HARRY HUGHES, Governor

5203

(2) THE TREASURER OR PROPER FISCAL OFFICER OF
EACH PARTICIPATING MUNICIPAL CORPORATION, ALSO, SHALL PAY TO
THE BOARD OF TRUSTEES THE AMOUNT OF THE DEDUCTIONS FROM THE
COMPENSATION OF OFFICERS AND EMPLOYEES MADE IN ACCORDANCE
WITH SECTION 14(1)(C) OF THIS ARTICLE. ANY PARTICIPATING
MUNICIPAL CORPORATION FAILING TO PAY THE AMOUNTS CERTIFIED
UNDER THIS SECTION WITHIN THE TIME PRESCRIBED BY LAW IS
LIABLE FOR A PENALTY OF 10 PERCENT OF THE AMOUNTS DUE. THE
SECRETARY OF THE BOARD, HOWEVER, MAY ALLOW A GRACE PERIOD
NOT TO EXCEED 10 ADDITIONAL CALENDAR DAYS. ALL AMOUNTS DUE
AND UNPAID ON THE DATE OF PAYMENT SHALL ALSO BEAR INTEREST
AT THE RATE OF 10 PERCENT UNTIL THE DATE OF PAYMENT. THE
STATE COMPTROLLER, UPON NOTIFICATION BY THE SECRETARY THAT
A DELINQUENCY EXISTS, SHALL IMMEDIATELY EXERCISE THE RIGHT
OF SETOFF AGAINST ALL OR ANY MONEYS DUE OR TO BECOME DUE TO
THE DELINQUENT PARTICIPATING MUNICIPAL CORPORATION.

(f) On receipt of the payments from the treasurer or
other officer of each participating municipal corporation,
the custodian of the funds of the Employees' Retirement
System of the State, shall credit such amounts to the
appropriate fund, funds, account or accounts of said
retirement system.

[(g) The board of trustees, on the recommendation of
the actuary, may increase the normal rate or the flat annual
accrued liability payment when necessary to reflect
experience deficiencies. If the accrued liability is
increased by legislation, the flat annual accrued liability
payment shall be increased to the extent required to
liquidate the additional liability in a period not exceeding
30 years.]

135.

(1) The actuary of this Pension System for Employees
of the State shall compute the contributions that [the
State] would [pay] BE PAYABLE each year on behalf of members
who are employees of a participating municipal corporation
as though they were State employees. [The computed
contributions shall be certified by the board of trustees of
this pension system to the chief fiscal officer of each
participating municipal corporation.] The amounts [that the
State would pay on account of these employees of a
participating municipal corporation if they were State
employees, including a pro rata share of the cost of the
administration of this pension system, based on the payroll
of the employees of the participating municipal
corporations,] COMPUTED shall be a charge against the
participating municipal corporation TO BE PAID IN ACCORDANCE
WITH THE PROVISIONS OF THIS SECTION.