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 5, by | ||||||
| 3 | replacing lines 8 through 15 with the following:
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| 4 | "(e) Each appointment by the Governor shall be subject to | ||||||
| 5 | approval by the State Treasurer, who, upon approval, shall | ||||||
| 6 | certify his or her approval to the Secretary of State. Each | ||||||
| 7 | appointment by the Governor shall also be subject to the advice | ||||||
| 8 | and consent of the Senate. In case of a vacancy during a recess | ||||||
| 9 | of the Senate, the Governor shall make a temporary appointment | ||||||
| 10 | until the next meeting of the Senate, at which time the | ||||||
| 11 | Governor shall appoint some person to fill the office. If the | ||||||
| 12 | State Treasurer does not approve or disapprove the appointment | ||||||
| 13 | by the Governor within 60 session days after receipt thereof, | ||||||
| 14 | the person shall be deemed to have been approved by the State | ||||||
| 15 | Treasurer. Any appointment that has not been acted upon by the | ||||||
| 16 | Senate within 60 session days after the receipt thereof shall | ||||||
| 17 | be deemed to have received the advice and consent of the | ||||||
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| 1 | Senate.".
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