Bill Status of SB3683  103rd General Assembly

Short Description:  PEN CD-PRE-TAX RETIREMENT PLAN

Senate Sponsors
Sen. Robert F. Martwick

Last Action
DateChamber Action
  2/9/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/9-242 new
40 ILCS 5/10-110 new
40 ILCS 5/13-314.5 new
30 ILCS 805/8.48 new


Synopsis As Introduced
Amends the Cook County, Cook County Forest Preserve District, and Metropolitan Water Reclamation District (MWRD) Articles of the Illinois Pension Code. Provides that the employer shall provide a federal tax qualified pre-tax retirement plan otherwise allowed by State and federal law for each employee. Provides that the employer shall automatically enroll employees who become employees or after January 1, 2025 into a federal tax qualified pre-tax retirement plan. Provides for a default contribution amount; collective bargaining; a retirement savings committee; plan document; review of the plan document by the Public Pension Division of the Department of Insurance; and fees charged by the Public Pension Division of the Department of Insurance to the municipality. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Robert F. Martwick
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments