Bill Status of HB4595 98th General Assembly
Short Description: SECURE CHOICE SAVINGS PROGRAM
Rep. Barbara Flynn Currie - Scott Drury, Emanuel Chris Welch, Robyn Gabel, Maria Antonia Berrios, Michael J. Zalewski, Christian L. Mitchell, Monique D. Davis, Naomi D. Jakobsson, La Shawn K. Ford, Thaddeus Jones, Charles E. Jefferson, Kelly M. Cassidy, Marcus C. Evans, Jr., Camille Y. Lilly, William Davis, Daniel J. Burke and Elizabeth Hernandez
|Session Sine Die
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Illinois Secure Choice Savings Program Act. Establishes a retirement savings program in the form of an automatic enrollment payroll deduction IRA with the intent of promoting greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. Creates the Illinois Secure Choice Savings Program Fund consisting of moneys received from enrollees and participating employers. Sets forth the composition of the Board, the Board's duties, and provisions governing risk management, investment firms, and investment options. Provides for employee and employer information packets, as well as program implementation and enrollment. Provides that the State shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the Program. Requires annual reports and audits of the Program. Sets forth penalties. Amends the State Finance Act to create the Illinois Secure Choice Savings Program Fund. Effective immediately.