(a) An employing public school that does not remit to the trustee all contributions required by this subchapter before the seventh day after the last day of the month shall pay to the fund:
(1) the contributions; and
(2) interest on the unpaid amounts at the annual rate of six percent compounded monthly.
(b) On request, the trustee may grant a waiver of the deadline imposed by this section based on an employing public school’s financial or technological resources.