I. Objective:
To recover the costs associated with implementing and maintaining an automated deferred payment extension system and to establish fees for using that system.
II. Policy Content:
To establish the fees which will be assessed to a member’s account when the member requests a payment extension past the cutoff date.
III. Provision:
- PEC will offer members the option of extending the due date of their payment 10 days past the cutoff date. During any 12-month period, each member may receive one extension at no charge. All payment extension requests that exceed the one at no charge will be billed a fee.
- Members using PEC’s automated deferred payment extension system will be assessed a fee of $15.00 for each extension requested that exceeds the one allowed at no charge during any 12-month period.
IV. Responsibility
It will be the responsibility of the Sr. Vice President of Administrative Services and the Director of Member Services to properly administer these provisions. This policy supersedes any existing policy that may conflict with the provisions of this policy.
Approved by the Board of Trustees
- Effective Date: January 1, 2004
- Revision Date: July 27, 2009
- Revision Date: May 30, 2019