Bill Text: IL SB2607 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-05-17 - Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments [SB2607 Detail]

Download: Illinois-2023-SB2607-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2607 Introduced 10/18/2023, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
40 ILCS 5/24-104.1 from Ch. 108 1/2, par. 24-104.1
30 ILCS 805/8.47 new
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.
LRB103 34461 RPS 64291 b
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
A BILL FOR
SB2607 LRB103 34461 RPS 64291 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by
changing Section 24-104.1 as follows:
(40 ILCS 5/24-104.1) (from Ch. 108 1/2, par. 24-104.1)
Sec. 24-104.1. Recovery of administrative expenses. Until
January 1, 2024, the The Plan developed under Section 24-104
shall also provide for the recovery of the expenses of its
administration by charging such 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 Board shall determine. After
January 1, 2024, the Plan developed under Section 24-104 shall
provide for the recovery of the expenses of its administration
by charging fees equitably prorated among the participating
employers. Different methods for recovery of administrative
expenses may be provided in relation to different types of
investment programs, and the Board may provide for the
allocation of administration expenses among varying types of
programs for this purpose.
All sums advanced by appropriation to the State Board of
Investment for the costs of the development and establishment

SB2607 - 2 - LRB103 34461 RPS 64291 b
of the Plan shall be repaid to the State treasury Treasury not
later than June 30, 1986, without interest. The Plan shall
provide for such repayment and may, for that purpose, provide
for the recovery of the development and establishment costs by
amortizing them as a part of the administrative expenses of
the Plan over a period of years ending not later than June 30,
1986.
(Source: P.A. 79-384.)
Section 90. The State Mandates Act is amended by adding
Section 8.47 as follows:
(30 ILCS 805/8.47 new)
Sec. 8.47. Exempt mandate. Notwithstanding Sections 6 and
8 of this Act, no reimbursement by the State is required for
the implementation of any mandate created by this amendatory
Act of the 103rd General Assembly.