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HomeEducation CodeDiv. 1Pt. 14Ch. 4§ 26303 Cash Balance Contribution Deadlines

§ 26303 Cash Balance Contribution Deadlines

Education Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 26303 Cash Balance Contribution Deadlines

Key Takeaways

  • •Employers must send money for the Cash Balance Benefit Program within 10 work days after the pay period ends.
  • •If the money is sent late (after 10 work days), the employer has to pay extra money (interest) starting from the 11th day.
  • •The extra money (interest) keeps adding up until the full payment is received.

Example

If your boss pays you on Friday for the last two weeks of work, they have until the next 10 work days to send your retirement money to the plan.

If they send it on the 11th work day or later, they have to pay extra money (interest) for each day it's late.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 26303 Cash Balance Contribution Deadlines

(a) Employers shall transmit to the plan the employee contributions and employer contributions with respect to the Cash Balance Benefit Program for salary paid to each participant during the pay period no later than 10 working days following the last day of the pay period in which the salary was earned. (b) Payments shall be delinquent on the 11th working day thereafter, and interest shall begin to accrue at the regular interest rate from that day until payment for the contributions and interest is received in full by the system. The board, in accordance with regulations, shall collect interest for late payment from the employer under this subdivision. (Amended by Stats. 2011, Ch. 703, Sec. 34. (SB 349) Effective January 1, 2012.)

Last verified: January 23, 2026

Key Terms

Cash Balance Benefit Programemployee contributionsemployer contributionsdelinquentregular interest rate

Related Statutes

  • § 17444 Delinquent Lien Collection
  • § 22251 Plan Asset Use Restrictions
  • § 22252 Prohibited System Member Transactions
  • § 22253 Pension System Conflict Rules
  • § 26300 Employee Benefit Program Disclosure

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 26303.
View Official Source