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SB1455 - 104th General Assembly
PEN CD-DEFERRED COMP-FEES
Last Action
Statutes Amended In Order of Appearance
40 ILCS 5/24-104.1from Ch. 108 1/2, par. 24-104.1
Synopsis As Introduced
Amends the Deferred Compensation Article of the Illinois Pension Code. Provides that, after January 1, 2026, 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.
Senate Floor Amendment No. 1
Replaces everything after the enacting clause. Amends the Deferred Compensation Article of the Illinois Pension Code. Provides that, beginning January 1, 2026, the Department of Central Management Services shall provide for the recovery of its expenses for administering the State Employees Deferred Compensation Plan pursuant to a provision concerning the Department's administration of the State Employees Deferred Compensation Plan by charging fees equitably prorated among the participating employers. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/31/2025 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
| 1/31/2025 | Senate | First Reading |
| 1/31/2025 | Senate | Referred to Assignments |
| 3/12/2025 | Senate | Assigned to Pensions |
| 3/19/2025 | Senate | Do Pass Pensions; 007-003-000 |
| 3/19/2025 | Senate | Placed on Calendar Order of 2nd Reading March 20, 2025 |
| 4/02/2025 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Robert F. Martwick |
| 4/02/2025 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 4/08/2025 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Pensions |
| 4/09/2025 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Pensions; 008-001-000 |
| 4/09/2025 | Senate | Second Reading |
| 4/09/2025 | Senate | Senate Floor Amendment No. 1 Adopted; Martwick |
| 4/09/2025 | Senate | Placed on Calendar Order of 3rd Reading April 10, 2025 |
| 4/11/2025 | Senate | Rule 2-10 Third Reading Deadline Established As May 9, 2025 |
| 5/09/2025 | Senate | Rule 2-10 Third Reading Deadline Established As May 23, 2025 |
| 5/23/2025 | Senate | Rule 2-10 Third Reading Deadline Established As June 1, 2025 |
| 6/02/2025 | Senate | Rule 3-9(a) / Re-referred to Assignments |