Bill Text: IL SB2758 | 2013-2014 | 98th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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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| 1 | AMENDMENT TO SENATE BILL 2758
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 2758 on page 9, | ||||||
| 3 | line 25, after "therein.", by inserting "However, private funds | ||||||
| 4 | or federal funding received under subsection (k) of Section 30 | ||||||
| 5 | of this Act in order to implement the Program until the fund is | ||||||
| 6 | self-sustaining shall not be repaid unless those funds were | ||||||
| 7 | offered contingent upon the promise of such repayment.".
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