SB2861

SB2861 amends the Illinois Pension Code to require charter and contract schools to retain payroll records for five years.

SB2861 amends the Illinois Pension Code to require charter and contract schools to retain all payroll records and contribution information for a minimum of five years. The bill provides a conditional grace period for two contract schools that show evidence of timely and good faith efforts to submit payroll records and make pension contributions due between January 1, 2022, and April 1, 2022. If payroll records and pension contributions are not submitted by April 1, 2022, statutory penalties, liquidated damages, and interest will be calculated from the original due date to the submission date.