Bill Text: IL HB3220 | 2015-2016 | 99th General Assembly | Engrossed

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Bill Title: Amends the Illinois Secure Choice Savings Program Act. Provides that the Treasurer shall prepare a report in consultation with the Secure Choice Savings Board regarding the benefits of the program. Requires the report to be published on the Treasurer's official website.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2015-08-26 - Public Act . . . . . . . . . 99-0464 [HB3220 Detail]

Download: Illinois-2015-HB3220-Engrossed.html

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HB3220 Engrossed LRB099 10384 JLS 30611 b
AN ACT concerning employment.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Secure Choice Savings Program Act
is amended by changing Section 80 as follows:
(820 ILCS 80/80)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 80. Audit and reports.
(a) The Board shall annually submit: (1) an audited
financial report, prepared in accordance with generally
accepted accounting principles, on the operations of the
Program during each calendar year by July 1 of the following
year to the Governor, the Comptroller, the State Treasurer, and
the General Assembly. ; and
(2) a report prepared by the Board, which shall
include, but is not limited to, a summary of the benefits
provided by the Program, including the number of enrollees
in the Program, the percentage and amounts of investment
options and rates of return, and such other information
that is relevant to make a full, fair, and effective
disclosure of the operations of the Program and the Fund.
The annual audit shall be made by an independent certified

HB3220 Engrossed - 2 - LRB099 10384 JLS 30611 b
public accountant and shall include, but is not limited to,
direct and indirect costs attributable to the use of outside
consultants, independent contractors, and any other persons
who are not State employees for the administration of the
Program.
(b) In addition to any other statements or reports required
by law, the Board shall provide periodic reports at least
annually to participating employers, reporting the names of
each enrollee employed by the participating employer and the
amounts of contributions made by the participating employer on
behalf of each employee during the reporting period, as well as
to enrollees, reporting contributions and investment income
allocated to, withdrawals from, and balances in their Program
accounts for the reporting period. Such reports may include any
other information regarding the Program as the Board may
determine.
(c) The State Treasurer shall prepare a report in
consultation with the Board that includes a summary of the
benefits provided by the Program, including the number of
enrollees in the Program, the percentage and amounts of
investment options and rates of return, and such other
information that is relevant to make a full, fair, and
effective disclosure of the operations of the Program and the
Fund.
(Source: P.A. 98-1150, eff. 6-1-15.)