Change in Collection Policies and Procedures for Fringe Benefit Contributions to the EIT Plans
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Notice from Electrical Insurance Trustees
To All Contributing Employers:
RE: Change in Collection Policies and Procedures for Fringe Benefit Contributions to the EIT Plans
Please be advised that the Electrical Joint Arbitration Board and the Electrical Insurance Trustees (“EIT”) have changed its collection policies and procedures for fringe benefit contributions to the EIT plans under the various collective bargaining agreements administered by EIT.
Due to significant delays with the U.S. Postal Service, it is no longer feasible or cost effective for EIT to continue to operate its lockbox. Additionally, the increased risk of identity theft and fraud requires a different approach regarding participant information and employer checks floating around the mail system.
Consequently, EIT will close its lockbox at the end of December 2021. Payroll reports and check payments sent to that address will be returned to sender and will not be considered received until electronic payment is received. Electronic payment submissions are due on the 15th of the month, or the next business day if the 15th falls on a weekend or bank holiday (“Due Date”). Liquidated damages will be assessed for electronic payments received beginning the first day following the Due Date. There is no grace period.
Please be advised that effective January 2022, all payroll reports and corresponding fringe benefit payments must be submitted to EIT electronically. This notice is intended to give contributing employers ample time to make any required payroll system modifications necessary to accomplish electronic payroll report and electronic payment submissions.
Please also note that failure to submit payroll reports electronically via EIT’s secure employer reporting portal or electronic data file import shall incur a $125.00 processing fee. Failure to submit fringe benefit contributions via ACH or wire transfer shall incur a $25.00 processing fee.
EIT is currently upgrading its employer electronic payroll reporting portal to facilitate these electronic reporting requirements and ensure encrypted security protocols. Employers should contact the EIT IT Helpdesk at email@example.com for further information regarding electronic reporting implementation.
Please CLICK HERE for the electronic payment information and updated collection policies and procedures and keep them for future reference.