Full Text of HB1147 103rd General Assembly
HB1147eng 103RD GENERAL ASSEMBLY |
| | HB1147 Engrossed | | LRB103 04802 SPS 49812 b |
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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 Section 5 as follows: | 6 | | (820 ILCS 80/5) | 7 | | Sec. 5. Definitions. Unless the context requires a | 8 | | different meaning or as expressly provided in this Section, | 9 | | all terms shall have the same meaning as when used in a | 10 | | comparable context in the Internal Revenue Code. As used in | 11 | | this Act: | 12 | | "Board" means the Illinois Secure Choice Savings Board | 13 | | established under this Act. | 14 | | "Department" means the Department of Revenue. | 15 | | "Director" means the Director of Revenue. | 16 | | "Employee" means any individual who is employed by an | 17 | | employer, and who has wages that are allocable to Illinois | 18 | | during a calendar year under the provisions of Section | 19 | | 304(a)(2)(B) of the Illinois Income Tax Act. | 20 | | "Employer" means a person or entity engaged in a business, | 21 | | industry, profession, trade, or other enterprise in Illinois, | 22 | | whether for profit or not for profit, that (i) has employed at | 23 | | least 5 employees in the State during every quarter of the |
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| 1 | | previous calendar year, (ii) has been in business at least 2 | 2 | | years, and (iii) has not offered a qualified retirement plan, | 3 | | including, but not limited to, a plan qualified under Section | 4 | | 401(a), Section 401(k), Section 403(a), Section 403(b), | 5 | | Section 408(k), Section 408(p), or Section 457(b) of the | 6 | | Internal Revenue Code of 1986 in the preceding 2 years. | 7 | | "Employer" does not include a volunteer fire department. | 8 | | "Enrollee" means any employee who is enrolled in the | 9 | | Program.
| 10 | | "Fund" means the Illinois Secure Choice Savings Program | 11 | | Fund.
| 12 | | "Internal Revenue Code" means Internal Revenue Code of | 13 | | 1986, or any successor law, in effect for the calendar year.
| 14 | | "IRA" means a Roth or Traditional IRA (individual | 15 | | retirement account) under Section 408 or 408A of the Internal | 16 | | Revenue Code.
| 17 | | "Participating employer" means an employer or small | 18 | | employer that facilitates a payroll deposit retirement savings | 19 | | arrangement as provided for by this Act for its employees. | 20 | | "Payroll deposit retirement savings arrangement" means an | 21 | | arrangement by which a participating employer facilitates | 22 | | payroll deduction contributions from enrollees to the Program. | 23 | | "Program" means the Illinois Secure Choice Savings | 24 | | Program.
| 25 | | "Small employer" means a person or entity engaged in a | 26 | | business, industry, profession, trade, or other enterprise in |
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| 1 | | Illinois, whether for profit or not for profit, that (i) | 2 | | employed less than 5 employees during any quarter of the | 3 | | previous calendar year, or (ii) has been in business less than | 4 | | 2 years, or both items (i) and (ii), but that notifies the | 5 | | Board that it is interested in being a participating employer. | 6 | | "Wages" means any compensation within the meaning of | 7 | | Section 219(f)(1) of the Internal Revenue Code that is | 8 | | received by an enrollee from a participating employer during | 9 | | the calendar year.
| 10 | | (Source: P.A. 101-353, eff. 8-9-19; 102-179, eff. 1-1-22 .)
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.
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