Bill > H31

This bill modifies reporting requirements and penalties for governmental units and employers related to pension system data submission, specifically focusing on the Teachers' Retirement System. The bill introduces new provisions that require employers to submit accurate and complete data reports by the 10th day of each month, with penalties for late or incomplete submissions. For teachers' retirement system employers, any withholdings not remitted by the specified date will be subject to an interest penalty calculated at the system's actuarial assumed rate of return. Additionally, employers will face a $100 per day penalty for noncompliance with data reporting requirements, with a 30-day notice period provided before penalties are assessed. The board overseeing the retirement system has the discretion to abate penalties if it determines the employer did not willfully or negligently fail to comply. All collected penalties will be deposited into the system's expense fund, and the board may petition a superior court to compel compliance and enforce these penalties. The changes are set to take effect retroactively as of January 1, 2022, aiming to improve pension reporting accuracy and timeliness while providing a structured approach to addressing reporting deficiencies.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/H31