Washington Administrative Code
Title 415 - Retirement Systems, Department of
Chapter 415-114 - Assessment of interest charges on overdue receivables
Section 415-114-400 - Assessment of interest charge

Universal Citation: WA Admin Code 415-114-400
Current through Register Vol. 24-18, September 15, 2024

The first calendar day that the receivable is overdue, interest will be charged, based on the due date.

A 1% per month simple interest charge will be assessed against an employer's overdue balance. Interest charges for other receivables will be determined by the director of the department of retirement systems. For member receivables, interest will be based on the long-term investment return assumption adopted under RCW 41.45.030. These rates approximate interest lost to trust funds because the receivables have not been paid in a timely manner.

Assessed interest will appear on the monthly accounts receivable statement issued by the department.

Statutory Authority: RCW 41.50.050, 41.50.120 and 41.50.125. 98-24-083, §415-114-400, filed 12/1/98, effective 1/1/99. Statutory Authority: RCW 41.50.050, 41.50.120 and chapter 34.05 RCW. 91-19-062, §415-114-400, filed 9/16/91, effective 10/17/91.

Disclaimer: These regulations may not be the most recent version. Washington may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.