CalSTRS Begins the Rulemaking Process for Penalties and Interest Regulations
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. To ensure consistent and transparent assessment of penalties and interest, CalSTRS is drafting regulations in accordance with current laws.
Since August 2010, CalSTRS has participated in meetings throughout the state, reaching out to employers and other advocacy groups, to provide information and request feedback on the draft penalties and interest regulations.
On Friday, March 18, 2011, the Notice of Proposed Rulemaking for the Penalties and Interest regulations will be published in the California Regulatory Notice Register. Interested parties are invited to participate in the rulemaking process by submitting written comments during the 45-day written comment period or by attending the public hearing on June 3, 2011. Please see the Notice of Proposed Rulemaking for more details.
Visit Penalties and Interest Regulations for more information and to view the rulemaking documents.