Bill Status of HB 2461   98th General Assembly

Short Description:  AUTOMATIC IRA PROGRAM ACT

House Sponsors
Rep. Deborah Mell-Barbara Flynn Currie-Monique D. Davis-Maria Antonia Berrios-Daniel J. Burke and Sara Feigenholtz

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession 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
  2/20/2013HouseFiled with the Clerk by Rep. Deborah Mell
  2/20/2013HouseFirst Reading
  2/20/2013HouseReferred to Rules Committee
  3/4/2013HouseAssigned to Financial Institutions Committee
  3/7/2013HouseAdded Chief Co-Sponsor Rep. Barbara Flynn Currie
  3/8/2013HouseAdded Chief Co-Sponsor Rep. Monique D. Davis
  3/14/2013HouseAdded Co-Sponsor Rep. Maria Antonia Berrios
  3/14/2013HouseRemoved Co-Sponsor Rep. Maria Antonia Berrios
  3/14/2013HouseAdded Chief Co-Sponsor Rep. Maria Antonia Berrios
  3/15/2013HouseAdded Co-Sponsor Rep. Sara Feigenholtz
  3/19/2013HouseAdded Chief Co-Sponsor Rep. Daniel J. Burke
  3/19/2013HouseChief Co-Sponsor Changed to Rep. Daniel J. Burke
  3/21/2013HouseMotion Do Pass - Lost Financial Institutions Committee; 004-006-000
  3/21/2013HouseRemains in Financial Institutions Committee
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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