Section 565.2 - Interest on Lnsufficient Contributions(a) If within a fiscal year an employer fails to pay at least 90% of the member and employer contributions due within the prescribed time set forth in Section 565, CalPERS may bill the employer for the total amount then due. If an employer fails to pay the billed amount within 30 calendar days of the bill, interest shall be charged upon the amount due from the original due date until received by CalPERS.(b) If an employer fails to pay at least 99% of the member and employer contributions due at fiscal year end, CalPERS shall bill the employer for the total amount then due. If an employer fails to pay the billed amount within 30 calendar days of the date of the bill, interest shall be charged upon the amount due from the original due date until received by CalPERS.(c) Interest shall be charged as set forth in Government Code section 20537.Cal. Code Regs. Tit. 2, § 565.2
1. New section filed 4-30-76; designated effective 7-1-76 (Register 76, No. 18).
2. Amendment filed 8-7-86; effective thirtieth day thereafter (Register 86, No. 32).
3. Amendment of section heading, section and NOTE filed 4-30-2012; operative 5-30-2012 (Register 2012, No. 18). Note: Authority cited: Sections 20120- 20124, Government Code. Reference: Sections 20532, 20537, 20572 and 20615, Government Code.
1. New section filed 4-30-76; designated effective 7-1-76 (Register 76, No. 18).
2. Amendment filed 8-7-86; effective thirtieth day thereafter (Register 86, No. 32).
3. Amendment of section heading, section and Note filed 4-30-2012; operative 5-30-2012 (Register 2012, No. 18).