Bill Status of SB 3278   97th General Assembly

Short Description:  ILLINOIS AUTOMATIC IRA ACT

Senate Sponsors
Sen. Iris Y. Martinez-Jacqueline Y. Collins-Jeffrey M. Schoenberg

Last Action  View All Actions

DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Illinois Automatic IRA Program Act. Provides that the Illinois Automatic IRA Program shall be administered by the State Treasurer and that the Treasurer shall adopt regulations to implement the Program. Allows employees of certain employers that have not offered a qualified retirement plan for 2 years to set aside a percentage of their wages to be deposited into an IRA trust fund administered by the State Treasurer's office. Sets minimum requirements for the operation of the Program. Sets forth duties and authority of the State Treasurer in relation to the Program. Limits State and employer liability. Contains provisions regarding audits and reports. Effective immediately.

Actions 
DateChamber Action
  2/7/2012SenateFiled with Secretary by Sen. Iris Y. Martinez
  2/7/2012SenateFirst Reading
  2/7/2012SenateReferred to Assignments
  2/16/2012SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  2/23/2012SenateAdded as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
  1/8/2013SenateSession Sine Die

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