Illinois 2023-2024 Regular Session

Illinois House Bill HB3155 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Public Act 103-0043
2	1		HB3155 EnrolledLRB103 27572 SPS 53948 b HB3155 Enrolled LRB103 27572 SPS 53948 b
3	2		HB3155 Enrolled LRB103 27572 SPS 53948 b
4		-	AN ACT concerning employment.
5		-	Be it enacted by the People of the State of Illinois,
6		-	represented in the General Assembly:
7		-	Section 5. The Illinois Secure Choice Savings Program Act
8		-	is amended by changing Sections 5 and 30 as follows:
9		-	(820 ILCS 80/5)
10		-	Sec. 5. Definitions. Unless the context requires a
11		-	different meaning or as expressly provided in this Section,
12		-	all terms shall have the same meaning as when used in a
13		-	comparable context in the Internal Revenue Code. As used in
14		-	this Act:
15		-	"Board" means the Illinois Secure Choice Savings Board
16		-	established under this Act.
17		-	"Department" means the Department of Revenue.
18		-	"Director" means the Director of Revenue.
19		-	"Employee" means any individual who is employed by an
20		-	employer, and who has wages that are allocable to Illinois
21		-	during a calendar year under the provisions of Section
22		-	304(a)(2)(B) of the Illinois Income Tax Act.
23		-	"Employer" means a person or entity engaged in a business,
24		-	industry, profession, trade, or other enterprise in Illinois,
25		-	whether for profit or not for profit, that (i) has employed at
26		-	least 5 employees in the State during every quarter of the
	3	+	1 AN ACT concerning employment.
	4	+	2 Be it enacted by the People of the State of Illinois,
	5	+	3 represented in the General Assembly:
	6	+	4 Section 5. The Illinois Secure Choice Savings Program Act
	7	+	5 is amended by changing Sections 5 and 30 as follows:
	8	+	6 (820 ILCS 80/5)
	9	+	7 Sec. 5. Definitions. Unless the context requires a
	10	+	8 different meaning or as expressly provided in this Section,
	11	+	9 all terms shall have the same meaning as when used in a
	12	+	10 comparable context in the Internal Revenue Code. As used in
	13	+	11 this Act:
	14	+	12 "Board" means the Illinois Secure Choice Savings Board
	15	+	13 established under this Act.
	16	+	14 "Department" means the Department of Revenue.
	17	+	15 "Director" means the Director of Revenue.
	18	+	16 "Employee" means any individual who is employed by an
	19	+	17 employer, and who has wages that are allocable to Illinois
	20	+	18 during a calendar year under the provisions of Section
	21	+	19 304(a)(2)(B) of the Illinois Income Tax Act.
	22	+	20 "Employer" means a person or entity engaged in a business,
	23	+	21 industry, profession, trade, or other enterprise in Illinois,
	24	+	22 whether for profit or not for profit, that (i) has employed at
	25	+	23 least 5 employees in the State during every quarter of the
27	26
28	27
29	28
30	29		HB3155 Enrolled LRB103 27572 SPS 53948 b
31	30
32	31
33		-	previous calendar year, (ii) has been in business at least 2
34		-	years, and (iii) is not offering or contributing to has not
35		-	offered a qualified retirement plan, including, but not
36		-	limited to, a plan qualified under Section 401(a), Section
37		-	401(k), Section 403(a), Section 403(b), Section 408(k),
38		-	Section 408(p), or Section 457(b) of the Internal Revenue Code
39		-	of 1986 in the preceding 2 years. "Employer" does not include
40		-	the federal government, the State, any county, any municipal
41		-	corporation, or any of the State's units or instrumentalities.
42		-	"Enrollee" means any employee who is enrolled in the
43		-	Program.
44		-	"Fund" means the Illinois Secure Choice Savings Program
45		-	Fund.
46		-	"Internal Revenue Code" means Internal Revenue Code of
47		-	1986, or any successor law, in effect for the calendar year.
