Bank Carry-Forward Limitations
If there are insufficient Employer contributions in the current qualifying period, there will be a look back period of twelve (12) months from the start of the most recent Qualifying Year (October 2nd of each year).
Should a participant have any unused contributions in the twelve (12) month look back period (the previous October 2nd through October 3rd), a maximum of $600 in unused employer contributions from the immediately preceding qualifying period (in this case October 2nd, 2017, through October 3rd, 2018) will be carried forward to the current period to allow the participant to achieve eligibility.
Unused Employer contributions are defined as either (a) the excess of the amount of $1,500 of employer contributions, that were actually contributed on the participant’s behalf and that were accepted by the Fund, or (b) the amount of employer contributions in the preceding qualifying period, that were actually contributed on the participant’s behalf and that were accepted by the Fund, when a participant did not qualify.
In either event, the maximum look-back period is the prior 12-month contribution period (October 3rd though October 2nd of the following year), and no more than $600 in Employer contributions may carry-forward. The carry-forward contributions may qualify a musician for Level C eligibility. Contributions that carry-forward may not be used to achieve Levels A or B.