WILLIAM DONALD SCHAEFER, Governor                               Ch. 6

EACH PARTICIPATING EMPLOYER SHALL SUBMIT TO THE BOARD OF TRUSTEES
A STATEMENT THAT SHOWS:

(1)      EACH MEMBER'S NAME, DATE OF BIRTH, OCCUPATIONAL TITLE,
DUTIES, COMPENSATION, AND LENGTH OF SERVICE; AND

(2)      INFORMATION THAT THE BOARD OF TRUSTEES REQUIRES
REGARDING EMPLOYEES OF THE PARTICIPATING EMPLOYER WHO ARE NOT
MEMBERS.

(B)      CERTIFICATION OF RATES BY BOARD OF TRUSTEES.

EACH YEAR THE BOARD OF TRUSTEES SHALL CERTIFY THE MEMBER
CONTRIBUTION RATES TO THE CHIEF FISCAL OFFICER OF EACH PARTICIPATING
EMPLOYER.

(C)     CERTIFICATION AND PAYMENT OF MEMBER CONTRIBUTIONS.

AS EACH PAYROLL IS PAID OR IN A MANNER THAT THE BOARD OF TRUSTEES
PRESCRIBES, EACH PARTICIPATING EMPLOYER SHALL CERTIFY TO THE BOARD OF
TRUSTEES, AND THE PROPER FISCAL OFFICER OF THE PARTICIPATING EMPLOYER
SHALL PAY TO THE BOARD OF TRUSTEES, THE MEMBER CONTRIBUTIONS
DEDUCTED FROM THE COMPENSATION OF EACH MEMBER EMPLOYED BY THE
PARTICIPATING EMPLOYER OR MADE UNDER AN EMPLOYER PICKUP PROGRAM.

(D)     NONPAYMENT OF CONTRIBUTIONS.

(1)     A PARTICIPATING EMPLOYER THAT DOES NOT PAY THE MEMBER
CONTRIBUTIONS CERTIFIED UNDER THIS SECTION TO THE BOARD OF TRUSTEES
WITHIN THE TIME REQUIRED IS LIABLE FOR:

(I)       A PENALTY OF 10% OF THE AMOUNTS DUE; AND

(II)     INTEREST ON DELINQUENT AMOUNTS AT 10% A YEAR UNTIL
PAID.

(2)      THE SECRETARY OF THE BOARD OF TRUSTEES MAY ALLOW A
GRACE PERIOD FOR PAYMENT OF THE AMOUNTS DUE UNDER THIS SECTION NOT TO
EXCEED 10 CALENDAR DAYS.

(3)      ON NOTIFICATION BY THE SECRETARY OF THE BOARD OF
TRUSTEES THAT A DELINQUENCY EXISTS, THE STATE COMPTROLLER IMMEDIATELY
SHALL SET OFF THE DELINQUENT AMOUNT AGAINST ANY MONEY DUE OR COMING
DUE TO THE DELINQUENT PARTICIPATING EMPLOYER.

(E)      CREDITING AMOUNTS.

ON RECEIPT OF THE PAYMENTS FROM THE PARTICIPATING EMPLOYER, THE
BOARD OF TRUSTEES SHALL CREDIT THE AMOUNTS TO THE INDIVIDUAL ACCOUNT
OF THE MEMBER, FROM WHOSE COMPENSATION THE MEMBER CONTRIBUTION IS
MADE, IN THE ANNUITY SAVINGS FUND OF THE APPROPRIATE SYSTEM.

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