LUMP SUM PAYMENT TO THE NATIONAL BENEFIT FUND Sample Clauses

LUMP SUM PAYMENT TO THE NATIONAL BENEFIT FUND. The Hospital and the University agree to make a $150,000 lump sum payment to the National Benefit Fund based on an estimate of an amount of payroll that was not reported to the Fund for purposes of contributions over the six (6) year period immediate prior to this Agreement. The unreported amount involved payroll of Employees in both the Hospital and Campus bargaining units. The Hospital and the University agree to pay a minimum of one-half (1/2) (i.e. $75,000) of the lump sum payment to be received by the National Benefit Fund no later than December 31, 1998. The Hospital and the University agree to pay the remaining balance of the lump sum payment to be received by the National Benefit Fund no later than July 31, 1999. The Hospital and the University further agree to correct the payroll reporting problem that caused the underreporting.
Sample 1
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