Bill Text: IL SB2758 | 2013-2014 | 98th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Creates the Illinois Secure Choice Savings Program Act. Establishes a retirement savings program in the form of an automatic enrollment payroll deduction IRA with the intent of promoting greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. Creates the Illinois Secure Choice Savings Program Fund consisting of moneys received from enrollees and participating employers. Sets forth the composition of the Board, the Board's duties, and provisions governing risk management, investment firms, and investment options. Provides for employee and employer information packets, as well as program implementation and enrollment. Provides that the State shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the Program. Requires annual reports and audits of the Program. Sets forth penalties. Amends the State Finance Act to create the Illinois Secure Choice Savings Program Fund. Effective immediately.

Spectrum: Partisan Bill (Democrat 46-1)

Status: (Passed) 2015-01-05 - Public Act . . . . . . . . . 98-1150 [SB2758 Detail]

Download: Illinois-2013-SB2758-Amended.html

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Rep. Barbara Flynn Currie

Filed: 5/16/2014

09800SB2758ham001 LRB098 17555 OMW 59262 a
AMENDMENT TO SENATE BILL 2758
AMENDMENT NO. ______. Amend Senate Bill 2758 as follows:
on page 13, line 1, by replacing "these three" with "the
following"; and
on page 13, line 7, by replacing "return. If" with "return;
if"; and
on page 13, line 11, by replacing "return. The" with "return;
the"; and
on page 13, line 12, by replacing "Fund. Under" with "Fund;
under"; and
on page 13, line 14, by replacing "risk. The" with "risk; the";
and

09800SB2758ham001 - 2 - LRB098 17555 OMW 59262 a
on page 13, line 17, by replacing the period with a semicolon;
and
on page 13, immediately below line 17, by inserting the
following:
"(4) an annuity fund.".