Late payment of contributions Sample Clauses

Late payment of contributions. If a Participant fails to pay the contribution referred to in clause 7.2 on or before the due date for payment then, in addition to the contribution, the Participant must pay to the RRC interest on the contribution at the overdraft rate charged by the RRC’s bank on amounts of the same size as the unpaid contribution calculated from and including the due date to but excluding the actual date of payment.
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Late payment of contributions. In the event that an Employer’s contributions for any month are not paid by the twentieth (20th) day of the second month after the month due, such Employer shall thereupon be obligated to pay to the Pension Plan, as liquidated damages, in addition to the delinquent contributions, an amount equal to the greater of:
Sample 1
Late payment of contributions. An employer has not made the due payments of contributions in the amount of £2,500 pm for 3 months under the GPP. The provider reports the £7,500 unpaid contributions to the Pensions Regulator in accordance with the Pensions Regulator’s code of practice on reporting the late payment of contributions to personal pensions. A report is also received from an employee alleging that the employer has ’stolen’ his contributions. The Pensions Regulator checks whether the employer has gone into administration/liquidation as this issue would then become a matter for the insolvency practitioner to deal with. The employer is still trading. The Pensions Regulator writes to the employer regarding the unpaid contributions. There is no response and the provider advises that a further contribution has been missed, so total outstanding contributions are £10,000. The Pensions Regulator sends a further letter to the employer to which there is no response. The Pensions Regulator makes telephone contact with the employer and a cheque for overdue payments is sent to the provider. This matter is dealt with by the Pensions Regulator as it relates to the employer not complying with its legal obligations. The Pensions Regulator does not liaise with the FSA as the FSA has no regulatory remit in respect of late payment of contributions by employers. Example three – unit pricing error A provider discovers that due to a system error, the price of units in their personal pensions unitised with-profits fund has been incorrectly calculated for the past three months. This affects members of both individual and group personal pensions and means that the wrong number of units and inaccurate policy valuations apply on these policies. The provider reports the matter to the FSA together with their action plan to address it. The provider ensures that the error is corrected for future transactions and puts in place a project plan to correct all transactions, both purchase and sale of units, to ensure that no member suffers loss as a result of the error. The provider gives updates at agreed intervals to their nominated supervisor at the FSA confirming progress in addressing the matter. The supervisor requests a further report on the cause of the systems error and clarification of what steps have been taken to prevent a recurrence. This is an isolated incident at the provider and due to the prompt action taken to report and rectify matters, the FSA takes no further action. This matter is dealt with b...
Sample 1
Late payment of contributions. Unless otherwise agreed, if a Participant fails to pay to the MRC a sum of money owing under this clause on or before the due date for payment, that Participant shall, in addition to the sum of money due and payable, pay to the MRC, interest at the overdraft rate charged by the MRC’s bank on amounts of the same size as the unpaid sum, calculated from and including the due date of payment to but excluding the actual date of payment.
Sample 1
Late payment of contributions. Unless otherwise agreed, if a Participant fails to pay to the BHRC a sum of money owing under this clause on or before the due date for payment, that Participant shall, in addition to the sum of money due and payable, pay to the BHRC, interest at the overdraft rate charged by the BHRC’s bank on amounts of the same size as the unpaid sum, calculated from and including the due date of payment to but excluding the actual date of payment.
Sample 1

Related to Late payment of contributions

  • Payment of Contributions The College and eligible academic staff members shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Investment of Contributions At the direction of the Designated Beneficiary (or the direction of the Depositor or the Responsible Individual, whichever applies) the Custodian shall invest all contributions to the account and earnings thereon in investments acceptable to the Custodian, which may include marketable securities traded on a recognized exchange or "over the counter" (excluding any securities issued by the Custodian), covered call options, certificates of deposit, and other investments to which the Custodian consents, in such amounts as are specifically selected and specified in orders to the Custodian in such form as may be acceptable to the Custodian, without any duty to diversify and without regard to whether such property is authorized by the laws of any jurisdiction as a custodial account investment. The Custodian shall be responsible for the execution of such orders and for maintaining adequate records thereof. However, if any such orders are not received as required, or, if received, are unclear in the opinion of the Custodian, all or a portion of the contribution may be held uninvested without liability for loss of income or appreciation, and without liability for interest pending receipt of such orders or clarification, or the contribution may be returned. The Custodian may, but need not, establish programs under which cash deposits in excess of a minimum set by it will be periodically and automatically invested in interest-bearing investment funds. The Custodian shall have no duty other than to follow the written investment directions of the Designated Beneficiary (or the Depositor or Responsible Individual), and shall be under no duty to question said instructions and shall not be liable for any investment losses sustained by the Designated Beneficiary.

  • Late Payments If any undisputed amount in an invoice of the Transfer Agent (for fees or reimbursable expenses) is not paid when due, the Fund shall pay the Transfer Agent interest thereon (from the due date to the date of payment) at a per annum rate equal to one percent (1.0%) plus the Prime Rate (that is, the base rate on corporate loans posted by large domestic banks) published by The Wall Street Journal (or, in the event such rate is not so published, a reasonably equivalent published rate selected by the Fund) on the first day of publication during the month when such amount was due. Notwithstanding any other provision hereof, such interest rate shall be no greater than permitted under applicable provisions of Massachusetts law.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Return of Contributions The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from Partnership assets.

  • Premium Contributions i. Effective March 1, 2014, the Company and employees will contribute toward the premium costs of the NECA Health Plan for eligible Regular employees in accordance with this Section.

  • Company Contributions (a) For employees hired, rehired or who become covered under the CWA 3176 Agreement through any means before January 1, 2016, the Company shall contribute a Company Matching Contribution equal to 25 percent of the Participant’s Contribution up to a maximum of 6 percent of eligible wage.

  • Late Payment Fees (a) The Servicer shall not waive any part of any Late Payment Fee unless (i) the collection of any Late Payment Fee would violate any relevant law or regulation or (ii) the waiving of the Late Payment Fee would otherwise benefit the Trust Fund and it is expected that the waiver would maximize recovery of total proceeds, taking into account the value of the Late Payment Fee and related Mortgage Loan and doing so is standard and customary in servicing similar Mortgage Loans (including the waiver of a Late Payment Fee in connection with a refinancing of a Mortgage Loan that is related to a default or reasonably foreseeable default).

  • Payment of Compensation Consultant shall submit to City a monthly itemized statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. City shall, within 30 days of receiving such statement, review the statement and pay all approved charges thereon.

  • Late Payment Timeliness of payment and any interest to be paid to Contractor for late payment shall be governed by Article 11-A of the State Finance Law to the extent required by law.

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