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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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STATE PERSONNEL AND PENSIONS |
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DIVISION II. PENSIONS |
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TITLE 21. STATE RETIREMENT AND PENSION SYSTEM |
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SUBTITLE 3. FUNDING |
§ 21-310. Employer contributions -- Payment by Maryland Environmental Service
Latest version.
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(a) Certification of rates by Board of Trustees. -- Each year, the Board of Trustees shall certify to the Maryland Environmental Service the State's normal contribution rate and the State's accrued liability contribution rate and the amounts payable under § 21-307(f) of this subtitle.
(b) Payment. --
(1) The Maryland Environmental Service shall pay to the Board of Trustees the amount of the charges certified to the Maryland Environmental Service by the Board of Trustees under subsection (a) of this section.
(2) Within 30 days after receiving the certification by the Board of Trustees, the Maryland Environmental Service shall pay that amount to the Board of Trustees.
(3) If the Maryland Environmental Service does not pay the amounts certified under this section within the time required, it is liable for:
(i) a penalty of 10% of the amount due; and
(ii) interest on delinquent amounts at 10% a year until payment.
(4) The Secretary of the Board of Trustees may allow a grace period for payment of the amounts certified under this section not to exceed 10 calendar days.
(5) On notification by the Secretary of the Board of Trustees that a delinquency exists, the State Comptroller immediately shall exercise the right of setoff against any money due or coming due to the Maryland Environmental Service.
(c) Crediting amounts. -- On receipt of the payments from the Maryland Environmental Service, the Board of Trustees shall credit these amounts to the accumulation fund of the appropriate State system.