48		-	"IRA" means a Roth or Traditional IRA (individual
49		-	retirement account) under Section 408 or 408A of the Internal
50		-	Revenue Code.
51		-	"Participating employer" means an employer or small
52		-	employer that facilitates a payroll deposit retirement savings
53		-	arrangement as provided for by this Act for its employees.
54		-	"Payroll deposit retirement savings arrangement" means an
55		-	arrangement by which a participating employer facilitates
56		-	payroll deduction contributions from enrollees to the Program.
57		-	"Program" means the Illinois Secure Choice Savings
58		-	Program.
	32	+	HB3155 Enrolled- 2 -LRB103 27572 SPS 53948 b HB3155 Enrolled - 2 - LRB103 27572 SPS 53948 b
	33	+	HB3155 Enrolled - 2 - LRB103 27572 SPS 53948 b
	34	+	1 previous calendar year, (ii) has been in business at least 2
	35	+	2 years, and (iii) is not offering or contributing to has not
	36	+	3 offered a qualified retirement plan, including, but not
	37	+	4 limited to, a plan qualified under Section 401(a), Section
	38	+	5 401(k), Section 403(a), Section 403(b), Section 408(k),
	39	+	6 Section 408(p), or Section 457(b) of the Internal Revenue Code
	40	+	7 of 1986 in the preceding 2 years. "Employer" does not include
	41	+	8 the federal government, the State, any county, any municipal
	42	+	9 corporation, or any of the State's units or instrumentalities.
	43	+	10 "Enrollee" means any employee who is enrolled in the
	44	+	11 Program.
	45	+	12 "Fund" means the Illinois Secure Choice Savings Program
	46	+	13 Fund.
	47	+	14 "Internal Revenue Code" means Internal Revenue Code of
	48	+	15 1986, or any successor law, in effect for the calendar year.
	49	+	16 "IRA" means a Roth or Traditional IRA (individual
	50	+	17 retirement account) under Section 408 or 408A of the Internal
	51	+	18 Revenue Code.
	52	+	19 "Participating employer" means an employer or small
	53	+	20 employer that facilitates a payroll deposit retirement savings
	54	+	21 arrangement as provided for by this Act for its employees.
	55	+	22 "Payroll deposit retirement savings arrangement" means an
	56	+	23 arrangement by which a participating employer facilitates
	57	+	24 payroll deduction contributions from enrollees to the Program.
	58	+	25 "Program" means the Illinois Secure Choice Savings
	59	+	26 Program.
59	60
60	61
61		-	"Small employer" means a person or entity engaged in a
62		-	business, industry, profession, trade, or other enterprise in
63		-	Illinois, whether for profit or not for profit, that (i)
64		-	employed less than 5 employees during any quarter of the
65		-	previous calendar year, or (ii) has been in business less than
66		-	2 years, or both items (i) and (ii), but that notifies the
67		-	Board that it is interested in being a participating employer.
68		-	"Wages" means any compensation within the meaning of
69		-	Section 219(f)(1) of the Internal Revenue Code that is
70		-	received by an enrollee from a participating employer during
71		-	the calendar year.
72		-	(Source: P.A. 101-353, eff. 8-9-19; 102-179, eff. 1-1-22.)
73		-	(820 ILCS 80/30)
74		-	Sec. 30. Duties of the Board. In addition to the other
75		-	duties and responsibilities stated in this Act, the Board
76		-	shall:
77		-	(a) Cause the Program to be designed, established and
78		-	operated in a manner that:
79		-	(1) accords with best practices for retirement
80		-	savings vehicles;
81		-	(2) maximizes participation, savings, and sound
82		-	investment practices;
83		-	(3) maximizes simplicity, including ease of
84		-	administration for participating employers and
85		-	enrollees;
86	62
87	63
88		-	(4) provides an efficient product to enrollees by
89		-	pooling investment funds;
90		-	(5) ensures the portability of benefits; and
91		-	(6) provides for the deaccumulation of enrollee
92		-	assets in a manner that maximizes financial security
93		-	in retirement.
