Illinois General Assembly

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 Bill Status of HB4595  98th General Assembly


Short Description:  SECURE CHOICE SAVINGS PROGRAM

House Sponsors
Rep. Barbara Flynn Currie - Scott Drury, Emanuel Chris Welch, Robyn Gabel, Maria Antonia Berrios, Michael J. Zalewski, Christian L. Mitchell, Monique D. Davis, Naomi D. Jakobsson, La Shawn K. Ford, Thaddeus Jones, Charles E. Jefferson, Kelly M. Cassidy, Marcus C. Evans, Jr., Camille Y. Lilly, William Davis, Daniel J. Burke and Elizabeth Hernandez

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.855 new


Synopsis As Introduced
Creates the Illinois Secure Choice Savings Program Act. Establishes a retirement savings program in the form of an automatic enrollment payroll deduction IRA with the intent of promoting greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. Creates the Illinois Secure Choice Savings Program Fund consisting of moneys received from enrollees and participating employers. Sets forth the composition of the Board, the Board's duties, and provisions governing risk management, investment firms, and investment options. Provides for employee and employer information packets, as well as program implementation and enrollment. Provides that the State shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the Program. Requires annual reports and audits of the Program. Sets forth penalties. Amends the State Finance Act to create the Illinois Secure Choice Savings Program Fund. Effective immediately.

Actions 
DateChamber Action
  2/4/2014HouseFiled with the Clerk by Rep. Barbara Flynn Currie
  2/4/2014HouseChief Co-Sponsor Rep. Scott Drury
  2/4/2014HouseFirst Reading
  2/4/2014HouseReferred to Rules Committee
  2/5/2014HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
  2/6/2014HouseAdded Co-Sponsor Rep. Robyn Gabel
  2/18/2014HouseAssigned to Revenue & Finance Committee
  2/20/2014HouseTo Finance Subcommittee
  2/20/2014HouseAdded Co-Sponsor Rep. Maria Antonia Berrios
  2/24/2014HouseAdded Co-Sponsor Rep. Michael J. Zalewski
  2/26/2014HouseAdded Co-Sponsor Rep. Christian L. Mitchell
  2/26/2014HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  3/5/2014HouseAdded Co-Sponsor Rep. Monique D. Davis
  3/5/2014HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson
  3/6/2014HouseAdded Co-Sponsor Rep. La Shawn K. Ford
  3/13/2014HouseAdded Co-Sponsor Rep. Thaddeus Jones
  3/18/2014HouseRemoved Co-Sponsor Rep. Linda Chapa LaVia
  3/18/2014HouseAdded Co-Sponsor Rep. Charles E. Jefferson
  3/21/2014HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  3/27/2014HouseAdded Co-Sponsor Rep. Marcus C. Evans, Jr.
  3/28/2014HouseRule 19(a) / Re-referred to Rules Committee
  4/8/2014HouseAdded Co-Sponsor Rep. Camille Y. Lilly
  4/8/2014HouseAdded Co-Sponsor Rep. William Davis
  4/9/2014HouseAdded Co-Sponsor Rep. Daniel J. Burke
  6/12/2014HouseAdded Co-Sponsor Rep. Elizabeth Hernandez
  12/3/2014HouseSession Sine Die

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