California Statutes
§ 23001.5. — 23001.5. (Added by Stats. 2018, Ch. 125, Sec. 1.)
California·Code EDC Education Code - EDC·Div. 1.·Title 1. DIVISION 1. GENERAL EDUCATION CODE PROVISIONS·Part 13. PART 13. STATE TEACHERS' RETIREMENT SYSTEM·Ch. 17. CHAPTER 17. Employer Collection and Reporting Procedures
(a)All contributions due to the system by an employer under this part shall be paid by an electronic funds transfer method through an automated clearinghouse as prescribed by the board. This payment requirement is effective upon authorization by the board.
(b)For purposes of this section, “automated clearinghouse” means any federal reserve bank, or an organization established in agreement with the National Automated Clearing House Association, that operates as a clearinghouse for transmitting or receiving entries between banks or bank accounts and which authorizes an electronic transfer of funds between these banks or bank accounts.
(c)An employer that is unable, for good
cause, to comply with subdivision (a) may apply to the board for a waiver that allows the employer to pay in a
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California § 23001.5. (23001.5. (Added by Stats. 2018, Ch. 125, Sec. 1.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2018, Ch. 125, Sec. 1. (AB 2052) Effective January 1, 2019.