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 of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.
Pension Contributions 19.2.3.1 Unless required by law to commence receiving a pension prior to the Member’s actual retirement date (i.e., currently December 31 of the year in which the Member attains age sixty-nine (69)) the Member who postponed retirement beyond his or her TRD will continue to make pension contributions.
Company Contributions a. For employees hired, re-hired, or who become covered under the CWA Local 6174 Agreement through any means before January 1, 2015, the Company shall contribute a Company Matching Contribution equal to twenty-five percent (25%) of the Participant’s contribution up to a maximum of 6% of eligible wage.
