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



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



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



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



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



(2)  For requests for payroll or personnel information
not 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 to
provide the system with the requested information for each retiree.  All
assessments collected shall be deposited to the pension accumulation fund. [L
2003, c 134, §1; am L 2006, c 169, §10]