Bill Title: Amends the State Universities Article of the Illinois Pension Code. Requires the System to provide advance notice to a participant in the self-managed plan of the participant's obligation to direct the investment of employee and employer contributions into one or more investment funds selected by the System at the time he or she makes his or her initial retirement plan selection. Provides that if a participant in the self-managed plan fails to direct the investment of employee and employer contributions into the various investment options offered to the participant when making his or her initial retirement election choice, the System shall invest the employee and employer contributions in a default investment fund on behalf of the participant, and the investment shall be deemed to have been made at the participant's investment direction. Provides that the participant has the right to transfer account balances out of the default investment fund during time periods designated by the System. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 6-2)

Status: (Engrossed - Dead) 2016-07-31 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [HB4532 Detail]

Text: Latest bill text (Engrossed) [HTML]

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