Does the Retirement Plan impose sanctions on delinquent Participating Employers?
A Participating Employer who fails to make any three (3) contributions to the Fund as required by the Plan and the administrative procedures adopted by the Retirement Commission shall be subject to cancellation of its status as an active employer of the Plan. However, the Commission, may upon request and proper justification by the Participating Employer for its failure to contribute, grant a three (3) month grace period within which the Participating Employer shall be allowed to remit all the unpaid contributions due. The period is not subject to further extension and the failure to pay the amount due within the said period will automatically cancel the delinquent employers participation in the Plan. During the period of delinquency, the members who are employees of the delinquent employer shall, however, participate in the income of the Trust Fund.
