Each participating employer shall submit to the Board of Trustees a statement that shows the name, date of birth, occupational title, duties, compensation, length of service, and other information that the Board of Trustees requires regarding employees or former employees of the participating employer. Each year the Board of Trustees shall certify the member contribution rates to the chief fiscal officer of each participating employer. In this subsection, “compensation” means a member’s earnable compensation as provided in § 20–101 of this article and includes the amount earned by the member for all pay periods ending during a calendar year even if an amount is paid to the member after December 31 of the calendar year. As each payroll is paid and in a manner that the Board of Trustees prescribes each participating employer shall: certify to the Board of Trustees, and the proper fiscal officer of the participating employer shall pay to the Board of Trustees, the member contributions deducted from the compensation of each member employed by the participating employer or made under an employer pickup program; and submit to the State Retirement Agency supporting payroll data required by the State Retirement Agency in a format specified by the State Retirement Agency. A participating employer that does not pay the member contributions certified under this section and submit the supporting payroll data to the Board of Trustees as each payroll is paid and in a manner prescribed by the Board of Trustees is liable for: a penalty of 10% of the member contributions due; interest on delinquent member contributions at 10% a year until paid; a $250 penalty for each payroll for which the supporting data is not submitted; and interest on the penalty assessed under item (iii) of this paragraph at 10% per year if the penalty is not paid by the date certified by the State Retirement Agency. The Secretary of the Board of Trustees may allow a grace period for payment of the amounts due or submission of supporting payroll data as required under this section not to exceed 10 working days. On notification by the Secretary of the Board of Trustees that a delinquency exists, the State Comptroller immediately shall set off the delinquent amount against any money due or coming due to the delinquent participating employer. On receipt of the payments from the participating employer, the Board of Trustees shall credit the amounts to the individual account of the member, from whose compensation the member contribution is made, in the annuity savings fund of the appropriate system.