Bill Status of SB3463 102nd General Assembly
Short Description: PENCD-TRS-DEFINED CONTRIBUTION
Sen. Robert F. Martwick
| 1/18/2022||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that beginning July 1, 2023, the System shall have the authority to enroll in the defined contribution benefit all employees who first became active members of the System before January 1, 2022 in accordance with specified automatic enrollment provisions. Provides that the System shall enroll all such employees as soon as practicable, but no later than January 1, 2025. Provides that the System: shall protect employers from liability and expenses arising out of investment loss claims by participants, except to the extent the claims are the fault of the employer; shall determine and resolve contribution limitations that arise out of a participant's participation in both the System's defined contribution benefit and an employer-offered plan; shall compensate employers for their administrative costs on a per participant basis at a rate reasonably determined by the System; and shall not require an employer to undertake any task or assume any responsibility that creates a fiduciary duty on the part of the employer to a participant. Effective immediately.