Offset Rules Sample Clauses

Offset Rules. Any payments erroneously made during a period of suspension as provided in Section 6.01 shall be recovered through deductions from future Pension payments to be made to or on behalf of the Participant or by direct reimbursement from the Participant. The Trustees may assess compound interest at the ‘applicable interest ratebased on the 30-Year Treasury Rate as set by the United States Department of Treasury on the first business day of each Plan Year per annum on such erroneous payments that are made by the Trustees due to a Participant's fraudulent misrepresentation(s). Deductions from future Pension payments shall equal 100% of the monthly Pension payments made prior to Normal Retirement Age. After attainment of Normal Retirement Age, such deductions shall not exceed 25% of the Pension payment. However, for Participants whose benefits resume after Normal Retirement Age, (1) Pension payments shall resume no later than the third month after the last calendar month in which the Participant’s Pension benefits were suspended and (2) the initial Pension payment will be subject to 100% offset.
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Related to Offset Rules

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