Illinois General Assembly - Full Text of SB0209
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Full Text of SB0209  102nd General Assembly

SB0209sam001 102ND GENERAL ASSEMBLY

Sen. Robert F. Martwick

Filed: 3/5/2021

 

 


 

 


 
10200SB0209sam001LRB102 00210 RPS 22957 a

1
AMENDMENT TO SENATE BILL 209

2    AMENDMENT NO. ______. Amend Senate Bill 209 as follows:
 
3on page 1, line 5, by replacing "Section 15-159" with
4"Sections 15-159 and 15-202"; and
 
5on page 5, immediately below line 12, by inserting the
6following:
 
7    "(40 ILCS 5/15-202)
8    Sec. 15-202. Optional defined contribution plan benefit.
9As soon as practicable after August 10, 2018 (the effective
10date of Public Act 100-769) this amendatory Act of the 100th
11General Assembly, the System shall offer a defined
12contribution plan benefit to participating employees active
13members of the System employed by eligible employers described
14under Section 457(e)(1)(A) of the Internal Revenue Code of
151986, as amended. The defined contribution plan benefit shall

 

 

10200SB0209sam001- 2 -LRB102 00210 RPS 22957 a

1be an optional plan benefit to any such participating employee
2member who chooses to participate. The defined contribution
3plan benefit shall collect optional employee and optional
4employer contributions into an account and shall offer
5investment options to the participant. The plan benefit under
6this Section shall be operated in full compliance with any
7applicable State and federal laws, and the System shall
8utilize generally accepted practices in creating and
9maintaining the plan benefit for the best interest of the
10participants. The System may use funds from the employee and
11employer contributions to defray any and all costs of creating
12and maintaining the plan benefit. The System shall produce an
13annual report on the participation in the plan benefit and
14shall make the report public. The changes made to this Section
15by this amendatory Act of the 102nd General Assembly are
16corrections of existing law and are intended to be retroactive
17to August 10, 2018 (the effective date of Public Act 100-769),
18notwithstanding Section 1-103.1 of this Code.
19(Source: P.A. 100-769, eff. 8-10-18.)".