(1) A completed and signed Termination Pay Form together with the employee and employer contributions due must be received by the teachers' retirement system by the 15th of the month, following the month in which the employee terminated employment.

(2) Interest will be assessed at the actuarially assumed rate on employee and/or employer contributions received after the 15th.

(3) The member and their employer will be notified in writing when contributions due on termination pay are over 30 days past due.

(4) If contributions on termination pay are not received within 60 days of the effective date of retirement, monthly benefits calculated using termination pay will be recalculated and adjusted retroactive to the date of retirement.

(5) If the member submits the employee contributions due but the employer refuses or does not timely remit the employer contributions due, the member will be given an additional 30 days to work with the employer to remit contributions due before benefits will be recalculated.