(a) The board may assess a county a reasonable amount to cover costs incurred because of the county’s failure to submit reports within 30 days of the date the reports are due. The payments of the assessments shall be credited to the Judges’ Retirement System II Fund.
(b) The board may charge interest on the amount of any payment due and unpaid by a county until payment is received. Interest shall be charged at a rate approximating the average rate received on moneys then being invested. The interest charged shall be deemed interest earnings in the year in which received.