Bill Status of SB3278 97th General Assembly
Short Description: ILLINOIS AUTOMATIC IRA ACT
Sen. Iris Y. Martinez - Jacqueline Y. Collins - Jeffrey M. Schoenberg
| 1/8/2013||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Illinois Automatic IRA Program Act. Provides that the Illinois Automatic IRA Program shall be administered by the State Treasurer and that the Treasurer shall adopt regulations to implement the Program. Allows employees of certain employers that have not offered a qualified retirement plan for 2 years to set aside a percentage of their wages to be deposited into an IRA trust fund administered by the State Treasurer's office. Sets minimum requirements for the operation of the Program. Sets forth duties and authority of the State Treasurer in relation to the Program. Limits State and employer liability. Contains provisions regarding audits and reports. Effective immediately.