Overpayments and Underpayments. As a result of the uncertainty in the application of Section 280G of the Code, it is possible that Agreement Payments may have been made by the Company which should not have been made ("Overpayment") or that additional Agreement Payments which will have not been made by HUBCO could have been made ("Underpayment"), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Certified Public Accountants, based upon the assertion of a deficiency by the Internal Revenue Service against HUBCO or Executive which said Certified Public Accountants believe has a high probability of success, determines that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to Executive which Executive shall repay to HUBCO together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided, however, that no amount shall be payable by Executive to HUBCO in and to the extent such payment would not reduce the amount which is subject to taxation under Section 4999 of the Code. In the event that the Certified Public Accountants, based upon controlling precedent, determine that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code.
Overpayments and Underpayments. As a result of uncertainty in the application of Section 280G of the Code at the time of an initial determination by the Accounting Firm hereunder, it is possible that Payments will have been made by the Company that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by the Company could have been made (an “Underpayment”), consistent in each case with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Employee that the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the Employee that the Employee shall repay to the Company, together with interest at the applicable federal rate provided in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Employee to the Company if and to the extent that such payment would not reduce the amount that is subject to taxation under Section 4999 of the Code. In the event that the Accounting Firm determines that an Underpayment has occurred, such Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the Employee, together with interest at the applicable federal rate provided in Section 7872(f)(2) of the Code.
Overpayments and Underpayments. The employee has a responsibility to monitor his or her wages as paid by the district. If the employee believes there is a discrepancy he/she has a responsibility to contact the District. Likewise, if the District believes an employee to be overpaid or underpaid the District shall make appropriate contact. Thus the parties agree to the following regarding overpayments and/or underpayments: The discovery period for discrepancies is limited to discrepancies within the current school year and the school year immediately preceding it. For ten month employees the summer is considered to be part of the school year just ended.
1. If the employee is underpaid in the time period identified above the District shall contact the employee to determine if a preferred method of reimbursement to the employee exists.
2. If the employee is overpaid, the overpayment shall be returned to the District in the same manner in which it was received by the employee (i.e., overpayments received over 12 months of checks shall be repaid to the District over 12 months of checks).
Overpayments and Underpayments. All determinations required to be made under Paragraph 6.A shall be made by the Corporation which shall provide detailed supporting calculations to the Executive no later than the Termination Date. As a result of uncertainty in the application of Section 280G of the Code at the time of the initial determination hereunder, it is possible that payments will have been made by the Corporation which should not have been made ("Overpayment") or that additional payments, which will not have been made by the Corporation could have been made ("Underpayment"), in each case, consistent with the calculations required to be made hereunder. In the event that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to the Executive which the Executive shall repay to the Corporation together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Executive to the Corporation (or if paid by the Executive to the Corporation shall be returned to the Executive) if and to the extent such payment would not reduce the amount which is subject to taxation under Section 4999 of the Code. In the event that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Corporation to or for the benefit of the Executive together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code.
Overpayments and Underpayments. Without limiting any other remedies of the Parties, if an audit or inspection conducted pursuant to this Agreement discloses that there has been an overpayment or underpayment by the IESO the amount of the overpayment or underpayment will be payable or repayable to the IESO or to the Participant, as the case may be, promptly following such disclosure. In the case of an overpayment made by the IESO, the amount of such overpayment may be set-off against any future amounts payable to the Participant under this Agreement.
Overpayments and Underpayments. As a result of the uncertainty in the ------------------------------ application of Section 280G of the Code at the time of the initial determination by the Independent Firm hereunder, it is possible that Agreement Payments will either have been made by Xxxx Atlantic which should not have been made ("Overpayment"), or that additional Agreement Payments which have not been made by Xxxx Atlantic could have been made ("Underpayment"), in each case, consistent with the calculations required to be made hereunder. Within two years after the effective date of termination of employment, the Independent Firm shall review the determination made by it pursuant to the preceding paragraph. In the event that the Independent Firm determines that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to the Key Employee which the Key Employee shall repay to Xxxx Atlantic together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code (the "Federal Rate"); provided, however, that no amount shall be payable by the Key Employee to Xxxx Atlantic if and to the extent such payment would not reduce the amount which is subject to taxation under Section 4999 of the Code. In the event that the Independent Firm determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the appropriate Xxxx Atlantic Company to or for the benefit of the Key Employee together with interest at the Federal Rate.
