Tex. Ins. Code § 1575.207

INTEREST ASSESSED ON LATE PAYMENT OF DEPOSITS BY EMPLOYING PUBLIC SCHOOLS

Known as the Texas Public School Retired Employees Group Benefits Act

The act spans §§ 1575.001 to 1575.506 (105 sections).

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 3, eff

(a) An employing public school that does not remit to the trustee all contributions required by this subchapter before the seventh day after the last day of the month shall pay to the fund:

(1) the contributions; and

(2) interest on the unpaid amounts at the annual rate of six percent compounded monthly.

(b) On request, the trustee may grant a waiver of the deadline imposed by this section based on an employing public school's financial or technological resources.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.