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Sen. Daniel Biss
Filed: 3/14/2014
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| 1 | | AMENDMENT TO SENATE BILL 2758
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2758 as follows:
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| 3 | | on page 14, by replacing line 5 with the following: |
| 4 | | "on the Program, appropriate disclosures for employees, and |
| 5 | | information regarding the vendor Internet website described in |
| 6 | | subsection (i) of Section 60 of this Act."; and
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| 7 | | on page 18, immediately below line 2, by inserting the |
| 8 | | following: |
| 9 | | "(i) The Board shall establish and maintain an Internet |
| 10 | | website designed to assist employers in identifying private |
| 11 | | sector providers of retirement arrangements that can be set up |
| 12 | | by the employer rather than allowing employee participation in |
| 13 | | the Program under this Act; however, the Board shall only |
| 14 | | establish and maintain an Internet website under this |
| 15 | | subsection if there is sufficient interest in such an Internet |
| 16 | | website by private sector providers and if the private sector |
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| | 09800SB2758sam005 | - 2 - | LRB098 17555 OMW 56875 a |
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| 1 | | providers furnish the funding necessary to establish and |
| 2 | | maintain the Internet website. The Board must provide public |
| 3 | | notice of the availability of and the process for inclusion on |
| 4 | | the Internet website before it becomes publicly available. This |
| 5 | | Internet website must be available to the public before the |
| 6 | | Board opens the Program for enrollment, and the Internet |
| 7 | | website address must be included on any Internet website |
| 8 | | posting or other materials regarding the Program offered to the |
| 9 | | public by the Board."; and
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| 10 | | on page 27, line 7, after the period, by inserting "This notice |
| 11 | | shall include a statement that rather than enrolling employees |
| 12 | | in the Program under this Act, employers may sponsor an |
| 13 | | alternative arrangement, including, but not limited to, a |
| 14 | | defined benefit plan, 401(k) plan, a Simplified Employee |
| 15 | | Pension (SEP) plan, a Savings Incentive Match Plan for |
| 16 | | Employees (SIMPLE) plan, or an automatic payroll deduction IRA |
| 17 | | offered through a private provider. The Board shall provide a |
| 18 | | link to the vendor Internet website described in subsection (i) |
| 19 | | of Section 60 of this Act.".
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