Illinois Senate Bill 1645

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 8 2023 - 25% progression
Action: 2023-03-31 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Deferred Compensation Article of the Illinois Pension Code. Provides that "eligible sponsoring entity" means a school district organized under the Chicago School District Article of the School Code; the City of Chicago as the sponsoring entity for the City of Chicago Deferred Compensation Plan; or Cook County as the sponsoring entity for the Cook County Deferred Compensation Plan. Authorizes an eligible sponsoring entity to automatically enroll employees in its deferred compensation program. Provides that the eligible sponsoring entity shall continue to be subject to specified fiduciary duty provisions under the General Provisions Article of the Illinois Pension Code. Provides that an employee who is automatically enrolled in the deferred compensation program shall contribute 3% of his or her pretax gross compensation for each compensation period into his or her account. Removes language providing that the provisions authorizing local government deferred compensation plans does not limit the power or authority of any unit of local government, school district, or any institution supported in whole or in part by public funds to establish and administer any other deferred compensation plans that may be authorized by law and deemed appropriate by the officials of such subdivisions or institutions. Contains provisions concerning fiduciary duties; availability of multiple plans or programs; elections not to participate; refunds; and increases to the default contribution rate. Effective immediately.

PEN CD-DEFERRED COMPENSATION

Sen. Robert Martwick [D]

Date	Chamber	Action
2023-03-31	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-03-28	Senate	Rule 2-10 Committee Deadline Established As March 31, 2023
2023-03-28	Senate	Assigned to Senate Special Committee on Pensions
2023-02-08	Senate	Referred to Assignments
2023-02-08	Senate	First Reading
2023-02-08	Senate	Filed with Secretary by Sen. Robert F. Martwick

Chapter	Article	Section	Citation Type	Statute Text
40	5	24-107	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1645&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1645.htm