Section 27005 - Late Contributions - Defined Benefit ProgramIn order to process contributions for any given day, the contributions must be received on or before 3:00 p.m. Pacific Time. Therefore,
(a) Contributions received after 3:00 p.m. Pacific Time shall be considered to have been received on the following working day.(b) The portion of contributions due on the fifth working day that are not received by 3:00 p.m. Pacific Time on that fifth working day shall be considered to have been received on the sixth working day, and therefore are late.(c) The remaining portion of contributions due on the 15th working day that are not received by 3:00 p.m. Pacific Time on that 15th working day shall be considered to have been received on the 16th working day, and therefore are late.Cal. Code Regs. Tit. 5, § 27005
1. New section filed 4-2-2012; operative 7-1-2012 pursuant to Government Code section 11343.4 (Register 2012, No. 14). Note: Authority cited: California Constitution, Article XVI, Section 17; and Sections 22207, 22213, 22214, 22250 and 22305, Education Code. Reference: Section 23002, Education Code; and Section 4108, Commercial Code.
1. New section filed 4-2-2012; operative 7-1-2012 pursuant to Government Code section 11343.4 (Register 2012, No. 14).