N.J. Admin. Code § 17:1-2.5

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:1-2.5 - Interest charges; delinquent remittance; report of contributions

(a) If payment in full, representing the monthly remittance and report of contributions or charges, is not made within 15 days of the due dates for such remittance and reports, interest at the rate of six percent per annum for the Teachers' Pension and Annuity Fund and the Public Employees' Retirement System, and 10 percent per annum for the Police and Firemen's Retirement System shall commence to run against the total remittance of contributions for the period on the first day after such 15th day.

(b) The penalty will also apply where the monies have been forwarded but without the report of contributions necessary to distribute such monies to the proper accounts. The penalty amount will be computed using the total contribution amount for pension fund members listed on the report of contributions.

(c) No interest charges will be billed for delinquent remittances or the report of contributions referred to in (a) above if the interest charge is less than $ 10.00.

N.J. Admin. Code § 17:1-2.5

Amended by R.2009 d.25, effective 1/5/2009.
See: 40 N.J.R. 4928(a), 41 N.J.R. 277(a).
Section was "Interest charges; delinquent transmittals; report of contributions". In (a), substituted the first and third occurrences of "remittance" for "transmittal" and the second occurrence of "remittance" for "transmittals", and deleted "or charges" following the second occurrence of "contributions"; in (b), substituted "monies" for "moneys" twice and inserted "of contributions" and the last sentence; and added (c).