Section R2-8-122. Remittance of contributions

A.      Remittance of employee member contributions: Each state department and employer member of the Arizona State Retire- ment System, including, without limitation, any county, municipality or political subdivision, shall certify on each pay- roll the amount to be contributed by each one of their employee members of the Arizona State Retirement System and shall remit the amount of employee member contributions to the Arizona State Retirement System, together with such detailed report as may be required by the System to identify the individual owner of each such member contribution, not later than 14 calendar days after the last day of each payroll period. Payments of employee member contributions not received in the offices of the Arizona State Retirement System by the 14th calendar day after the last day of the applicable payroll period shall become delinquent after that date and shall be increased, by interest at the rate of eight percent per annum from and after the date of delinquency until payment is received by the Arizona State Retirement System.

B.       Remittance of employer contributions: Each state department and employer member of the Arizona State Retirement Sys- tem, including, without limitation, any county, municipality or political subdivision, shall remit the amount of employer con- tributions to the Arizona State Retirement System not later than 14 calendar days after the last day of each payroll period. Payments of employer contributions not received in the offices of the Arizona State Retirement System by the 14th calendar day after the last day of the applicable payroll period shall become delinquent after that date and shall be increased, by interest at the rate of eight percent per annum from and after the date of delinquency until payment is received by the Ari- zona State Retirement System.

Historical Note

Former Rule, Retirement System Regulation 8; Amended effective Dec. 8, 1978 (Supp. 78-6). Former Section R2- 8-22 renumbered as Section R2-8-122 without change effective May 21, 1982 (Supp. 82-3).