W. Va. Code R. § 162-10-17 - Surcharge for Delinquency of Employer and Employee Contributions
17.1. Any participating employer who fails to
pay any payment due the Retirement System by the fifteenth (15th) day following
the end of each calendar month in which the contributions are due may be
required to pay the actuarial rate of interest lost on the total employee and
employer contributions owed for each day the payment is delinquent. Accrual of
the loss in earnings owed by the delinquent employer commences after the
fifteenth (15th) day following the end of the calendar month in which the
contributions should have been paid and continues until receipt of the
delinquent employee and employer contributions. Interest compounds daily and
the minimum surcharge is fifty (50) dollars.
Notes
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