SB0209sam001 102ND GENERAL ASSEMBLY

Sen. Robert F. Martwick

Filed: 3/5/2021

10200SB0209sam001 LRB102 00210 RPS 22957 a

AMENDMENT TO SENATE BILL 209

AMENDMENT NO. ______. Amend Senate Bill 209 as follows:

on page 1, line 5, by replacing "Section 15-159" with "Sections 15-159 and 15-202"; and

on page 5, immediately below line 12, by inserting the following:

"(40 ILCS 5/15-202)

Sec. 15-202. Optional defined contribution plan benefit. As soon as practicable after August 10, 2018 (the effective date of Public Act 100-769) this amendatory Act of the 100th General Assembly, the System shall offer a defined contribution plan benefit to participating employees active members of the System employed by eligible employers described under Section 457(e)(1)(A) of the Internal Revenue Code of 1986, as amended. The defined contribution plan benefit shall be an optional plan benefit to any such participating employee member who chooses to participate. The defined contribution plan benefit shall collect optional employee and optional employer contributions into an account and shall offer investment options to the participant. The plan benefit under this Section shall be operated in full compliance with any applicable State and federal laws, and the System shall utilize generally accepted practices in creating and maintaining the plan benefit for the best interest of the participants. The System may use funds from the employee and employer contributions to defray any and all costs of creating and maintaining the plan benefit. The System shall produce an annual report on the participation in the plan benefit and shall make the report public. The changes made to this Section by this amendatory Act of the 102nd General Assembly are corrections of existing law and are intended to be retroactive to August 10, 2018 (the effective date of Public Act 100-769), notwithstanding Section 1-103.1 of this Code.

(Source: P.A. 100-769, eff. 8-10-18.)".