Bill Status of SB1675 102nd General Assembly
Short Description: PEN CD-DEFERRED COMPENSATION
Sen. Robert F. Martwick - Sara Feigenholtz - John Connor, Karina Villa and Elgie R. Sims, Jr.
(Rep. Michael Halpin)
| 7/30/2021||Senate||Public Act . . . . . . . . . 102-0219|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Deferred Compensation Article of the Illinois Pension Code. In a provision concerning automatic enrollment in the deferred compensation plan for employees under the General Assembly, State Employee, or Judges Article, provides that the Illinois State Board of Investment may increase the default percentage amount of compensation deferred into employee accounts. Provides that any agency with employees subject to automatic enrollment must systematically provide the employee data necessary for enrollment to the Department of Central Management Services or its designee. Includes any applicable earnings, investment fees, and administrative fees in the refund of amounts deferred for an employee who elects to withdraw from the plan within 90 days of enrollment. Provides that the Board shall establish annual, automatic increases to employee contribution rates for employees who are automatically enrolled in the deferred compensation plan. Provides that the amount of automatic annual increases to employee contribution rates in any 12-month period shall not exceed 1% of compensation. Provides that employees may elect to not receive automatic annual increases in a manner described by the Board. Makes other changes. Effective July 1, 2021.
|Date||Chamber|| Action|| 2/26/2021||Senate||Filed with Secretary by Sen. Robert F. Martwick|| 2/26/2021||Senate||First Reading|| 2/26/2021||Senate||Referred to Assignments|| 3/9/2021||Senate||Assigned to Pensions|| 3/17/2021||Senate||Do Pass Pensions; 009-000-000|| 3/17/2021||Senate||Placed on Calendar Order of 2nd Reading March 23, 2021|| 3/17/2021||Senate||Added as Chief Co-Sponsor Sen. Sara Feigenholtz|| 3/17/2021||Senate||Added as Chief Co-Sponsor Sen. John Connor|| 3/19/2021||Senate||Added as Co-Sponsor Sen. Karina Villa|| 3/24/2021||Senate||Second Reading|| 3/24/2021||Senate||Placed on Calendar Order of 3rd Reading ** March 25, 2021|| 4/20/2021||Senate||Added as Co-Sponsor Sen. Elgie R. Sims, Jr.|| 4/21/2021||Senate||Third Reading - Passed; 054-002-000|| 4/22/2021||House||Arrived in House|| 4/22/2021||House||Chief House Sponsor Rep. Michael Halpin|| 4/23/2021||House||First Reading|| 4/23/2021||House||Referred to Rules Committee|| 4/28/2021||House||Assigned to Personnel & Pensions Committee|| 5/6/2021||House||Do Pass / Consent Calendar Personnel & Pensions Committee; 008-000-000|| 5/6/2021||House||Placed on Calendar 2nd Reading - Consent Calendar|| 5/12/2021||House||Second Reading - Consent Calendar|| 5/12/2021||House||Held on Calendar Order of Second Reading - Consent Calendar|| 5/13/2021||House||Placed on Calendar Order of 3rd Reading - Consent Calendar|| 5/14/2021||House||Third Reading - Consent Calendar - First Day|| 5/21/2021||House||Third Reading - Consent Calendar - Passed 108-003-000|| 5/21/2021||Senate||Passed Both Houses|| 6/17/2021||Senate||Sent to the Governor|| 7/30/2021||Senate||Governor Approved|| 7/30/2021||Senate||Effective Date July 30, 2021|| 7/30/2021||Senate||Public Act . . . . . . . . . 102-0219|