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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 - Defined 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) 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.)