SB2758ham006 98TH GENERAL ASSEMBLY

Rep. Barbara Flynn Currie

Filed: 5/28/2014

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AMENDMENT TO SENATE BILL 2758

AMENDMENT NO. ______. Amend Senate Bill 2758 as follows:

on page 3, by replacing line 16 with the following:

"(a) The Illinois Secure Choice Savings Program Fund is hereby"; and

on page 3, line 23, by replacing the comma with a period; and

by replacing line 24 on page 3 through line 2 on page 4 with the following: "The Fund shall be operated in a manner"; and

on page 4, immediately below line 5, by inserting the following:

"(b) The amounts deposited in the Fund shall not constitute property of the State and the Fund shall not be construed to be a department, institution, or agency of the State. Amounts on deposit in the Fund shall not be commingled with State funds and the State shall have no claim to or against, or interest in, such funds.

Section 16. Illinois Secure Choice Administrative Fund. The Illinois Secure Choice Administrative Fund ("Administrative Fund") is created as a nonappropriated separate and apart trust fund in the State Treasury. The Board shall use moneys in the Administrative Fund to pay for administrative expenses it incurs in the performance of its duties under this Act. The Board shall use moneys in the Administrative Fund to cover start-up administrative expenses it incurs in the performance of its duties under this Act. The Administrative Fund may receive any grants or other moneys designated for administrative purposes from the State, or any unit of federal or local government, or any other person firm, partnership, or corporation. Any interest earnings that are attributable to moneys in the Administrative Fund must be deposited into the Administrative Fund."; and

on page 11, immediately below line 6, by inserting the following:

"(t) Deposit into the Illinois Secure Choice Administrative Fund all grants, gifts, donations, fees, and earnings from investments from the Illinois Secure Choice Savings Program Fund that are used to recover administrative costs. All expenses of the Board shall be paid from the Illinois Secure Choice Administrative Fund."; and

on page 29, line 14, by replacing "Savings Program" with "Administrative".