Topic: | Employers |
Subtopic: | Due Dates |
Date: | 11/19/2021 |
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, section 7-209(c) of the Pension Code provides for interest charges at the rate of 1% per month on municipality accounts receivable unpaid for one month or more; and
WHEREAS, the Board of Trustees has previously determined that employer reports of member wages and contributions must be made monthly; and
WHEREAS, the Board of Trustees has previously determined that employers must remit member and employer contributions with each monthly report of member wages and contributions; and
WHEREAS, the Board of Trustees has previously determined that monthly reports of member wages and contributions are due on or before the tenth (10th) day of the month following the reported month; and
WHEREAS, the Board of Trustees has previously determined that interest begins to accrue on unpaid contributions after the twentieth (20th) day of the month following the reported month; and
WHEREAS, is it necessary and desirable to update these rules for compliance with the technological updates to IMRF systems.
NOW THEREFORE BE IT RESOLVED that the Board of Trustees confirms the 20th day of the month following the reported month as the due date for employer wage reports and payment of contributions.
BE IT FURTHER RESOLVED that the Board of Trustees confirms that contributions are late after the 20th day of the month following the reported month and interest at the statutory rate begins to accrue from the 20th to the date that the contributions are received.
This resolution becomes effective upon transition to the IMRF Horizon system. Employers shall be given advance notice of such transition.