Bill Title: 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.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB2461 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2013-02-20	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB2461

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB2461 currently on file.

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