Section 4435.70 Director's Determination of Failure to Timely File

a)         If the Director determines that any pension fund has failed, without good and sufficient cause, to file its annual statement within the time prescribed by Section 1A-109 of the Code, the Director may order the pension fund to pay a penalty, which shall not exceed $100 for each day's delay [40 ILCS 5/1A-113(a)].

b)         If the Director determines that any pension fund has failed, without good and sufficient cause, to file its actuarial statement within the time prescribed by Section 1A-110 or 1A-111 of the Code, the Director may order the pension fund to pay a penalty, which shall not exceed $100 for each day's delay [40 ILCS 5/1A-113(b)].

c)         If the Director determines that any pension fund has failed to pay a fee within the time prescribed by Section 1A-112 of the Code, the Director may order the pension fund to pay a penalty of 5% of the amount of the annual compliance fee for each month, or part of a month, that the annual compliance fee is late.  The fee shall not exceed 25% of the total amount of the fee due.

(Source:  Amended at 43 Ill. Reg. 417, effective December 21, 2018)