Illinois General Assembly - Bill Status for SB3612
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 Bill Status of SB3612  103rd General Assembly


Short Description:  PEN CD-CHICAGO-AUTO ENROLLMENT

Senate Sponsors
Sen. Robert F. Martwick

Last Action
DateChamber Action
  2/9/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/5-239 new
40 ILCS 5/6-231 new
40 ILCS 5/8-244.5 new


Synopsis As Introduced
Amends the Chicago Police, Chicago Firefighter, and Chicago Municipal Articles of the Illinois Pension Code. Provides that a person who becomes a member on or after January 1, 2025 shall be automatically enrolled into a federal tax qualified pre-tax retirement plan that is otherwise allowed by State and federal law. Provides that a member subject to automatic enrollment shall have the option to opt out of the plan and shall be informed of that option within 30 days after being hired. Provides that if another option is not chosen by the member, the default employee contribution to the account shall be 3% of the member's salary. Provides that the plan administrator may automatically increase members contributions by no more than 1% per year, and a member may choose to opt out of the automatic increases. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Robert F. Martwick
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments

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