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.
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.
California Constitution, Article XVI, Section 17
Education Code 22207
Education Code 22213
Education Code 22214
Education Code 22250
Education Code 22305
Education Code 26303
Commercial Code 4108
(New by Register 2012, No. 14.)