will be eligible to participate in the Company 401(K) Plan.

B. In the event that the Company determines that changes in the 401(K) Plan are necessary, the Company agrees to notify the Union of the proposed changes sixty (60) calendar days prior to implementation, and afford the Union the opportunity for review and the submission of written recommendations. Furthermore, the Company also agrees to fully consider all recommendations made by the Union concerning any proposed modifications in the 401(K) Plan when such recommendations are received by the Company at least thirty (30) calendar days prior to the implementation of such changes. Profit sharing money and vacation pay in excess of a 10 week vacation balance can be put in 401(K) program on a semi-annual basis. Under no circumstances may an employee's salary deferral contributions from all allowable sources, and/or an employee's combined retirement and salary deferral contributions, in any calendar year, exceed the annual Internal Revenue Service dollar limits for that calendar year, per all applicable sections of the Internal Revenue Code. The first permitted enrollment date was July 1, 1994.

C. Effective with this Agreement, bargaining unit employees are covered equally under the same 401(K) Plan as management. Any and all future 401(K) benefit adjustments which apply to management employees shall apply equally to all bargaining unit employees.