Bill Title: Amends the State Universities Article of the Illinois Pension Code. Provides that as soon as practicable after the effective date of the amendatory Act, the optional defined contribution plan shall provide for an eligible automatic contribution arrangement that permits a withdrawal of default elective contributions in accordance with a specified provision of the Internal Revenue Code of 1986, as amended, and United States Department of Treasury regulations promulgated thereunder. Changes references from "defined contribution benefit" to "defined contribution plan". Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3019 Detail]

Text: Latest bill text (Introduced) [HTML]

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