Illinois Senate Bill 2400 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 11-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Automatic Individual Retirement Account Program Act. Establishes a portable retirement savings program for employees of employers that have not offered a qualified retirement plan to their employees within the last 2 years. Provides for the deduction of moneys from the wages of persons enrolled in the program. Provides for the deposit of those moneys in the Automatic IRA Program Fund. Authorizes a 7-member board to invest those moneys, choose permitted retirement program investment options, and make other programmatic decisions. Sets forth requirements pertaining to the Board and its composition and duties. Grants the Department of Employment Security administrative and enforcement powers. Also contains provisions concerning: investment firms; permissible investments; default enrollee contributions; investment policies; payroll deduction retirement savings arrangements; duties and liabilities of the State and employers; enrollee information packets; required audits and reports; penalties; rules; and program implementation. Amends the State Finance Act. Adds the Automatic IRA Program Fund and the Department of Employment Security Administrative Enforcement Fund. Effective immediately.

AUTOMATIC IRA PROGRAM ACT

Sen. Daniel Biss [D]	Sen. Iris Martinez [D]	Sen. Don Harmon [D]	Sen. Jacqueline Collins [D]
Sen. Martin Sandoval [D]	Sen. Kimberly Lightford [D]	Sen. Michael Noland [D]	Sen. Patricia Van Pelt [D]
Sen. Mattie Hunter [D]	Sen. Heather Steans [D]	Sen. Dan Kotowski [D]

Date	Chamber	Action
2015-01-13	Senate	Session Sine Die
2013-05-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2013-05-02	Senate	Rule 2-10 Third Reading Deadline Established As May 31, 2013
2013-04-29	Senate	Rule 2-10 Third Reading Deadline Established As May 3, 2013
2013-04-19	Senate	Rule 2-10 Committee Deadline Established As May 10, 2013
2013-04-17	Senate	Postponed - Licensed Activities and Pensions
2013-04-12	Senate	Added as Co-Sponsor Sen. Dan Kotowski
2013-04-11	Senate	Postponed - Licensed Activities and Pensions
2013-03-22	Senate	Rule 2-10 Committee Deadline Established As April 19, 2013
2013-03-20	Senate	Postponed - Licensed Activities and Pensions
2013-03-15	Senate	Sponsor Removed Sen. Emil Jones, III
2013-03-13	Senate	Postponed - Licensed Activities and Pensions
2013-03-13	Senate	Added as Co-Sponsor Sen. Heather A. Steans
2013-03-07	Senate	Added as Co-Sponsor Sen. Mattie Hunter
2013-03-07	Senate	Added as Co-Sponsor Sen. Emil Jones, III
2013-03-07	Senate	Added as Co-Sponsor Sen. Patricia Van Pelt
2013-03-07	Senate	Added as Co-Sponsor Sen. Michael Noland
2013-03-06	Senate	Added as Co-Sponsor Sen. Kimberly A. Lightford
2013-03-06	Senate	Added as Chief Co-Sponsor Sen. Martin A. Sandoval
2013-03-06	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2013-03-05	Senate	Assigned to Licensed Activities and Pensions
2013-03-01	Senate	Added as Chief Co-Sponsor Sen. Don Harmon
2013-02-28	Senate	Added as Chief Co-Sponsor Sen. Iris Y. Martinez
2013-02-15	Senate	Referred to Assignments
2013-02-15	Senate	First Reading
2013-02-15	Senate	Filed with Secretary by Sen. Daniel Biss

Chapter	Article	Section	Citation Type	Statute Text
30	105	5.829	New Code	See Bill Text
30	105	5.830	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2400&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/SB/09800SB2400.htm