Page 263
House Bill No. 5506
Public Act No. 22-118 263 of 739
such reports and information as the board deems necessary or desirable for the proper administration of the system; and (4) deduct each month [seven] eight and one-fourth per cent of one-tenth of such teacher's annual salary rate as directed by [said] the board and any additional voluntary deductions as authorized by such teacher. [, except that no deductions shall be made from any amounts received by regularly employed teachers for special teaching assignments rendered for the State Board of Education or the Board of Regents for Higher Education unless the salary for such special teaching assignment is equal to or greater than the minimum salary paid for such teacher's regular teaching assignment.] In the event an employer does not deduct the monthly amount for the member's mandatory contribution from the member's annual salary, as required and set forth in subdivision (4) of this subsection, the member shall remit such amount to the board. A member who fails to remit such amount to the board shall not receive annual salary rate credit for the amount to which the payment relates. (b) (1) Each local treasurer or other person having custody of amounts deducted under this chapter by an employer shall transmit and report such amounts to the board so that they are received by [said] the board no later than the fifth business day of the following month. On and after July 1, 2001, all such amounts shall be transmitted via electronic transfer of funds. [Such amounts] If the employer deducted such amount from the member's salary but failed to remit the payment to the board, the employer shall be responsible for paying the amount deducted for the mandatory contribution plus the credited interest due from the date the payment of the mandatory contribution amount was required to be made by the employer to the date the payment was received by the board. In the event the mandatory contribution amount is not received by the board, the member shall be ineligible for the associated service credit. The board shall not be required to refund credited interest for payments made to the board before the required due date.