IL HB4766

Requires the Chicago Teachers' Pension Fund to provide written notice of delinquency to employers within 10 business days of discovering late or incomplete payroll records or pension contributions.

Prohibits the Fund from administering penalties if it fails to provide timely written notice of delinquency to an employer.

Allows employers 30 business days to respond to and contest a delinquency notice, and exempts employers from statutory penalties if they correct records or make required contributions within 12 months of receiving notice.

Caps the daily statutory penalty for late payroll certification and submission at $100 per day, not to exceed 100% of principal contributions due.

Waives any outstanding penalties as of the effective date if the employer makes necessary corrections or submissions within 12 months after the Act becomes law.