Bill Text: IL SB2758 | 2013-2014 | 98th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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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Sen. Daniel Biss

Filed: 4/4/2014

09800SB2758sam010 LRB098 17555 OMW 58201 a
AMENDMENT TO SENATE BILL 2758
AMENDMENT NO. ______. Amend Senate Bill 2758 on page 27,
immediately below line 11, as follows:
"Section 95. Federal considerations. The Board may not
implement the Program if the IRA arrangements offered under the
Program fail to qualify for the favorable federal income tax
treatment ordinarily accorded to IRAs under the Internal
Revenue Code or if it is determined that the program is an
employee benefit plan and State or employer liability is
established under the federal Employee Retirement Income
Security Act.".