SECTION 12. AMOUNT TRANSFERRED TO HOME FUND

  • It is understood by the parties to this Agreement that the Participating Fund shall remit Monies to the Home Fund based on hours paid and reported to the Participating Fund multiplied by the straight-time current contribution rate in the Home Fund, except that a Participating Fund shall not be required to transfer funds at a contribution rate greater than the current rate of the Participating Fund. The current contribution rate shall be defined as the prevalent rate currently being paid within the jurisdiction of the Participating Fund.
  • The Participating Fund shall remit all monies to the Home Fund via an Electronic Funds Transfer. 

SECTION 24. AMENDMENT PROCEDURES AND EFFECTIVE DATE

This Agreement may be modified or amended at any time by written approval of a proposed amendment or modification by a simple majority of all Participating Funds. The Reciprocal Administrative Office shall prepare and circulate proposed amendments, tabulate all votes on amendments, and report the results to the Participating Funds. Any proposed amendment receiving a simple majority vote, as provided above, shall be effective as of the date specified in the amendment or, if no date is specified, upon such date as announced by the Reciprocal Administrative Office when reporting the favorable vote to the Participating Funds. 

PROPOSED MODIFICATION TO SECTION 12. As per SECTION 24. AMENDMENT PROCEDURE AND EFFECTIVE DATE

Section 12. Amount Transferred To Home Fund

  1. It is understood by the parties of this agreement that the Participating Fund shall remit monies to the Home Fund based on hours paid and reported to the Participating Fund multiplied by the straight-time current contribution rate in the  Remove (Home Fund) & Replace with (Participating Fund), except that a participating fund shall not be required to transfer funds at a contribution rate greater than the current rate of the Participating Fund. The current contribution rate shall be defined as the prevalent rate currently being paid within the jurisdiction of the Participating Fund.

b.   The Participating Fund shall remit all monies to the Home Fund via Electronic Funds Transfer.

Feel free to follow this link to read the document in full: https://erts.ibew.com/jsp/downloadattachPDF.jsp?type=pdf&fileName=HWAgreement.pdf , However this is the pertinent excerpt needed.