SB2861

SB2861 mandates charter and contract schools to retain payroll records and pension contributions for at least five years.

SB2861 amends the Illinois Pension Code to require charter and contract schools to maintain payroll records and pension contributions for a minimum of five years. The bill also mandates these schools to designate a "Pension Officer" responsible for certifying payroll information and resolving deficiencies. The Board is authorized to audit payrolls and collect delinquent contributions, including legal proceedings and associated costs. The Fund can impose penalties for late submissions, with potential waivers for good faith efforts. The Act takes effect immediately upon becoming law.