Pension Plan Document PDF (355 KB)

    

Article III, Section 5

Section 5. Default in Payment. The failure of an Employer to pay contributions timely shall constitute a default by that Employer.

An Employer in default shall be required to pay interest from the due date until receipt by the Fund of the delinquent contributions. The Employer shall also be required to pay liquidated damages and audit fees, and all expenses of collection, including legal fees incurred by the Directors. The Directors shall by resolution periodically establish the rate of interest and amount of liquidated damages, as well as the circumstances under which interest, liquidated damages, audit fees, and expenses of collection may be waived.

The Directors may take any action necessary to enforce this section. In addition to all other rights, if such delinquency exceeds twenty-one (21) days the Directors in their discretion by a resolution duly adopted may terminate the Employer as a party under this Plan. No terminated Employer shall be eligible to again become a party unless all past obligations to the Fund are paid.