Section 26303 Of Chapter 4. Employer And Participant Responsibilities From California Education Code >> Division 1. >> Title 1. >> Part 14. >> Chapter 4.
26303
. (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.