Current through Register Vol. XLI, No. 50, December 13, 2024
Section 162-3-9 - Refund of Erroneous Contributions9.1. To the extent permissible under the provisions of section 401(a) et seq. of the Internal Revenue Code and the guidance issued thereunder, the Teachers' Defined Contribution Retirement System may refund any erroneous contributions made to the Teachers' Defined Contribution Retirement System upon proper transmittals by Board's staff. The Board's staff may request the refund if it determines it is appropriate and permissible under the provisions of section 401 (a) et seq. of the Internal Revenue Code and guidance issued thereunder, after receiving from the executive officer of the payroll records of a participating employer an explanation of the reason for making the erroneous contributions and the amount of the erroneous contributions.