Illinois HB4576 mandates charter and contract schools to retain payroll records and pension contributions for five years and sets penalties for late.
HB4576 amends the Illinois Pension Code to require charter and contract schools to keep payroll records and pension contributions for at least five years. Employers must submit these records to the Fund within 30 days after each payday. Late submissions incur penalties of $100 per day, with additional interest and liquidated damages. The Board can audit schools and collect delinquencies through legal proceedings. The Act takes effect immediately upon becoming law.
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