Board Resolution 2015-12-22(a)

Meeting room

Topic: Employers
Subtopic: Due Dates
Date: 12/18/2015
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, 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.

NOW THEREFORE BE IT RESOLVED that the Board of Trustees confirms the 10th 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.