49-11-602 - Participating employer to maintain records -- Time limit -- Penalties for failure to comply.
49-11-602. Participating employer to maintain records -- Time limit -- Penalties forfailure to comply.
(1) A participating employer shall maintain records necessary to calculate benefits underthis title and other records necessary for proper administration of this title as required by theoffice.
(2) A participating employer shall maintain the records required under Subsection (1)until the earliest of:
(a) three years after the date of retirement of the employee from a system or plan;
(b) three years after the date of death of the employee; or
(c) 65 years from the date of employment with the participating employer.
(3) A participating employer shall be liable to the office for:
(a) any liabilities and expenses, including administrative expenses and the cost ofincreased benefits to members, resulting from the participating employer's failure to maintainrecords under this section; and
(b) a penalty equal to 1% of the participating employer's last month's contributions.
(4) The executive director may waive all or any part of the interest, penalties, expenses,and fees if the executive director finds there were extenuating circumstances surrounding theparticipating employer's failure to comply with this section.
(5) The executive director may estimate the length of service, compensation, or age ofany member, if that information is not contained in the records.
Amended by Chapter 118, 2004 General Session