MI HB5033

Increases the maximum interest rate charged on late pension contribution fees from 6% to 8% per annum for reporting units that fail to submit contributions to the retirement system on schedule.

Maintains the minimum late fee of $25.00 for reporting units that fail to submit reports or contributions according to the retirement board's established schedule.

Allows the state budget director, upon written request from the retirement board, to direct the superintendent of public instruction to withhold state school aid or higher education appropriations from non-compliant reporting units.

Requires reporting units to pay late fees and interest charges for intentional or uncorrected errors discovered by the retirement system, unless reasonable cause is demonstrated.