Full Text of HB4923 100th General Assembly
HB4923eng 100TH GENERAL ASSEMBLY |
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| 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 Sections 45, 65, and 80 as follows: | 6 | | (820 ILCS 80/45)
| 7 | | Sec. 45. Investment options.
| 8 | | (a) The Board shall establish as an investment option a | 9 | | life-cycle fund with a target date based upon the age of the | 10 | | enrollee. This shall be the default investment option for | 11 | | enrollees who fail to elect an investment option unless and | 12 | | until the Board designates by rule a new investment option as | 13 | | the default as described in subsection (c) of this Section.
| 14 | | (b) The Board may also establish any or all of the | 15 | | following additional investment options:
| 16 | | (1) a conservative principal protection fund;
| 17 | | (2) a growth fund; | 18 | | (3) a secure return fund whose primary objective is the | 19 | | preservation of the safety of principal and the provision | 20 | | of a stable and low-risk rate of return; if the Board | 21 | | elects to establish a secure return fund, the Board may | 22 | | procure any insurance, annuity, or other product to insure | 23 | | the value of individuals' accounts and guarantee a rate of |
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| 1 | | return; the cost of such funding mechanism shall be paid | 2 | | out of the Fund; under no circumstances shall the Board, | 3 | | Program, Fund, the State, or any participating employer | 4 | | assume any liability for investment or actuarial risk;
the | 5 | | Board shall determine whether to establish such investment | 6 | | options based upon an analysis of their cost, risk profile, | 7 | | benefit level, feasibility, and ease of implementation;
| 8 | | (4) an annuity fund. | 9 | | The Board shall determine whether to establish any of the | 10 | | additional investment options based upon an analysis of its | 11 | | cost, risk profile, benefit level, feasibility, and ease of | 12 | | implementation. | 13 | | (c) If the Board elects to establish a secure return fund, | 14 | | the Board shall then determine whether such option shall | 15 | | replace the target date or life-cycle fund as the default | 16 | | investment option for enrollees who do not elect an investment | 17 | | option. In making such determination, the Board shall consider | 18 | | the cost, risk profile, benefit level, and ease of enrollment | 19 | | in the secure return fund. The Board may at any time thereafter | 20 | | revisit this question and, based upon an analysis of these | 21 | | criteria, establish either the secure return fund or the | 22 | | life-cycle fund as the default for enrollees who do not elect | 23 | | an investment option.
| 24 | | (Source: P.A. 98-1150, eff. 6-1-15 .) | 25 | | (820 ILCS 80/65)
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| 1 | | Sec. 65. Payments. Employee contributions deducted by the | 2 | | participating employer through payroll deduction shall be paid | 3 | | by the participating employer to the Fund using one or more | 4 | | payroll deposit retirement savings arrangements established by | 5 | | the Board under subsection (h) of Section 30 of this Act, | 6 | | either:
| 7 | | (1) on or before the last day of the month following | 8 | | the month in which the compensation otherwise would have | 9 | | been payable to the employee in cash; or | 10 | | (2) by a before such later deadline prescribed by the | 11 | | Board for making such payments, but not later than the due | 12 | | date for the deposit of tax required to be deducted and | 13 | | withheld relating to collection of income tax at source on | 14 | | wages or for the deposit of tax required to be paid under | 15 | | the unemployment insurance system for the payroll period to | 16 | | which such payments relate.
| 17 | | (Source: P.A. 98-1150, eff. 6-1-15 .) | 18 | | (820 ILCS 80/80)
| 19 | | Sec. 80. Audit and reports.
| 20 | | (a) The Board shall annually submit an audited financial | 21 | | report, prepared in accordance with generally accepted | 22 | | accounting principles, on the operations of the Program during | 23 | | each fiscal calendar year by January July 1 of the following | 24 | | year to the Governor, the Comptroller, the State Treasurer, and | 25 | | the General Assembly.
The report shall be filed electronically |
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| 1 | | with the General Assembly as provided under Section 3.1 of the | 2 | | General Assembly Organization Act and shall be provided | 3 | | electronically to any member of the General Assembly upon | 4 | | request. The annual audit shall be made by an independent | 5 | | certified public accountant and shall include, but is not | 6 | | limited to, direct and indirect costs attributable to the use | 7 | | of outside consultants, independent contractors, and any other | 8 | | persons who are not State employees for the administration of | 9 | | the Program.
| 10 | | (b) In addition to any other statements or reports required | 11 | | by law, the Board shall provide periodic reports at least | 12 | | annually to participating employers, reporting the names of | 13 | | each enrollee employed by the participating employer and the | 14 | | amounts of contributions made by the participating employer on | 15 | | behalf of each employee during the reporting period, as well as | 16 | | to enrollees, reporting contributions and investment income | 17 | | allocated to, withdrawals from, and balances in their Program | 18 | | accounts for the reporting period. Such reports may include any | 19 | | other information regarding the Program as the Board may | 20 | | determine.
| 21 | | (c) The State Treasurer shall annually prepare a report in | 22 | | consultation with the Board that includes a summary of the | 23 | | benefits provided by the Program each fiscal year , including | 24 | | the number of enrollees in the Program, the percentage and | 25 | | amounts of investment options and rates of return, and such | 26 | | other information that is relevant to make a full, fair, and |
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| 1 | | effective disclosure of the operations of the Program and the | 2 | | Fund. The report shall be made available on the Program website | 3 | | by January of the following year. | 4 | | (Source: P.A. 98-1150, eff. 6-1-15; 99-464, eff. 8-26-15.)
| 5 | | Section 99. Effective date. This Act takes effect upon | 6 | | becoming law.
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