Penalties and Interest for Late Remittances and Late and Unacceptable Reporting by Employers
The California Education Code requires the assessment of penalties and interest for late or inaccurate reporting of retirement data and payment of contributions from employers. Late and inaccurate data result in inaccurate benefit payments and late contributions result in lost investment opportunities. These regulations ensure consistent and transparent assessment of penalties and interest in accordance with current laws.
On Friday, March 18, 2011, the Notice of Proposed Rulemaking for the Penalties and Interest regulations was published in the California Regulatory Notice Register. On February 17, 2012, CalSTRS submitted the Penalties and Interest Regulation File to the Office of Administrative Law.
Below are links to the documents included in the rulemaking file for the Penalties and Interest regulations:
Posted on February 27, 2012.
Regulatory Action Number 2012-0217-02S
Posted on October 28, 2011. Public comment period ended November 16, 2011.
Posted on August 22, 2011. Public comment period ended October 6, 2011.
Posted on March 17, 2011. Public comment period ended May 2, 2011.