|
| | HB1147 Engrossed | | LRB103 04802 SPS 49812 b |
|
|
| 1 | | AN ACT concerning employment.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Secure Choice Savings Program Act |
| 5 | | is amended by changing Section 5 as follows:
|
| 6 | | (820 ILCS 80/5) |
| 7 | | Sec. 5. Definitions. Unless the context requires a |
| 8 | | different meaning or as expressly provided in this Section, |
| 9 | | all terms shall have the same meaning as when used in a |
| 10 | | comparable context in the Internal Revenue Code. As used in |
| 11 | | this Act: |
| 12 | | "Board" means the Illinois Secure Choice Savings Board |
| 13 | | established under this Act. |
| 14 | | "Department" means the Department of Revenue. |
| 15 | | "Director" means the Director of Revenue. |
| 16 | | "Employee" means any individual who is employed by an |
| 17 | | employer, and who has wages that are allocable to Illinois |
| 18 | | during a calendar year under the provisions of Section |
| 19 | | 304(a)(2)(B) of the Illinois Income Tax Act. |
| 20 | | "Employer" means a person or entity engaged in a business, |
| 21 | | industry, profession, trade, or other enterprise in Illinois, |
| 22 | | whether for profit or not for profit, that (i) has employed at |
| 23 | | least 5 employees in the State during every quarter of the |
|
| | HB1147 Engrossed | - 2 - | LRB103 04802 SPS 49812 b |
|
|
| 1 | | previous calendar year, (ii) has been in business at least 2 |
| 2 | | years, and (iii) has not offered a qualified retirement plan, |
| 3 | | including, but not limited to, a plan qualified under Section |
| 4 | | 401(a), Section 401(k), Section 403(a), Section 403(b), |
| 5 | | Section 408(k), Section 408(p), or Section 457(b) of the |
| 6 | | Internal Revenue Code of 1986 in the preceding 2 years. |
| 7 | | "Employer" does not include a volunteer fire department. |
| 8 | | "Enrollee" means any employee who is enrolled in the |
| 9 | | Program.
|
| 10 | | "Fund" means the Illinois Secure Choice Savings Program |
| 11 | | Fund.
|
| 12 | | "Internal Revenue Code" means Internal Revenue Code of |
| 13 | | 1986, or any successor law, in effect for the calendar year.
|
| 14 | | "IRA" means a Roth or Traditional IRA (individual |
| 15 | | retirement account) under Section 408 or 408A of the Internal |
| 16 | | Revenue Code.
|
| 17 | | "Participating employer" means an employer or small |
| 18 | | employer that facilitates a payroll deposit retirement savings |
| 19 | | arrangement as provided for by this Act for its employees. |
| 20 | | "Payroll deposit retirement savings arrangement" means an |
| 21 | | arrangement by which a participating employer facilitates |
| 22 | | payroll deduction contributions from enrollees to the Program. |
| 23 | | "Program" means the Illinois Secure Choice Savings |
| 24 | | Program.
|
| 25 | | "Small employer" means a person or entity engaged in a |
| 26 | | business, industry, profession, trade, or other enterprise in |
|
| | HB1147 Engrossed | - 3 - | LRB103 04802 SPS 49812 b |
|
|
| 1 | | Illinois, whether for profit or not for profit, that (i) |
| 2 | | employed less than 5 employees during any quarter of the |
| 3 | | previous calendar year, or (ii) has been in business less than |
| 4 | | 2 years, or both items (i) and (ii), but that notifies the |
| 5 | | Board that it is interested in being a participating employer. |
| 6 | | "Wages" means any compensation within the meaning of |
| 7 | | Section 219(f)(1) of the Internal Revenue Code that is |
| 8 | | received by an enrollee from a participating employer during |
| 9 | | the calendar year.
|
| 10 | | (Source: P.A. 101-353, eff. 8-9-19; 102-179, eff. 1-1-22.)
|
| 11 | | Section 99. Effective date. This Act takes effect upon |
| 12 | | becoming law.
|