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HB1435 - 104th General Assembly
SECURE CHOICE PROGRAM-IRAS
Last Action
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that the savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account. Provides that an enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program. Provides that the Board shall have the duty to assess the feasibility of agreements with other governmental entities, including other states and their agencies and instrumentalities, to achieve greater economies of scale through shared resources and to enter into those agreements if determined to be beneficial. Provides that an employer who fails without reasonable cause to enroll an employee in the Program within the time provided and fails to remit their contributions (rather than fails without reasonable cause to enroll an employee in the Program within the time provided) shall be subject to a penalty. Makes changes in provisions concerning employer and employee information packets. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/17/2025 | House | Filed with the Clerk by Rep. Gregg Johnson |
| 1/28/2025 | House | First Reading |
| 1/28/2025 | House | Referred to Rules Committee |
| 2/18/2025 | House | Assigned to Personnel & Pensions Committee |
| 2/27/2025 | House | Do Pass / Short Debate Personnel & Pensions Committee; 008-004-000 |
| 2/27/2025 | House | Added Co-Sponsor Rep. Martha Deuter |
| 2/27/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 3/11/2025 | House | Added Co-Sponsor Rep. Laura Faver Dias |
| 3/13/2025 | House | House Floor Amendment No. 1 Filed with Clerk by Rep. Gregg Johnson |
| 3/13/2025 | House | House Floor Amendment No. 1 Referred to Rules Committee |
| 3/18/2025 | House | House Floor Amendment No. 1 Rules Refers to Personnel & Pensions Committee |
| 3/26/2025 | House | Second Reading - Short Debate |
| 3/26/2025 | House | Held on Calendar Order of Second Reading - Short Debate |
| 4/08/2025 | House | House Floor Amendment No. 1 Recommends Be Adopted Personnel & Pensions Committee; 007-004-000 |
| 4/11/2025 | House | Rule 19(a) / Re-referred to Rules Committee |
| 4/11/2025 | House | House Floor Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee |
| 4/21/2025 | House | Added Co-Sponsor Rep. Stephanie A. Kifowit |