Assessments for the Lay Defined Benefit Plan are billed in advance, monthly or quarterly, and are due when billed. Late payments may jeopardize an employee's benefit.

If an Employee's Assessments are in Arrears

The Lay Defined Benefit Plan requires that assessments be paid promptly in order for employees to receive proper credit for their service and compensation earned.  If assessments are not paid in a timely manner, the employee can lose certain benefits and will not receive credit for service or compensation earned after two years of non-payment, unless interest is paid in accordance with the Lay DB Plan rules.

• CPF will allow the employee to get credit for service and compensation earned for assessments that are paid two years after they are billed.  The late assessments must be paid in full, with interest.
• Interest will be charged beginning 90 days after the assessment was billed.  The interest rate will be equal to  the lay DB Plan’s discount rate for the period from 90 days after the assessment was billed until the assessment is paid in full.
• CPF reserves the right to refuse late payment of assessments after two years if they feel the late payment is exploitative.