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

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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) Contributions due on the 10th working day that are not received by 3:00 p.m. Pacific Time on that 10th working day shall be considered to have been received on the 11th 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 22250

Education Code 22305

Reference:

Education Code 26303

Commercial Code 4108

(New by Register 2012, No. 14.)