(b)

1. (1) A one-hundred-fifty-dollar late fee shall be assessed on a covered employer for each occurrence in which a report and supporting documentation is untimely submitted to the system.
2. (2) In their discretionary authority, the Board of Trustees of the Arkansas Teacher Retirement System or the Executive Director of the Arkansas Teacher Retirement System may waive any late fees assessed against a covered employer for their untimely submission of a report and supporting documentation to the system if the requirements of Arkansas Code § 24-7-411(c) are met.

(c)

1. (1) If a covered employer does not remit member or employer contributions, including surcharge contributions, by the monthly due date, the system shall assess an interest penalty equal to the system’s actuarially assumed rate of return on investments and daily interest accrual against the covered employer until the member or employer contributions, whichever is applicable, are paid.

2. (2)

   1. (A) In their discretionary authority, the board or the executive director may waive any interest penalty assessed against a covered employer if the requirements of Arkansas Code § 24-7-411(c) are met.
   2. (B) One (1) or more interest penalties assessed against a covered employer shall not be waived if the amount of the interest penalties assessed against the covered employer will exceed one thousand dollars ($1,000) for the fiscal year.
   3. (C) A covered employer may submit an interest penalty waiver request for one (1) or more interest penalties exceeding one thousand dollars ($1,000) for the fiscal year to the board.
3. (3) The executive director shall report each interest penalty waived under this subpart to the board.

(d)

1. (1) The system may certify the names of each covered employer that fails to timely report and remit member or employer contributions, including surcharge contributions, to the Chief Fiscal Officer of the State.
2. (2) After receiving the certification from the system, the Chief Fiscal Officer of the State may direct a transfer of funds on deposit in the State Treasury for the payment of delinquent member or employer contributions and an assessed interest penalty.