Recalculation of Member Contributions Sample Clauses

The "Recalculation of Member Contributions" clause defines the process by which a member's financial contributions to an organization or partnership may be reviewed and adjusted. Typically, this clause outlines the circumstances that trigger a recalculation, such as changes in the organization's financial needs, a member's status, or periodic reviews. For example, if a member's share of profits or losses changes, their required contribution may be updated accordingly. The core function of this clause is to ensure that contributions remain fair and proportionate over time, addressing changes in circumstances and maintaining equity among members.
Recalculation of Member Contributions. The State fiscal agent will notify the Contractor of the member’s POWER Account contribution for the new benefit period. After the 12 month calendar year reconciliation period, the Contractor shall report any applicable POWER Account rollover amounts determined in accordance with Section 5.8.2.1 or any discounts determined in accordance with Section 5.8.2.2 to the State fiscal agent on the POWER Account Reconciliation file (PRF), as set forth in Sections 5.8.2 and 5.8.3 below. The Contractor shall notify members of any roll over amounts, as well as any changes in their monthly POWER Account contribution due to roll over amounts or discounts applied. If a HIP Basic or HIP State Plan Basic member is eligible for a discount for participation in HIP Plus, the Contractor shall notify the member of the opportunity to transfer to HIP Plus benefits or HIP State Plan Plus at the discounted rate. Due to the fact that the first POWER Account installment in the new calendar year benefit period may become due before the member’s individual contribution has been recalculated by the State, the member may be billed by the Contractor according to the required contribution schedule. However, the Contractor will be required to reconcile any overpayments or underpayments made by the member after being notified by the State of the member’s rollover amount or discount for the new benefit period.
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Recalculation of Member Contributions. The State fiscal agent will notify the Contractor of the member’s POWER Account contribution for the new benefit period. After the 12 month calendar year reconciliation period, the Contractor shall report any applicable POWER Account rollover amounts determined in accordance with Section 5.8.2.1 or any discounts determined in accordance with Section
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Recalculation of Member Contributions. Redetermination of member eligibility in HIP will occur every twelve (12) months and will be based on criteria set forth by the State. If a member is determined to remain eligible for HIP at the end of a benefit period, the member’s POWER Account contribution will need to be verified for the new benefit period. The State will update the member’s POWER Account contribution as necessary based on any changes in the member’s income recognized during redetermination. The State fiscal agent will notify the Contractor of the member’s POWER Account contribution for the new benefit period. After a one-hundred and twenty (120) calendar day reconciliation period, the Contractor shall report any applicable roll over amounts determined in accordance with Section 5.6.2.1 or any discounts determined in accordance with Section 5.6.2.2 to the State fiscal agent on the POWER Account Reconciliation file (PRF), as set forth in Sections 5.6.3 and 5.6.4 below. The Contractor shall notify members of any roll over amounts, as well as any changes in their monthly POWER Account contribution due to roll over amounts or discounts applied. If a HIP Basic or HIP State Plan Basic member is eligible for a discount for participation in HIP Plus, the Contractor shall notify the member of the opportunity to transfer to HIP Plus benefits or HIP State Plan Plus at the discounted rate. Due to the fact that the first POWER Account installment in the new benefit period may become due before the member’s individual contribution has been recalculated by the State, the member may be billed by the Contractor according to the prior year’s required contribution schedule. However, the Contractor will be required to reconcile any overpayments or underpayments made by the member after being notified by the State of the member’s rollover amount or discount for the new benefit period.
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Related to Recalculation of Member Contributions

  • Member Contributions Each Member and the Manager further acknowledges that it may contribute ideas, knowledge, know-how and, potentially, Confidential Information of such disclosing Member or the Manager to the Company, the employees, agents or contractors of the Company. Each disclosing Member or the Manager shall retain ownership of such Confidential Information but grants to only the Company, not to the individual(s) to whom the information was disclosed in his/her respective personal capacity(ies), the limited right to use such Confidential Information solely and exclusively for the benefit of the Company, and not any individual Member other than the disclosing Member; and each Member and the Manager other than the discloser promises and agrees to not use Confidential Information of a disclosing Member or the Manager for any purpose whatsoever except in connection with the Company and except with the written consent of both the disclosing Member and the Company. For purposes of this Section X, all references to the Company shall include its Affiliates.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • User Contributions The Website may contain message boards, chat rooms, personal web pages or profiles, forums, bulletin boards, and other interactive features (collectively, "Interactive Services") that allow users to post, submit, publish, display, or transmit to other users or other persons (hereinafter, "post") content or materials (collectively, "User Contributions") on or through the Website. All User Contributions must comply with these Terms of Use. Any User Contribution you post to the site will be considered non-confidential and non- proprietary. By providing any User Contribution on the Website, you grant us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns the right to use, reproduce, modify, perform, display, distribute, and otherwise disclose to third parties any such material. You represent and warrant that: • You own or control all rights in and to the User Contributions and have the right to grant the license granted above to us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns. • All of your User Contributions do and will comply with these Terms of Use. You understand and acknowledge that you are responsible for any User Contributions you submit or contribute, and you, not the Company, have full responsibility for such content, including its legality, reliability, accuracy, and appropriateness. We are not responsible or liable to any third party for the content or accuracy of any User Contributions posted by you or any other user of the Website.

  • Employer Contributions 16.01 Employer contributions shown in the tables in the attached appendices shall be made on all hours of work performed which are included in computing the eight (8) hours per day and forty (40) hours per week after which overtime is payable and shall be recorded on a standard remittance report provided by the Union and remitted on or before the fifteenth (15th) day of the month following the month for which contributions are due and payable, to the Trust Funds. Hours of work performed are interpreted to mean daily travel time, daily working time, reporting time, and, if the employee is required to perform a welding test, testing time. Contributions for overtime hours will be calculated as straight time hours. The Employer shall provide each employee covered by this Agreement with a statement with each weekly paycheque stating the total number of hours reported for contributions to the Pension and Health & Welfare Funds on behalf of that employee for the period covered by the paycheque. 16.02 All such funds due and payable to the above funds shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds are not wages or benefits due to an employee and industry promotion funds are deemed to be dues for services rendered by the Association. 16.03 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Fund, including provisions for an audit, security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds as liquidated damages, and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 16.04 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 16.05 The Employer shall not be required to make additional contributions or payments to any Industry Funds established by the Union or its Local Unions nor to any such funds established by Provincial or Territorial Government orders, regulations, or decrees for the purpose of providing similar benefits, it being understood and agreed that the contributions for herein, or any portions thereof shall be deemed to be in lieu of and/or shall be applied as payments to such funds. This provision shall not be applicable to any national funds or plans having general application and established by an Act of the Government of Canada. 16.06 In the Province of Ontario, the Trustees/Administrator of the employee benefit funds referred to in this Agreement shall promptly notify the Local Union of the failure by any Employer to pay any employee benefit contributions required to be made under this Agreement and which are owed under the said funds in order that the Program Administrator of the Ontario Employee Wage Protection Program may deem that there has been an assignment of compensation under the said Program in compliance with the Regulations to the Ontario Employment Standards Amendment Act, 1991, in relation to the Ontario Employee Wage Protection Program. 16.07 The parties hereto agree that contribution rates for the trust funds listed herein do not include any Provincial or Federal taxes.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.