§88-74.5  Finalizing of pensions.  (a) The system shall finalize a retirant's pension benefit within six calendarmonths following the month of the retirant's retirement.  For pension benefitsfinalized after the sixth calendar month following the month of the retirant'sretirement, an interest payment amounting to four and one-half per cent perannum shall be paid to the retirant.  Interest shall be calculated on thedifference between the amount the retirant is entitled to receive from theretirant's retirement date up to the day the payment is made and the amount theretirant was paid, including any refund of member contributions.

Beginning January 1, 2004, or the first day ofthe seventh calendar month following the month of retirement, whichever is later,interest payments calculated as simple interest shall be prorated up to thedate payment is made; provided that any pension adjustment made after theretirant's pension has once been finalized shall not be subject to any interestpayment.

The system shall finalize ordinary andservice-connected disability retirements within six calendar months followingthe month that the member's retirement is approved by the board or the actualretirement date specified by the member, whichever is later.

(b)  Any department or agency of the State orcounties that fails to comply with the system's request for information shallbe subject to a monthly fee for each request as follows:

(1)  For requests for unused sick leave balances andlump sum vacation payments not reported within ninety days of an employee'sretirement; and

(2)  For requests for payroll or personnel informationnot reported within thirty days of receipt of request.

Beginning January 1, 2004, the system shall assess$10 for each month or fraction thereof that the department or agency fails toprovide the system with the requested information for each retiree.  Allassessments collected shall be deposited to the pension accumulation fund. [L2003, c 134, §1; am L 2006, c 169, §10]