Overpayments and Underpayments. (a) In the event of an error on an Employee’s pay, the correction will be made in the pay period following the date on which the error comes to the Employer’s attention. If the error results in an Employee having been underpaid by seventy-five dollars ($75.00) or more, the Employer will provide payment for the shortfall within three (3) business days from the date it is notified of the error except in extenuating circumstances.
(b) If an Employee is overpaid, the Employer will collect the overpayment after it has arranged a reasonable schedule of repayment with the Employee. The minimum bi-weekly repayment will be twenty-five dollars ($25.00).
(c) In the event the Employee retires from or leaves the employ of the Employer before the Employer is able to fully recover an overpayment as contemplated in this Clause, the Employer shall be entitled to make a full recovery at the time of retirement or termination of employment of that Employee and reduce accordingly any payments that might be owing to that Employee to recover the overpayment.
(d) The maximum period for correction of any underpayment or overpayment shall be six (6) months from the date the error is confirmed by the Employer.
Overpayments and Underpayments. As a result of uncertainty in the application of section 280G of the Code at the time of an initial determination by the Auditors hereunder, it is possible that Payments will have been made by the Employer which should not have been made (an "Overpayment"), or that additional Payments which will not have been made by the Employer could have been made (an "Underpayment"), consistent in each case with the calculation of the Reduced Amount hereunder. In the event that the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service against the Employer or the Employee that the Auditors believe has a high probability of success, determine that an Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the Employee which he shall repay to the Employer, together with interest at the applicable federal rate provided in section 7872(b)(2) of the Code; provided, however, that no amount shall be payable by the Employee to the Employer if and to the extent that such payment would not reduce the amount which is subject to taxation under section 4999 of the Code. In the event that the Auditors determine that an Underpayment has
Overpayments and Underpayments. As a result of uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Tax Gross-Up payments not made by the Company should have been made (“Underpayment”), or that Tax Gross-Up payments will have been made by the Company which should not have been made (“Overpayments”). In either such event, the Accounting Firm shall determine the amount of the Underpayment or Overpayment that has occurred. In the case of an Underpayment, the amount of such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. In the case of an Overpayment, the Executive shall, at the direction and expense of the Company, take such steps as are reasonably necessary (including the filing of returns and claims for refund), follow reasonable instructions from, and procedures established by, the Company, and otherwise reasonably cooperate with the Company to correct such Overpayment.
Overpayments and Underpayments. 12.12.1 The County shall correct the pay rate or amount of any form of compensation or benefit found to have been overpaid or underpaid. Underpayments by the County shall be paid to the employee in a single payment as soon as practicable.
12.12.2 Employees are legally required to return overpayments to the County. The repayments must be made by payroll deduction in order to correct and adjust the necessary tax payment and adjustments.
12.12.3 The following steps will be undertaken:
12.12.3.1 The County and employee will agree on a repayment schedule so as to not cause an undue burden on the employee. In most cases the repayment will occur over the same or fewer pay periods that the overpayment occurred. For example, an employee repaying the County for overpayment that occurred over six (6) pay periods would be entitled to repay the funds over six (6) pay periods. Employees are required to consent to the payroll deductions necessary to effect such repayments.
12.12.3.2 If agreement on a repayment schedule cannot be reached, the County may initiate a deduction not to exceed five percent (5%) of the employee’s disposable earnings in a pay period other than the final pay period. The deduction shall continue until the overpayment is fully recouped.
12.12.4 Any outstanding overpayment that exists at the time of termination will be withheld from the final paycheck.
12.12.5 An employee may request a union representative attend any meeting scheduled to discuss the overpayment and repayment options.
12.12.6 Employees who receive excess compensation are expected to report the error to the County. Employees who knew or should have known of an overpayment and fail to report the matter are subject to appropriate corrective action.
