Premium Contributions i. Effective March 1, 2014, the Company and employees will contribute toward the premium costs of the NECA Health Plan for eligible Regular employees in accordance with this Section.
Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.
Payment of Contributions The College and eligible academic staff members shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.