NATIONAL BENEFIT FUND LUMP SUM PAYMENT Sample Clauses

NATIONAL BENEFIT FUND LUMP SUM PAYMENT. The University and the Hospital 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 prior to June 1998. The unreported amount involved payroll of Employees in both the Hospital and Campus bargaining units. The University and the Hospital 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 University and the Hospital 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 University and the Hospital further agree to correct the payroll reporting problem that caused the underreporting. It is understood that the lump sum payment referred to in this side letter is the same lump sum payment referred to in the 1998-2000 Hospital collective bargaining Agreement. SIDE LETTERS (2000)
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