Connecticut § 5-276b Interest charges on overdue arbitration settlement payments.

Connecticut Statutes

§ 5-276b — Interest charges on overdue arbitration settlement payments.

Connecticut·Title 5 State Employees·Ch. 68 Collective Bargaining for State Employees

(a)Whenever a monetary settlement is awarded pursuant to an interest arbitration proceeding conducted pursuant to section 5-276a, and such award is not rejected by the legislature pursuant to section 5-278, and payment is not made in accordance with the terms of such settlement within sixty days of the date such award was issued, the party liable for such payment shall be required to pay interest, at the rate of five per cent per annum, on such overdue payment, calculated from the date the award was issued.

(b)Whenever a monetary settlement is awarded pursuant to a state employee grievance arbitration proceeding, and payment is not made in accordance with the terms of such settlement within thirty days of the date such award was issued, the party liable for such payment shall be required

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(a) Whenever a monetary settlement is awarded pursuant to an interest arbitration proceeding conducted pursuant to section 5-276a, and such award is not rejected by the legislature pursuant to section 5-278, and payment is not made in accordance with the terms of such settlement within sixty days of the date such award was issued, the party liable for such payment shall be required to pay interest, at the rate of five per cent per annum, on such overdue payment, calculated from the date the award was issued. (b) Whenever a monetary settlement is awarded pursuant to a state employee grievance arbitration proceeding, and payment is not made in accordance with the terms of such settlement within thirty days of the date such award was issued, the party liable for such payment shall be required to pay interest, at the rate of five per cent per annum, on such overdue payment, calculated from the date the award was issued.

Connecticut § 5-276b (Interest charges on overdue arbitration settlement payments.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(P.A. 87-335.) Subsec. (b): Constitutes statutory exception to power of Claims Commissioner and is legislative waiver of sovereign immunity with respect to interest. 20 CA 676.