78.625 Information furnished by employer -- Filing of contributions,
497 words·~2 min read·
/ky/78-625A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
reimbursements, and reports -- Penalties for delinquency -- Audit of
employer.
(1)Except as provided by subsection
(6)of this section, the employer shall
prepare the reporting records necessary for the system to administer the
provisions of KRS 78.510 to 78.852 and, from time to time, shall furnish the
information the system may require in the discharge of its duties. Upon
employment of an employee, the employer shall inform him or her of his or her
duties and obligations in connection with the system as a condition of
employment.
(2)The agency reporting official of the county shall file the following at the
retirement office on or before the tenth day of the month following the period
being reported:
(a)The employee and employer contributions required under KRS 78.610
and 78.635;
(b)The employer contributions and reimbursements for retiree health
insurance premiums required under KRS 78.5540; and
(c)A record of all contributions to the system on the forms prescribed by the
systems.
(a)If the agency reporting official fails to file at the retirement office all
contributions and reports on or before the tenth day of the month following
the period being reported, interest on the delinquent contributions at the
actuarial rate adopted by the board compounded annually, but not less
than one thousand dollars ($1,000), may be added to the amount due the
system.
(b)Delinquent contributions, with interest at the rate adopted by the board
compounded annually, or penalties may be recovered by action in the
Franklin Circuit Court against the county liable or may, at the request of
the board, be deducted from any other moneys payable to the county by
any department or agency of the state.
(4)If an agency is delinquent in the payment of contributions due in accordance
with any of the provisions of KRS 78.510 to 78.852, refunds and retirement
allowance payments to members of this agency may be suspended until the
delinquent contributions, with interest at the rate adopted by the board
compounded annually, or penalties have been paid to the system.
(5)The system may at any time conduct an audit of the employer in order to
determine if the employer is complying with the provisions of KRS 78.510 to
78.852. The system shall have access to and may examine all books,
accounts, reports, correspondence files, and records of any employer. Every
employer, employee, or agency reporting official of a county, as defined in KRS
78.510(3), having records in its possession or under its control, shall permit
access to and examination of the records upon the request of the system.
(6)Employers shall not be required to report any information or pay employer
contributions on any individual serving as a volunteer who is receiving
compensation from the employer equal to or less than a nominal fee as defined
by KRS 61.510 and 78.510 if the compensation paid to the volunteer is excluded from the definition of creditable compensation as provided by KRS 61.510(13) or 78.510(13).