Code of Maryland Regulations
Title 22 - STATE RETIREMENT AND PENSION SYSTEM
Subtitle 04 - MEMBERSHIP
Chapter 22.04.01 - Reporting and Member Contribution Requirements of Participating Employers
Section 22.04.01.03 - Electronic Payment of Member Contributions
Current through Register Vol. 51, No. 6, March 22, 2024
A. This regulation applies only to a participating employer that:
B. Except for a participating employer that has been granted a waiver in accordance with Regulation .04 of this chapter, each participating employer shall designate an authorized account at a financial institution for the purpose of making payment of all required member contributions via ACH Debit.
C. Except as provided in §D of this regulation, as each payroll is paid and upon final submission of the supporting payroll data in the manner and format required by the Retirement Agency, the participating employer shall pay the amounts provided in Regulation .02A(10) of this chapter via an ACH Debit.
D. Payment via ACH Credit.
E. A participating employer that does not pay the member contributions required by this regulation as each payroll is paid and in the manner prescribed by the Retirement Agency is liable for penalties and interest in accordance with State Personnel and Pensions Article, § 21-314(d), Annotated Code of Maryland.