(1) Each school district, institution, and agency employing annuitants of the retirement system shall have on file at the retirement system's office an annual summary report of the days employed and the compensation paid to each annuitant, the sick leave reporting requirements established by KRS 161.155(10)(f), and other data as required by administrative regulation of the board of trustees no later than August 1, following the completion of each fiscal year.
(2) The retirement system may impose a penalty on the employer not to exceed one thousand dollars ($1,000) when the employer does not meet the August 1 filing date or fails to provide the information required for employment of annuitants of the retirement system. However, the retirement system may waive the penalty for good cause.
(3) The retirement system may promulgate administrative regulations in accordance with KRS Chapter 13A to require employers to report more frequently than on an annual basis.