Oklahoma Administrative Code
Title 715 - Teachers' Retirement System
Chapter 10 - General Operations
Subchapter 13 - Contributions for Membership Service
Section 715:10-13-15 - Waiver of employer late fees
Current through Vol. 41, No. 13, March 15, 2024
(a) TRS statutes provide that all employer and employee contributions must be remitted to TRS within 30 days after the end of the month in which the work was performed. If they are remitted after the deadline they are assessed a 1 1/2% late charge, compounding monthly. The Board of Trustees may waive the late fee for good cause shown but may delegate this authority to staff. The Executive Director is authorized to waive these late fees. Good cause is generally shown in cases of an unforeseen circumstance such as a death or illness, acts of nature, or other unforeseen and unavoidable circumstance rendering the timely payment of contributions impossible.
(b) The System will automatically waive late fees assessed for any contributions received late due to the late receipt of federal funds or workers' compensation payments.
(c) The System will automatically waive any late fees assessed in the amount of $50 or less, provided the requesting employer has had one or less late remittances in the past 12 months.
(d) All other requests for waiver of late fees shall be presented to the System for review and determination of good cause shown for waiver. All waiver requests must be made on district/employer letterhead and signed by the Superintendent, CEO, or CFO.
