(1) An employer shall deduct and withhold an amount pursuant to section 79-9,113 from the compensation of an employee on each payroll period after such employee becomes a member of the retirement system. An employer shall transmit periodically, as directed by and in such form as is approved by the retirement board, such amounts and any information required by the retirement board. The retirement board shall immediately transmit to the State Treasurer all payments received.

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(2) The retirement board may charge an employer a late administrative processing fee not to exceed twenty-five dollars if the information required by this section and the contributions from an employer consistent with the dates and frequency of transmittal as specified in section 79-9,113 are delinquent or are not timely received by the retirement board. In addition, the retirement board may charge an employer a late fee of thirty-eight thousandths of one percent of the amount required to be submitted pursuant to this section for each day such amount has not been received. The late fee may be used to make a member’s account whole for any costs that may have been incurred by the member due to the late receipt of contributions. The retirement board shall charge an employer an amount equal to the interest which would have accrued if the delinquent report causes the employee to lose interest on his or her account. The proceeds of the interest charge shall be used to reimburse the account of each employee deprived of interest by the delay.