IL SB2607 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on October 18 2023 - 25% progression
Action: 2024-05-17 - Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on October 18 2023 - 25% progression
Action: 2024-05-17 - Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Deferred Compensation Article of the Illinois Pension Code. Provides that, after January 1, 2024, the deferred compensation plan shall provide for the recovery of the expenses of its administration by charging fees equitably prorated among the participating employers (instead of by charging administrative expenses against the earnings from investments or by charging fees equitably prorated among the participating State employees or by such other appropriate and equitable method as the Illinois State Board of Investment shall determine). Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Title
PEN CD-DEFERRED COMP-FEES
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2024-05-17 | Senate | Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments |
| 2024-05-17 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2024-05-03 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 17, 2024 |
| 2024-04-09 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Appropriations |
| 2024-04-05 | Senate | Rule 2-10 Committee Deadline Established As May 3, 2024 |
| 2024-04-04 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2024-04-04 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Robert F. Martwick |
| 2024-03-15 | Senate | Rule 2-10 Committee Deadline Established As April 5, 2024 |
| 2024-01-24 | Senate | Assigned to Appropriations |
| 2023-10-18 | Senate | Referred to Assignments |
| 2023-10-18 | Senate | First Reading |
| 2023-10-18 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 30 | 805 | 8.47 | New Code | See Bill Text |
| 40 | 5 | 24-104.1 | Amended Code | Citation Text |
