TIMING OF CONTRIBUTIONS
For payment requirements of participant contributions, employer retirement contributions, and employer matching contributions, please refer to The Plan document Sections 4.5, 5.1, 5.2 and 5.3(d). (see below)
The UUA strongly recommends that our UU employers calculate and remit at the end of each pay period (or at least as often as monthly) to help ensure that the remittance for ALL types of contributions is in keeping with Plan requirements. If any type of contribution is not received in compliance with the Plan’s (and Dept. of Labor’s) requirements, the employer will be required to submit Lost Earnings (LEC) in addition to past due contributions to make a participant whole.
4.5 Timing of Participant Contributions
Each Employer shall make a contribution to the Plan equal to the amount of Elective Deferrals and Catch-Up Contributions made by each Participant employed by that Employer. Such contributions shall be paid to the Trustee as soon as practicable following the reduction in Participants’ Compensation, but in no event more than 15 business days after the end of the month in which the reduction in Compensation is made.
5.1 Retirement Contributions
... Each Employer shall make Retirement Contributions to the Plan each payroll period on behalf of its eligible Employees equal to a specified percentage of the Participant’s Compensation earned during the applicable pay period…
5.2 Matching Contributions
…Each Employer that makes such an election shall make Matching Contributions each payroll period equal to a specified percentage of Compensation that the Participant contributes as Elective Deferrals during the applicable pay period.
5.3(d) Matching and Retirement Contributions for any Plan Year shall be due on the last day of the fiscal year for which the contribution is made and, unless paid before, may be paid then or as soon as practicable thereafter, without interest.