Every pension fund required to pay an annual compliance fee pursuant to Section 4415.20 will also be subject to a penalty as set forth in Section 1A-113(c) of the Illinois Pension Code [40 ILCS 5] and may also be subject to a civil penalty as set forth in Section 1A-113(d)(5) of the Code and 50 Ill. Adm. Code 4435.60 if the pension fund fails to comply by the payment due date, as set forth in Section 4415.60.

(Source: Amended at 43 Ill. Reg. 413, effective December 21, 2018)