SDCERS Interest Payment for Overpayment/Underpayment Due to Error by City/SDCERS Sample Clauses

SDCERS Interest Payment for Overpayment/Underpayment Due to Error by City/SDCERS. 1. For purposes of this section, “Eligible Employee” includes all MEA-represented employees who are on City payroll or on an approved leave of absence on or after January 1, 2016, regardless of their employment status (i.e., active, separated, DROP, DROP Extension, or retired) at the time a claim arose or arises in the future, and receive an SDCERS’ correction letter on or after July 1, 2023, in connection with the underpayment of contributions or the overpayment of pension benefits as a result of an error by SDCERS or City employee.
Sample 1
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Related to SDCERS Interest Payment for Overpayment/Underpayment Due to Error by City/SDCERS

  • OVERPAYMENT OF PURCHASES OR UNDERPAYMENT OF FEES Without limiting any other remedy available to any Purchaser, Contractor shall (a) reimburse Purchasers for any overpayments inconsistent with the terms of this Contract or Purchase Orders placed thereunder, at a rate of 125% of any such overpayments, found as a result of the examination of Contractor’s records; and (b) reimburse Enterprise Services for any underpayment of vendor management fees, at a rate of 125% of such fees found as a result of the examination of Contractor’s records (e.g., if Contractor underpays the Vendor Management Fee by $500, Contractor would be required to pay to Enterprise Services $500 x 1.25 = $625); Provided, however, that, in the event Contractor timely discovers and corrects any Purchaser overpayment or Contractor underpayment of vendor management fees and does so prior to the initiation of any audit, Contractor shall be entitled to reimburse Purchaser or pay to Enterprise Services the actual amount of such Purchaser overpayment or such underpayment of vendor management fees.

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