Collections
The Board of Trustees of the New York City District Council of Carpenters Benefit Funds has adopted a policy that establishes collection procedures for fringe benefit contributions. The purpose of these collection procedures is to enforce, in accordance with ERISA (Employee Retirement Income Security Act of 1974), the obligation of the participating employers to make timely contributions to the Funds, as required by the underlying Collective Bargaining Agreements (CBAs). The policy details processes and procedures for billing, payroll review and audit procedures, and pursuing legal action to collect delinquent contributions.
FAQs
Interest is calculated at Citibank Prime Rate plus two percent per annum.
The Trustees are authorized to audit companies at any time. Most companies are audited every two years. However, depending on the circumstances, the timing may be different.
All refund requests must meet the Funds’ requirements for a refund and must be approved by the Board of Trustees. Please contact the Employer Assistance Department of the Benefit Funds office at (212) 366-7386 to make your request.
Late payment interest is interest that accrues on late-paid contributions. It is assessed once contributions are more than seven days late.
Contributions are due on the date specified in your CBA. If your CBA is silent on the due date, contributions are due seven days after the end of the payroll week.
It’s mandated by ERISA.
