Section 5.03 - Annual Report(1) Each retirement board shall file with the Commission on or before May 1 of each year, an annual report on a form prescribed by the Commission pursuant to the provisions of M.G.L. c. 32, § 20(5)(h).(2) A retirement board may request a filing extension by submitting to the Commission in writing a formal request, prior to May 1, which outlines the reason(s) for which a filing extension is necessary. Such request shall specify the number of days by which the board seeks to extend the filing deadline. The granting of such an extension shall be at the discretion of the Commission.(3) If a retirement board fails to file an Annual Report by May 1, or by the date of an approved extension request, the Commission may revoke the exemption from the investment restrictions of the retirement board pursuant to M.G.L. c. 32, § 23(2)(g), after providing a 14 day written notice. Any board so requesting shall be given a hearing before the Commission's Executive Director, or his designee, to show cause as to why the exemption should not be revoked. Such request for a hearing shall be made within 14 days of said written notice.