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SB1441 - 104th General Assembly
SECURE CHOICE PROGRAM-IRAS
Last Action
Senate Sponsors
Sen. Robert Peters - Robert F. Martwick, Michael W. Halpin and Sara FeigenholtzHouse Sponsors
(Rep. Gregg Johnson)Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that the savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account. Provides that an enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program. Provides that the Board shall have the duty to assess the feasibility of agreements with other governmental entities, including other states and their agencies and instrumentalities, to achieve greater economies of scale through shared resources and to enter into those agreements if determined to be beneficial. Provides that an employer who fails without reasonable cause to enroll an employee in the Program within the time provided and fails to remit their contributions (rather than fails without reasonable cause to enroll an employee in the Program within the time provided) shall be subject to a penalty. Makes changes in provisions concerning employer and employee information packets. Effective immediately.
Senate Floor Amendment No. 1
Adds reference to:
Further amends the Illinois Secure Choice Savings Program Act. Provides that, at the time of initial enrollment, employers shall automatically enroll in the Program each of their employees who have been employed for 120 days or more by the employer. Provides that, following initial enrollment, employers shall enroll new employees as soon as practicable, but no later than 120 days after the employee is first employed by the employer. Makes other changes.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/31/2025 | Senate | Filed with Secretary by Sen. Robert Peters |
| 1/31/2025 | Senate | First Reading |
| 1/31/2025 | Senate | Referred to Assignments |
| 2/11/2025 | Senate | Assigned to State Government |
| 2/20/2025 | Senate | Postponed - State Government |
| 2/26/2025 | Senate | Added as Co-Sponsor Sen. Michael W. Halpin |
| 2/27/2025 | Senate | Do Pass State Government; 010-000-000 |
| 2/27/2025 | Senate | Placed on Calendar Order of 2nd Reading March 4, 2025 |
| 2/27/2025 | Senate | Added as Chief Co-Sponsor Sen. Robert F. Martwick |
| 3/18/2025 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Robert Peters |
| 3/18/2025 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 3/19/2025 | Senate | Senate Floor Amendment No. 1 Assignments Refers to State Government |
| 3/19/2025 | Senate | Added as Co-Sponsor Sen. Sara Feigenholtz |
| 3/19/2025 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt State Government; 009-000-000 |
| 4/01/2025 | Senate | Second Reading |
| 4/01/2025 | Senate | Senate Floor Amendment No. 1 Adopted; Peters |
| 4/01/2025 | Senate | Placed on Calendar Order of 3rd Reading April 2, 2025 |
| 4/03/2025 | Senate | Third Reading - Passed; 048-006-000 |
| 4/04/2025 | House | Arrived in House |
| 4/04/2025 | House | Chief House Sponsor Rep. Gregg Johnson |
| 4/07/2025 | House | First Reading |
| 4/07/2025 | House | Referred to Rules Committee |
| 4/17/2025 | House | Assigned to Personnel & Pensions Committee |
| 4/24/2025 | House | Do Pass / Short Debate Personnel & Pensions Committee; 008-004-000 |
| 4/24/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 5/16/2025 | House | Second Reading - Short Debate |
| 5/16/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 5/21/2025 | House | Third Reading - Short Debate - Passed 074-037-000 |
| 5/21/2025 | Senate | Passed Both Houses |
| 6/18/2025 | Senate | Sent to the Governor |
| 8/01/2025 | Senate | Governor Approved |
| 8/01/2025 | Senate | Effective Date August 1, 2025 |
| 8/01/2025 | Senate | Public Act . . . . . . . . . 104-0100 |