Full Text of HB3220 99th General Assembly
HB3220 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 HB3220 Introduced , by Rep. Barbara Flynn Currie SYNOPSIS AS INTRODUCED: |
| |
Amends the Illinois Secure Choice Savings Program Act. Provides that the Treasurer shall prepare a report in consultation with the Secure Choice Savings Board regarding the benefits of the program. Requires the report to be published on the Treasurer's official website.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
| | | HB3220 | | LRB099 10384 JLS 30611 b |
|
| 1 | | AN ACT concerning employment.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Secure Choice Savings Program Act | 5 | | is amended by changing Section 80 as follows: | 6 | | (820 ILCS 80/80) | 7 | | (This Section may contain text from a Public Act with a | 8 | | delayed effective date )
| 9 | | Sec. 80. Audit and reports.
| 10 | | (a) The Board shall annually submit : (1) an audited | 11 | | financial report, prepared in accordance with generally | 12 | | accepted accounting principles, on the operations of the | 13 | | Program during each calendar year by July 1 of the following | 14 | | year to the Governor, the Comptroller, the State Treasurer, and | 15 | | the General Assembly . ; and
| 16 | | (2) a report prepared by the Board, which shall | 17 | | include, but is not limited to, a summary of the benefits | 18 | | provided by the Program, including the number of enrollees | 19 | | in the Program, the percentage and amounts of investment | 20 | | options and rates of return, and such other information | 21 | | that is relevant to make a full, fair, and effective | 22 | | disclosure of the operations of the Program and the Fund. | 23 | | The annual audit shall be made by an independent certified |
| | | HB3220 | - 2 - | LRB099 10384 JLS 30611 b |
|
| 1 | | public accountant and shall include, but is not limited to, | 2 | | direct and indirect costs attributable to the use of outside | 3 | | consultants, independent contractors, and any other persons | 4 | | who are not State employees for the administration of the | 5 | | Program.
| 6 | | (b) In addition to any other statements or reports required | 7 | | by law, the Board shall provide periodic reports at least | 8 | | annually to participating employers, reporting the names of | 9 | | each enrollee employed by the participating employer and the | 10 | | amounts of contributions made by the participating employer on | 11 | | behalf of each employee during the reporting period, as well as | 12 | | to enrollees, reporting contributions and investment income | 13 | | allocated to, withdrawals from, and balances in their Program | 14 | | accounts for the reporting period. Such reports may include any | 15 | | other information regarding the Program as the Board may | 16 | | determine.
| 17 | | (c) The State Treasurer shall prepare a report in | 18 | | consultation with the Board that includes a summary of the | 19 | | benefits provided by the Program, including the number of | 20 | | enrollees in the Program, the percentage and amounts of | 21 | | investment options and rates of return, and such other | 22 | | information that is relevant to make a full, fair, and | 23 | | effective disclosure of the operations of the Program and the | 24 | | Fund. | 25 | | (Source: P.A. 98-1150, eff. 6-1-15.)
|
|