| Topic: | Employers |
| Subtopic: | Electronic Payment |
| Date: | 11/20/2015 |
| Status: | Active |
WHEREAS, sections 7-172(h) and 7-198 of the Illinois Pension Code authorize the Board of Trustees of the Illinois Municipal Retirement Fund to establish rules regarding the time and manner of reporting and paying IMRF contributions by participating employers; and
WHEREAS, processing paper bank checks is an expensive and time consuming process for IMRF; and
WHEREAS, participating employers are able to transmit IMRF contributions electronically via telephone or internet, at no cost to the employers, using First Data Government Solutions (First Data) , a third party vendor; and
WHEREAS, participating employers using First Data have found it to be a convenient, efficient, and safe way to pay IMRF contributions; and
WHEREAS, the Board of Trustees has determined that a significant cost savings can be achieved if all IMRF participating employers pay their contributions through the First Data system; and
WHEREAS, cost savings to IMRF result in lower administrative expenses, which is of benefit to all IMRF participating employers; and
WHEREAS, the Board of Trustees finds that it is appropriate that all participating employers pay their IMRF contributions using an electronic funds transfer system (such as First Data).
NOW THEREFORE BE IT RESOLVED that all contributions payable to IMRF must be made via an electronic funds transfer system (such as First Data) as of October 1, 2004.
BE IT FURTHER RESOLVED that an administrative fee of $25 will be assessed for each paper check submitted to IMRF by a participating employer after September 30, 2004