|
|
Delinquency
Any employer that fails to pay contributions to the Fund Office
before the delinquency date, or who issues a non-sufficient
funds check, will be considered delinquent and subject to the
following:
-
The employer will be
assessed liquidated damages in the amount of 10% of the
contributions owed.
-
If the remittance report
form of employees and hours has not been submitted by the
delinquency date, the employer will also be assessed a $200
late filing fee.
-
The employer will also be
assessed interest at the annual rate of 18% from the date of
the delinquency until the date of payment.
-
The Joint Delinquency
Committee may also require that the employer make
contributions and file reports semimonthly on the first and
fifteenth day of each month, and shall be considered
delinquent if payments and reports are not mailed within
seven days of these reporting dates.
-
The Joint Delinquency
Committee may also assess additional surcharge liquidated
damages against employers who it determines are chronically
delinquent, but in no case will the total liquidated damages
be greater than 20%.
-
If a lawsuit is filed to
collect the delinquent contributions, the amount of
liquidated damages will be 20%.
-
For the Defined
Contribution Fund, the employer must also pay lost earnings
on all elective deferrals received after the 15th day of the
month following the work month.
|
