Illinois Senate Bill 3612

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-02-09 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Chicago Police, Chicago Firefighter, and Chicago Municipal Articles of the Illinois Pension Code. Provides that a person who becomes a member on or after January 1, 2025 shall be automatically enrolled into a federal tax qualified pre-tax retirement plan that is otherwise allowed by State and federal law. Provides that a member subject to automatic enrollment shall have the option to opt out of the plan and shall be informed of that option within 30 days after being hired. Provides that if another option is not chosen by the member, the default employee contribution to the account shall be 3% of the member's salary. Provides that the plan administrator may automatically increase members contributions by no more than 1% per year, and a member may choose to opt out of the automatic increases. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PEN CD-CHICAGO-AUTO ENROLLMENT

Sen. Robert Martwick [D]

Date	Chamber	Action
2024-02-09	Senate	Referred to Assignments
2024-02-09	Senate	First Reading
2024-02-09	Senate	Filed with Secretary by Sen. Robert F. Martwick

Chapter	Article	Section	Citation Type	Statute Text
40	5	5-239	New Code	See Bill Text
40	5	6-231	New Code	See Bill Text
40	5	8-244.5	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3612&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB3612.htm