Sec. 1579.255. INTEREST ASSESSED ON LATE PAYMENT OF CONTRIBUTIONS BY PARTICIPATING ENTITIES. (a) A participating entity 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 Texas school employees uniform group coverage trust 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 a participating entity's financial or technological resources.
Added by Acts 2005, 79th Leg., Ch. 1359 (S.B. 1691), Sec. 53, eff. September 1, 2005.
Structure Texas Statutes
Title 8 - Health Insurance and Other Health Coverages
Subtitle H - Health Benefits and Other Coverages for Governmental Employees
Chapter 1579 - Texas School Employees Uniform Group Health Coverage
Section 1579.251. State Assistance
Section 1579.252. Contribution by Participating Entities
Section 1579.253. Contribution by Employee
Section 1579.254. Contributions Held in Trust for Fund
Section 1579.255. Interest Assessed on Late Payment of Contributions by Participating Entities