Bill Status of HB1672  9th General Assembly

Short Description:  ILLINOIS AUTOMATIC IRA ACT

House Sponsors
Rep. William D. Burns - Carol A. Sente - Deborah Mell

Last Action
DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act


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.

Actions 
DateChamber Action
  2/15/2011HouseFiled with the Clerk by Rep. William D. Burns
  2/16/2011HouseFirst Reading
  2/16/2011HouseReferred to Rules Committee
  2/22/2011HouseAssigned to State Government Administration Committee
  3/3/2011HouseAdded Chief Co-Sponsor Rep. Carol A. Sente
  3/3/2011HouseAdded Chief Co-Sponsor Rep. Deborah Mell
  3/3/2011HouseAdded Chief Co-Sponsor Rep. Jack McGuire
  3/9/2011HouseDo Pass / Short Debate State Government Administration Committee; 009-006-000
  3/9/2011HousePlaced on Calendar 2nd Reading - Short Debate
  4/6/2011HouseRemove Chief Co-Sponsor Rep. Jack McGuire
  4/14/2011HouseSecond Reading - Short Debate
  4/14/2011HouseHeld on Calendar Order of Second Reading - Short Debate
  4/15/2011HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die