Board Resolution 2005-11-06(a)

Meeting room

Topic: Employers
Subtopic: Interest Charges-Employee Accounts Receivable
Date: 11/17/2005
Status: Active

WHEREAS, the Illinois Pension Code, Sections 7-172.2(e) and 7-209(f), allows unpaid employee accounts receivable balances to be charged with interest at the rate set by the Board and

WHEREAS, this provision was adopted to promote the settlement of account balances arising from payroll deduction underpayments related to omitted earnings or calculation errors. Now therefore be it

RESOLVED THAT interest at the effective rate shall be charged only on employee account receivable balances in excess of $50 that arise from payroll deduction underpayments.