Board Resolution 2005-12-10(b)

Meeting room

Topic: Creditable Service
Subtopic: Omitted Earnings
Date: 12/15/2005
Status: Active

WHEREAS, the Fund is experiencing a steady flow of cases in which the earnings of currently participating employees during the earlier years of their employment were not reported to the Fund, and

WHEREAS, failure to report such earnings and deductions deprives such employees of their full lawful benefit rights, therefore be it

RESOLVED, that the contribution requirement from the employer involved in such cases be considered by the actuary when determining future contribution rates, and be it

FURTHER RESOLVED, that the employee contribution, deleted by 2008-01-05(b), be computed on the member contribution rate in effect during the omitted period, and be it

FURTHER RESOLVED, that the employer shall not be given an option to report omitted earnings if such earnings are legally reportable under the law and if the member makes the required member contributions and interest.