(1) Annual reports submitted later than the date specified by paragraph (A) of rule 3307-3-02 of the Administrative Code shall be subject to a penalty of one hundred dollars per day, up to a maximum of one thousand dollars.
(2) Such penalty may be waived by the retirement system if before the original due date it approved an employer's request to submit its report by a date mutually agreed upon at the time of the request, but in no case later than five days after the report was due.
(3) If a report is received after the date mutually agreed upon under this division, the penalty will be assessed beginning with the original date the report was due.
(B) Payroll reports submitted later than the dates specified by paragraph (B) of rule 3307-3-02 of the Administrative Code shall be subject to a penalty of up to five hundred dollars per day, up to a maximum of two thousand dollars.
(C) Member and employer contribution payments shall be due with each payroll report and late payments shall be subject to interest as specified by paragraph (E) of this rule.
(D) Employers shall calculate, report and certify contributions, credit and-, compensation in accordance with the applicable provisions of the statutes and rules. An employer shall repay the retirement system for any amounts paid by the retirement system as the result of employer errors in reporting or certifying information to the retirement system.
(E) Interest shall be charged to an employer for past due payments of member and employer contributions, early retirement incentive payments or other employer obligations, as follows:
(1) Interest will be compounded beginning with the month payment is due through the month of payment; and
(2) Interest will be compounded at the actuarially assumed rate; and
(3) Interest will be compounded for a full month for any portion of a month.
(F) Penalties and interest shall be due as incurred and may be netted from future foundation payments under section 3307.31 of the Revised Code.
R.C. 119.032 review dates: 04/28/2008 and 04/28/2013
Promulgated Under: 111.15
Statutory Authority: 3307.04
Prior Effective Dates: 7/1/2001 (Emer.), 9/17/2001, 7/18/2003