Charter School employers who are participants in the Teachers’ Retirement System of the City of New York (TRSNYC) should note the following operational standards for conducting business with TRSNYC:

• The Charter School shall bear all responsibilities and obligations of participating employers in public retirement systems.
• Once TRSNYC has accepted a Charter School as a participating employer, such participation may not be revoked by the Charter School.
• The Charter School shall be responsible for the accurate and timely collection of employee contributions and the timely transmission of employee and employer contributions to TRSNYC.
• The material failure of the Charter School to make accurate and timely collection of employee contributions and the timely transmission of employee and employer contributions to TRSNYC shall be grounds for a determination of fiscal mismanagement. TRSNYC will report any such failure to the New York City Department of Education or the New York State Board of Regents for appropriate action pursuant to the New York State Education Law, Article 56, Section 2855.
• The Charter School shall maintain records of its employees’ service and compensation as may be required by TRSNYC and/or other public agencies. Employees of the Charter School shall be deemed to be public employees for retirement purposes, and eligible for TRSNYC membership on the same basis as comparable employees of the local school district in which the Charter School is located.