HB1147 EngrossedLRB103 04802 SPS 49812 b

1    AN ACT concerning employment.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Secure Choice Savings Program Act
5is amended by changing Section 5 as follows:
 
6    (820 ILCS 80/5)
7    Sec. 5. Definitions. Unless the context requires a
8different meaning or as expressly provided in this Section,
9all terms shall have the same meaning as when used in a
10comparable context in the Internal Revenue Code. As used in
11this Act:
12    "Board" means the Illinois Secure Choice Savings Board
13established under this Act.
14    "Department" means the Department of Revenue.
15    "Director" means the Director of Revenue.
16    "Employee" means any individual who is employed by an
17employer, and who has wages that are allocable to Illinois
18during a calendar year under the provisions of Section
19304(a)(2)(B) of the Illinois Income Tax Act.
20    "Employer" means a person or entity engaged in a business,
21industry, profession, trade, or other enterprise in Illinois,
22whether for profit or not for profit, that (i) has employed at
23least 5 employees in the State during every quarter of the

 

 

HB1147 Engrossed- 2 -LRB103 04802 SPS 49812 b

1previous calendar year, (ii) has been in business at least 2
2years, and (iii) has not offered a qualified retirement plan,
3including, but not limited to, a plan qualified under Section
4401(a), Section 401(k), Section 403(a), Section 403(b),
5Section 408(k), Section 408(p), or Section 457(b) of the
6Internal Revenue Code of 1986 in the preceding 2 years.
7"Employer" does not include a volunteer fire department.
8    "Enrollee" means any employee who is enrolled in the
9Program.
10    "Fund" means the Illinois Secure Choice Savings Program
11Fund.
12    "Internal Revenue Code" means Internal Revenue Code of
131986, or any successor law, in effect for the calendar year.
14    "IRA" means a Roth or Traditional IRA (individual
15retirement account) under Section 408 or 408A of the Internal
16Revenue Code.
17    "Participating employer" means an employer or small
18employer that facilitates a payroll deposit retirement savings
19arrangement as provided for by this Act for its employees.
20    "Payroll deposit retirement savings arrangement" means an
21arrangement by which a participating employer facilitates
22payroll deduction contributions from enrollees to the Program.
23    "Program" means the Illinois Secure Choice Savings
24Program.
25    "Small employer" means a person or entity engaged in a
26business, industry, profession, trade, or other enterprise in

 

 

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1Illinois, whether for profit or not for profit, that (i)
2employed less than 5 employees during any quarter of the
3previous calendar year, or (ii) has been in business less than
42 years, or both items (i) and (ii), but that notifies the
5Board that it is interested in being a participating employer.
6    "Wages" means any compensation within the meaning of
7Section 219(f)(1) of the Internal Revenue Code that is
8received by an enrollee from a participating employer during
9the calendar year.
10(Source: P.A. 101-353, eff. 8-9-19; 102-179, eff. 1-1-22.)
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.