§ 26303. — 26303. (Amended by Stats. 2011, Ch. 703, Sec. 34.)

California § 26303.

• Jurisdiction: California
• Code EDC: Education Code - EDC
• Div.: 1.
• Title 1.: DIVISION 1. GENERAL EDUCATION CODE PROVISIONS
• Part 14.: PART 14. STATE TEACHERS’ RETIREMENT SYSTEM CASH BENEFIT PROGRAM
• Ch. 4.: CHAPTER 4. Employer and Participant Responsibilities

Text

(a)
Employers shall transmit to the plan the employee contributions and employer contributions with respect to the Cash Balance Benefit Program for salary paid to each participant during the pay period no later than 10 working days following the last day of the pay period in which the salary was earned.
(b)
Payments shall be delinquent on the 11th working day thereafter, and interest shall begin to accrue at the regular interest rate from that day until payment for the contributions and interest is received in full by the system. The board, in accordance with regulations, shall collect interest for late payment from the employer under this subdivision.

Legislative History

Amended by Stats. 2011, Ch. 703, Sec. 34. (SB 349) Effective January 1, 2012.