(A) Unless rules are adopted in accordance with division (C) of this section, the penalties assessed under sections 742.351 and 742.38 of the Revised Code shall be as follows:

1. (1) If a form, report, or statement is at least one but not more than ten days past due, one hundred dollars;
2. (2) If a form, report, or statement is at least eleven but not more than thirty days past due, one thousand dollars;
3. (3) If a form, report, or statement is at least thirty-one but not more than one hundred eighty days past due, three thousand dollars;
4. (4) If a form, report, or statement is at least one hundred eighty-one days but not more than two hundred ten days past due, seven thousand five hundred dollars;
5. (5) If a form, report, or statement is at least two hundred eleven days past due, the sum of seven thousand five hundred dollars and, for each day that the form, report, or statement is past due after two hundred ten days, three dollars and thirty-seven cents. The total of the penalties paid by an employer under this section in a calendar year shall not exceed twenty thousand dollars.

(C) The board of trustees of the Ohio police and fire pension fund may adopt rules to do all of the following:

1. (1) Establish penalties in amounts that do not exceed the amounts described in this section;
2. (2) Establish standards to determine whether an employer has submitted a form, report, or statement in the form required by the board;
3. (3) Lengthen the periods of time for employers to comply with sections 742.351 and 742.38 of the Revised Code.