IL HB1537

Requires each participating employer in the Illinois Municipal Retirement Fund (IMRF) to submit an annual report to the Board by July 1, 2014 and each July 1 thereafter, listing all employees from the past 12-month period regardless of Fund participation status.

Report must include employee name, date of hire, date of termination (if applicable), and compensation paid during the previous 12-month period, in a format prescribed by the Board.

Authorizes the Board to audit municipal or instrumentality records if submitted reports are inadequate or not submitted, with the cost of the audit due from the employer within 90 days of notification.

Amends the State Mandates Act to exempt the implementation of this requirement from state reimbursement obligations.