Common use of DAMAGES FOR ELECTIVE CONTRIBUTION ACCOUNTS Clause in Contracts

DAMAGES FOR ELECTIVE CONTRIBUTION ACCOUNTS. To the extent EISB is able to do so, EISB will advance a participant’s elective contribution account [ie. 401(k)] when an employer is delinquent transmitting same to the EISB. In the event that EISB advances what would otherwise be a delinquent elective contribution, EISB, by virtue of this Joint Services Agreement, shall become the assignee of the San Francisco Electrical Workers Retirement Savings to the extent of any such delinquent elective contribution and shall be entitled to pursue all rights of the Retirement Savings Plan for EISB’s own account, including the principal sum advanced and any liquidated damages, interest and collection costs associated with the assigned claim for delinquent elective contributions due. In the event that EISB cannot advance a participant’s elective contributions accounts that have become delinquent for any reason, EISB may allocate to the participant’s account whatever portion of liquidated damages and/or interest it collects through the delinquency procedures that may be necessary to make the participant’s account whole for lost earnings.

DAMAGES FOR ELECTIVE CONTRIBUTION ACCOUNTS. To the extent EISB is able to do so, EISB XXXX will advance a participant’s elective contribution account [ie. 401(k)] when an employer is delinquent transmitting same to the EISB. In the event that EISB advances what would otherwise be a delinquent elective contribution, EISB, by virtue of this Joint Services Agreement, shall become the assignee of the San Francisco Electrical Workers Retirement Savings to the extent of any such delinquent elective contribution and shall be entitled to pursue all rights of the Retirement Savings Plan for EISB’s own account, including the principal sum advanced and any liquidated damages, interest and collection costs associated with the assigned claim for delinquent elective contributions due. In the event that EISB cannot advance a participant’s elective contributions accounts that have become delinquent for any reason, EISB may allocate to the participant’s account whatever portion of liquidated damages and/or interest it collects through the delinquency procedures that may be necessary to make the participant’s account whole for lost earnings.