(1) Corrections of errors may be made by the employer on subsequent monthly reports via a letter of explanation and credit taken or additional payment remitted.   Corrections reducing an employee's contributions cannot be accepted if the employee has received a refund.

(2) Contributions and wages reported for prior school years must be corrected using the employee and employer contribution rates in effect for the period the wages were earned.

(3) If the error caused membership service to be credited incorrectly, the member's account must be adjusted accordingly.

(4) Interest shall accrue on contributions not reported or amounts overpaid to members at the actuarial assumed rate.   Interest will accrue from the date the contributions were due, or the date the error occurred.

(5) If payment is received within 30 days of notification of the amount due, interest may be waived if less than $5.00 or if the board finds that the error was caused by the teachers' retirement system.