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: 3/14/2014

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AMENDMENT TO SENATE BILL 2758
AMENDMENT NO. ______. Amend Senate Bill 2758 as follows:
on page 14, by replacing line 5 with the following:
"on the Program, appropriate disclosures for employees, and
information regarding the vendor Internet website described in
subsection (i) of Section 60 of this Act."; and
on page 18, immediately below line 2, by inserting the
following:
"(i) The Board shall establish and maintain an Internet
website designed to assist employers in identifying private
sector providers of retirement arrangements that can be set up
by the employer rather than allowing employee participation in
the Program under this Act; however, the Board shall only
establish and maintain an Internet website under this
subsection if there is sufficient interest in such an Internet
website by private sector providers and if the private sector

09800SB2758sam005 - 2 - LRB098 17555 OMW 56875 a
providers furnish the funding necessary to establish and
maintain the Internet website. The Board must provide public
notice of the availability of and the process for inclusion on
the Internet website before it becomes publicly available. This
Internet website must be available to the public before the
Board opens the Program for enrollment, and the Internet
website address must be included on any Internet website
posting or other materials regarding the Program offered to the
public by the Board."; and
on page 27, line 7, after the period, by inserting "This notice
shall include a statement that rather than enrolling employees
in the Program under this Act, employers may sponsor an
alternative arrangement, including, but not limited to, a
defined benefit plan, 401(k) plan, a Simplified Employee
Pension (SEP) plan, a Savings Incentive Match Plan for
Employees (SIMPLE) plan, or an automatic payroll deduction IRA
offered through a private provider. The Board shall provide a
link to the vendor Internet website described in subsection (i)
of Section 60 of this Act.".