161.560 Deduction and forwarding of teachers' contributions -- Reporting
438 words·~2 min read·
/ky/161-560A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
requirements -- Picked-up employee contributions -- Correction of omitted
member contributions.
(a)Each agency, school district, and institution employing members of the
retirement system shall deduct from the compensation of each member for
each payroll period subsequent to the date the individual became a member,
the percentage of his or her compensation due under the rates prescribed in
KRS 161.540. No later than fifteen
(15)days following each pay date, the
employer shall have on deposit with the retirement system all required
deductions. The retirement system may charge the employer interest at an
annual rate not to exceed eight percent (8%) for deductions not deposited
within the specified fifteen
(15)days.
(b)Each employer employing members of the retirement system shall have on file
at the retirement system's office no later than fifteen
(15)days following each
pay date payroll reports, contributions lists, and other data required by
administrative regulation of the board. The retirement system may impose a
penalty on the employer not to exceed one thousand dollars ($1,000) when the
employer does not meet the reporting date. However, the retirement system
may waive the penalty for good cause.
(c)Each employer employing members of the retirement system shall have on file
at the retirement system's office an annual summary report of member
contributions and periods employed no later than August 1 following the
completion of each fiscal year. The retirement system may impose a penalty
on the employer not to exceed one thousand dollars ($1,000) when the
employer does not meet the August 1 reporting date. However, the retirement
system may waive the penalty for good cause.
(d)The deductions described by paragraph
(a)of this subsection shall be made
notwithstanding the fact that the salary as a result may be less than the
minimum compensation provided by law. Every member shall be deemed to
consent and agree to the deductions, and the deductions shall be considered as
having been paid to the member. After August 1, 1982, member contributions
shall be picked up by the agency pursuant to KRS 161.540(2).
(2)If an employer fails to deduct the correct retirement contribution from a member's
compensation, the member may make the contribution that should have been
deducted by the employer and receive retirement credit for the payment. For
correction of omitted member contributions that occur more than one
(1)year after
the year in which the error was made, the employer shall be responsible for paying
interest to the retirement system at a rate of eight percent (8%) from the end of the
year in which the service was performed to the date of payment.