Today's Law As Amended

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AB-2052 State Teachers’ Retirement System: contributions due to system: form. (2017-2018)



SECTION 1.

 Section 23001.5 is added to the Education Code, to read:

23001.5.
 (a) All contributions due to the system by an employer under this part shall be paid by an electronic funds transfer method through an automated clearinghouse as prescribed by the board. This payment requirement is effective upon authorization by the board.
(b) For purposes of this section, “automated clearinghouse” means any federal reserve bank, or an organization established in agreement with the National Automated Clearing House Association, that operates as a clearinghouse for transmitting or receiving entries between banks or bank accounts and which authorizes an electronic transfer of funds between these banks or bank accounts.
(c) An employer that is unable, for good cause, to comply with subdivision (a) may apply to the board for a waiver that allows the employer to pay in an alternate manner as prescribed by the board.

SEC. 2.

 Section 26301.7 is added to the Education Code, to read:

26301.7.
 (a) All contributions due to the system by an employer under this part shall be paid by an electronic funds transfer method through an automated clearinghouse as prescribed by the board. This payment requirement is effective upon authorization by the board.
(b) For purposes of this section, “automated clearinghouse” means any federal reserve bank, or an organization established in agreement with the National Automated Clearing House Association, that operates as a clearinghouse for transmitting or receiving entries between banks or bank accounts and which authorizes an electronic transfer of funds between these banks or bank accounts.
(c) An employer that is unable, for good cause, to comply with subdivision (a) may apply to the board for a waiver that allows the employer to pay in an alternate manner as prescribed by the board.