topleft CSBA.org >  Services >  Governance Technology > 

Legal Resources | Title 5 |    27005  

Chapter 1. Teachers' Retirement System. Article 15.5. Penalties and Interest for Late Remittances and Late and Unacceptable Reporting by Employers. Late Contributions - Defined Benefit Program.   

arrow Previous bar Next arrow

In order to process contributions for any given day, the contributions must be received on or before 3:00 p.m. Pacific Time. Therefore,

(a) Contributions received after 3:00 p.m. Pacific Time shall be considered to have been received on the following working day.

(b) The portion of contributions due on the fifth working day that are not received by 3:00 p.m. Pacific Time on that fifth working day shall be considered to have been received on the sixth working day, and therefore are late.

(c) The remaining portion of contributions due on the 15th working day that are not received by 3:00 p.m. Pacific Time on that 15th working day shall be considered to have been received on the 16th working day, and therefore are late.

Authority cited:

California Constitution, Article XVI, Section 17

Education Code 22207

Education Code 22213

Education Code 22214,

Education Code 2250

Education Code 22305

Reference:

Education Code 23002

Commercial Code 4108

(New by Register 2012, No. 14.)