Amendments to Assessment of Penalties for Late Contributions
Chapter 17 of the Teachers’ Retirement Law requires that penalties and interest be assessed on employers for late or inaccurate reporting of retirement data and payment of contributions. Effective July 1, 2012, the Penalties and Interest Regulations (Article 15.5 of Chapter 1 of Division 3 of Title 5, California Code of Regulations) implemented consistent and transparent assessment of penalties and interest.
These amendments to the regulation establish a penalty rate that is the greater of the following: the state rate in effect each March 1 immediately preceding the date the late contribution is received or 5 percent.
The board approved the proposed regulations June 11, 2015, and directed CalSTRS to give public notice.
The board adopted the final regulations November 5, 2015. The regulations were filed with the Secretary of State on February 26, 2016, and are effective March 1, 2016.
OAL File Number Z-2015-0716-01
Regulatory Action Number 2016-0114-015
Posted on March 4, 2016
Posted on July 28, 2015
Written comment period closed on September 14, 2015