TITLE 2. GOVERNMENT OF THE STATE OF CALIFORNIA 8000-22980›DIVISION 5. PERSONNEL 18000-22980›PART 3. PUBLIC EMPLOYEES' RETIREMENT SYSTEM 20000-21703›CHAPTER 5. Contract Members of System 20460-20593›ARTICLE 3. Contracting Agency Financial Obligations 20530-20538
§ 20537
California Government Code · 2018-11 edition · updated 2026-10-04 · California
The board may charge interest on the amount of any payment due and unpaid by a contracting agency until payment is received. Interest shall be charged at the greater of the annual return on the system’s investments for the year prior to the year in which payments are not timely made or a simple annual rate of 10 percent. The interest shall be deemed interest earnings for the year in which the late payment is received.
(Amended by Stats. 2016, Ch. 415, Sec. 24. (AB 2375) Effective January 1, 2017.)
Get a plain-English answer with a citation back to this text.
Ask AI about this code