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Penalties and Interest Project Update Employer Advisory Committee February 2, 2011. > Agenda. Regulations Update Automation Update Questions. 2. > Regulation Changes based on feedback. Retroactive pay adjustments
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Penalties and InterestProject UpdateEmployer Advisory Committee February 2, 2011
> Agenda Regulations Update Automation Update Questions 2
> Regulation Changes based on feedback Retroactive pay adjustments – An additional 8 months (July 1 to March 1) was added to allow for retroactive pay adjustments for the prior fiscal year to be remitted without being charged the cross fiscal year penalty – Cross fiscal year penalty is now aligned with the loss to the trust vs. an estimated fixed dollar amount – Exempt from ALL penalties and interest if made to a class of employees and per a written agreement with an employer – Period of time for workers compensation verification will be excluded from penalty and interest calculations – Period of time specifically required by statute or regulations will be excluded from penalty and interest calculations 4
> Regulation Changes based on feedback Adjustments to service periods prior to the regulations are exempt from ALL penalties and interest Reporting that does not affect contributions (e.g. non-member lines or assignment code adjustments) are exempt from ALL penalties and interest Stipends reporting change depending on contract / agreement language Contribution and reporting due dates for part-time assignments (variable / time-sheet based) will be based on published pay date vs. the service period end date (i.e. up to an additional 30 days to be submitted) Implementation date of regulations aligned with Fiscal Year 5
Other considerations $500 penalty for late report vs. interest only for late adjustment is being considered for legislative proposal Independent districts as Report Sources is being considered for pilot Dispute considerations for late reporting or remittances due to other County or District action (e.g. Retroactive status changes) 6
Automation Update Blueprinting is coming to a close Realization is underway Pilot employer involvement is key to ensure your needs are met 8
