Section 599.945.4 - Corrective Contributions and Lost Earnings(a) If an employee is not properly placed in the Part-time, Seasonal and Temporary (PST) Employee Retirement Program when he or she becomes eligible or if a transaction is processed inappropriately causing the employee's PST account to be underfunded, it is the responsibility of the entity that made the error to make the account whole. This includes all corrective contributions and lost earnings that would have been deposited in the account if the error had not occurred. The entity responsible will also be required to pay five hundred dollars ($500) per underfunded account to cover administrative costs.(b) Corrective contributions and any lost earnings will be funded by the entity responsible for the error and may not be deducted from or offset against any employee's compensation.(c) The entity processing the correction will determine the amount of corrective contributions. The California Department of Human Resources will determine the amount of the lost earnings required to make the account whole.(d) The California Department of Human Resources will receive reimbursement for the corrective contributions, any lost earnings, and administrative costs through the State Controller's Office in accordance with Government Code 11255. The State Controller's Office and the California Department of Human Resources shall each receive one half of the five hundred dollar administrative fee paid by the responsible entity. If the responsible entity is not a state agency subject to Government Code Section 11255, the California Department of Human Resources will obtain reimbursement directly from the entity, and shall retain the full amount of any administrative fee collected from the entity.Cal. Code Regs. Tit. 2, § 599.945.4
1. New section filed 11-9-2012; operative 11-9-2012 pursuant to Government Code section 11343.4 (Register 2012, No. 45). Note: Authority cited: Section 19815.4, Government Code; and Article XVI, Section 17, California Constitution. Reference: Section 19999.21, Government Code.
1. New section filed 11-9-2012; operative 11-9-2012 pursuant to Government Code section 11343.4 (Register 2012, No. 45).