§ 21-309.1. Employer contributions -- Payment by local employers.

   (a) Definitions. --

   (1) In this section the following words have the meanings indicated.

   (2) "Local employee" has the meaning stated in § 21-304 of this subtitle.

   (3) "Local employer" has the meaning stated in § 21-304 of this subtitle.

(b) Certification of rates by Board of Trustees. -- On or before December 1 of each year, the Board of Trustees shall determine and certify the amounts payable by each local employer under § 21-304(b)(4) of this subtitle for the next fiscal year.

(c) Quarterly payments. -- On or before October 1, January 1, April 1, and June 1 of each fiscal year, each local employer shall pay to the Board of Trustees 25% of the amount of the charges certified to the local employer by the Board of Trustees under subsection (b) of this section.

(d) Payment in general. --

   (1) The Secretary of the Board of Trustees may allow a grace period not to exceed 10 calendar days for payment of the amounts certified under this section.

   (2) If a local employer does not pay the amounts required under this section within the time required, on notification by the Secretary of the Board of Trustees that a delinquency exists, the State Comptroller immediately:

      (i) shall withhold the delinquent amounts, including interest on the delinquent amounts at a rate of 7.75% a year, from any installment due the local employer from the General State School Fund; and

      (ii) shall pay to the Board of Trustees the delinquent amounts, including interest, withheld under this paragraph.

(e) Crediting amounts. -- On receipt of the payments from each local employer or the State Comptroller, the Board of Trustees shall credit these amounts to the accumulation fund of the appropriate State system.

HISTORY: 2012 1st Sp. Sess., ch. 1, § 1.