Illinois General Assembly - Bill Status for SB3278

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Bill Status of SB3278 97th General Assembly

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Short Description: ILLINOIS AUTOMATIC IRA ACT

Senate Sponsors
Sen. Iris Y. Martinez - Jacqueline Y. Collins - Jeffrey M. Schoenberg

Last Action

Date	Chamber	Action
1/8/2013	Senate	Session Sine Die

Statutes Amended In Order of Appearance

New Act

Synopsis As Introduced
Creates the Illinois Automatic IRA Program Act. Provides that the Illinois Automatic IRA Program shall be administered by the State Treasurer and that the Treasurer shall adopt regulations to implement the Program. Allows employees of certain employers that have not offered a qualified retirement plan for 2 years to set aside a percentage of their wages to be deposited into an IRA trust fund administered by the State Treasurer's office. Sets minimum requirements for the operation of the Program. Sets forth duties and authority of the State Treasurer in relation to the Program. Limits State and employer liability. Contains provisions regarding audits and reports. Effective immediately.

Actions

Date	Chamber	Action
2/7/2012	Senate	Filed with Secretary by Sen. Iris Y. Martinez
2/7/2012	Senate	First Reading
2/7/2012	Senate	Referred to Assignments
2/16/2012	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2/23/2012	Senate	Added as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
1/8/2013	Senate	Session Sine Die

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