All employee and employer contributions to the system and the necessary supporting data must be transmitted by the employer at least monthly to the system. If the employer does not have a pay date in the month, no report is required in that month. Each monthly transmission for each respective calendar month must be dated no later than the last day of the month in which the transmission is required and must be completed by the fifteenth day of the following month. All supporting data must be transmitted electronically, in a format determined by system personnel. All contributions must be deposited with the state treasurer in the fund established to administer this chapter.
If any participating unit fails to deliver contributions with respect to compensation paid in any month and the necessary supporting data by the fifteenth day of the following month, the participating unit must pay to the system a penalty equal to five percent of the delinquent contributions. The delinquent contributions and the penalty must bear interest at the assumed rate of return from the date due until the date paid. In calculating accumulated contributions, all contributions with respect to compensation paid in any fiscal year must be included in the calculation of interest credited for that fiscal year.