Illinois General Assembly

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 Bill Status of SB2400  98th General Assembly


Short Description:  AUTOMATIC IRA PROGRAM ACT

Senate Sponsors
Sen. Daniel Biss - Iris Y. Martinez - Don Harmon - Jacqueline Y. Collins - Martin A. Sandoval, Kimberly A. Lightford, Michael Noland, Patricia Van Pelt, Mattie Hunter, Heather A. Steans and Dan Kotowski

Last Action
DateChamber Action
  1/13/2015SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.829 new
30 ILCS 105/5.830 new


Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/15/2013SenateFiled with Secretary by Sen. Daniel Biss
  2/15/2013SenateFirst Reading
  2/15/2013SenateReferred to Assignments
  2/28/2013SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  3/1/2013SenateAdded as Chief Co-Sponsor Sen. Don Harmon
  3/5/2013SenateAssigned to Licensed Activities and Pensions
  3/6/2013SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  3/6/2013SenateAdded as Chief Co-Sponsor Sen. Martin A. Sandoval
  3/6/2013SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  3/7/2013SenateAdded as Co-Sponsor Sen. Michael Noland
  3/7/2013SenateAdded as Co-Sponsor Sen. Patricia Van Pelt
  3/7/2013SenateAdded as Co-Sponsor Sen. Emil Jones, III
  3/7/2013SenateAdded as Co-Sponsor Sen. Mattie Hunter
  3/13/2013SenateAdded as Co-Sponsor Sen. Heather A. Steans
  3/13/2013SenatePostponed - Licensed Activities and Pensions
  3/15/2013SenateSponsor Removed Sen. Emil Jones, III
  3/20/2013SenatePostponed - Licensed Activities and Pensions
  3/22/2013SenateRule 2-10 Committee Deadline Established As April 19, 2013
  4/11/2013SenatePostponed - Licensed Activities and Pensions
  4/12/2013SenateAdded as Co-Sponsor Sen. Dan Kotowski
  4/17/2013SenatePostponed - Licensed Activities and Pensions
  4/19/2013SenateRule 2-10 Committee Deadline Established As May 10, 2013
  4/29/2013SenateRule 2-10 Third Reading Deadline Established As May 3, 2013
  5/2/2013SenateRule 2-10 Third Reading Deadline Established As May 31, 2013
  5/10/2013SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2015SenateSession Sine Die

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