IL SB3683 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-02-09 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-02-09 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Cook County, Cook County Forest Preserve District, and Metropolitan Water Reclamation District (MWRD) Articles of the Illinois Pension Code. Provides that the employer shall provide a federal tax qualified pre-tax retirement plan otherwise allowed by State and federal law for each employee. Provides that the employer shall automatically enroll employees who become employees or after January 1, 2025 into a federal tax qualified pre-tax retirement plan. Provides for a default contribution amount; collective bargaining; a retirement savings committee; plan document; review of the plan document by the Public Pension Division of the Department of Insurance; and fees charged by the Public Pension Division of the Department of Insurance to the municipality. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Title
PEN CD-PRE-TAX RETIREMENT PLAN
Sponsors
History
Date | Chamber | Action |
---|---|---|
2024-02-09 | Senate | Referred to Assignments |
2024-02-09 | Senate | First Reading |
2024-02-09 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
30 | 805 | 8.48 | New Code | See Bill Text |
40 | 5 | 10-110 | New Code | See Bill Text |
40 | 5 | 13-314.5 | New Code | See Bill Text |
40 | 5 | 9-242 | New Code | See Bill Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3683&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/SB/10300SB3683.htm |