(40 ILCS 5/21-115) (from Ch. 108 1/2, par. 21-115)
Sec. 21-115.
Special fund abolished; designation of remittance agents.
(a) The Social Security Contribution Fund is abolished at the close of
business on June 30, 1997. Any balance then remaining in that Fund shall be
transferred to the Social Security Administration Fund created under Section
21-109.1, and any amounts thereafter designated for deposit into the Social
Security Contribution Fund shall instead be deposited into the Social Security
Administration Fund.
(b) The State Agency is authorized to designate any retirement
system which has adopted coverage under this Article to act as remittance agent
on behalf of the State Agency and to make payment of the Social Security
contributions collected upon the wages of employees within the retirement
system coverage group directly to the designated Federal Reserve Bank. Any
retirement system so designated as a
remittance agent shall continue to be subject to the regulations of the State
Agency with respect to coverage determinations, wage reporting, corrective
adjustments, and accountability for tax collections in the same manner as any
other covered entity.
(Source: P.A. 90-448, eff. 8-16-97.)
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