Bill Title: Amends the State Universities Article of the Illinois Pension Code. Requires the System to provide advance notice to a participant in the self-managed plan of the participant's obligation to direct the investment of employee and employer contributions into one or more investment funds selected by the System at the time he or she makes his or her initial retirement plan selection. Provides that if a participant in the self-managed plan fails to direct the investment of employee and employer contributions into the various investment options offered to the participant when making his or her initial retirement election choice, the System shall invest the employee and employer contributions in a default investment fund on behalf of the participant, and the investment shall be deemed to have been made at the participant's investment direction. Provides that the participant has the right to transfer account balances out of the default investment fund during time periods designated by the System. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2016-04-20 - Referred to Rules Committee [SB2362 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Engrossed	2016-04-19	HTML/Text	Link	View
Introduced	2016-01-28	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
Senate Amendment 002	2016-03-09	Proposed	HTML/Text	Link	View
Senate Amendment 001	2016-02-18	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB2362 currently on file.

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