The legislature's own summary of the bill, or its official long title.
Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that…
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Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that the savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account. Provides that an enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program. Provides that the Board shall have the duty to assess the feasibility of agreements with other governmental entities, including other states and their agencies and instrumentalities, to achieve greater economies of scale through shared resources and to enter into those agreements if determined to be beneficial. Provides that an employer who fails without reasonable cause to enroll an employee in the Program within the time provided and fails to remit their contributions (rather than fails without reasonable cause to enroll an employee in the Program within the time provided) shall be subject to a penalty. Makes changes in provisions concerning employer and employee information packets. Effective immediately.
Every action
33 steps, oldest first, as the legislature records them.
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SenateFiled with Secretary by Sen. Robert Peters
SenateFirst Reading
CommitteeReferred to Assignments · Senate Assignments
CommitteeAssigned to State Government · Senate State Government
CommitteePostponed - State Government · Senate State Government
SenateAdded as Co-Sponsor Sen. Michael W. Halpin
CommitteeDo Pass State Government; 010-000-000 · Senate State Government
SenatePlaced on Calendar Order of 2nd Reading March 4, 2025
SenateAdded as Chief Co-Sponsor Sen. Robert F. Martwick
SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Robert Peters
CommitteeSenate Floor Amendment No. 1 Referred to Assignments · Senate Assignments
CommitteeSenate Floor Amendment No. 1 Assignments Refers to State Government · Senate State Government
SenateAdded as Co-Sponsor Sen. Sara Feigenholtz
CommitteeSenate Floor Amendment No. 1 Recommend Do Adopt State Government; 009-000-000 · Senate State Government