94		-	(b) Appoint a trustee to the IRA Fund in compliance
95		-	with Section 408 of the Internal Revenue Code.
96		-	(c) Explore and establish investment options, subject
97		-	to Section 45 of this Act, that offer employees returns on
98		-	contributions and the conversion of individual retirement
99		-	savings account balances to secure retirement income
100		-	without incurring debt or liabilities to the State.
101		-	(d) Establish the process by which interest,
102		-	investment earnings, and investment losses are allocated
103		-	to individual program accounts on a pro rata basis and are
104		-	computed at the interest rate on the balance of an
105		-	individual's account.
106		-	(e) Make and enter into contracts necessary for the
107		-	administration of the Program and Fund, including, but not
108		-	limited to, retaining and contracting with investment
109		-	managers, private financial institutions, other financial
110		-	and service providers, consultants, actuaries, counsel,
111		-	auditors, third-party administrators, and other
112		-	professionals as necessary.
113		-	(e-5) Conduct a review of the performance of any
	64	+
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116		-	investment vendors every 4 years, including, but not
117		-	limited to, a review of returns, fees, and customer
118		-	service. A copy of reviews conducted under this subsection
119		-	(e-5) shall be posted to the Board's Internet website.
120		-	(f) In collaboration with the State Treasurer,
121		-	determine Determine the number and duties of staff members
122		-	needed to administer the Program and assemble such a
123		-	staff, including, as needed, employing staff, appointing a
124		-	Program administrator, and entering into contracts with
125		-	the State Treasurer to make employees of the State
126		-	Treasurer's Office available to administer the Program.
127		-	(g) Cause moneys in the Fund to be held and invested as
128		-	pooled investments described in Section 45 of this Act,
129		-	with a view to achieving cost savings through efficiencies
130		-	and economies of scale.
131		-	(h) Evaluate and establish the process by which an
132		-	enrollee is able to contribute a portion of his or her
133		-	wages to the Program for automatic deposit of those
134		-	contributions and the process by which the participating
135		-	employer provides a payroll deposit retirement savings
136		-	arrangement to forward those contributions and related
137		-	information to the Program, including, but not limited to,
138		-	contracting with financial service companies and
139		-	third-party administrators with the capability to receive
140		-	and process employee information and contributions for
141		-	payroll deposit retirement savings arrangements or similar
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	69	+	HB3155 Enrolled - 3 - LRB103 27572 SPS 53948 b
	70	+	1 "Small employer" means a person or entity engaged in a
	71	+	2 business, industry, profession, trade, or other enterprise in
	72	+	3 Illinois, whether for profit or not for profit, that (i)
	73	+	4 employed less than 5 employees during any quarter of the
	74	+	5 previous calendar year, or (ii) has been in business less than
	75	+	6 2 years, or both items (i) and (ii), but that notifies the
	76	+	7 Board that it is interested in being a participating employer.
	77	+	8 "Wages" means any compensation within the meaning of
	78	+	9 Section 219(f)(1) of the Internal Revenue Code that is
	79	+	10 received by an enrollee from a participating employer during
	80	+	11 the calendar year.
	81	+	12 (Source: P.A. 101-353, eff. 8-9-19; 102-179, eff. 1-1-22.)
	82	+	13 (820 ILCS 80/30)
	83	+	14 Sec. 30. Duties of the Board. In addition to the other
	84	+	15 duties and responsibilities stated in this Act, the Board
	85	+	16 shall:
	86	+	17 (a) Cause the Program to be designed, established and
	87	+	18 operated in a manner that:
	88	+	19 (1) accords with best practices for retirement
	89	+	20 savings vehicles;
	90	+	21 (2) maximizes participation, savings, and sound
	91	+	22 investment practices;
	92	+	23 (3) maximizes simplicity, including ease of
	93	+	24 administration for participating employers and
	94	+	25 enrollees;
142	95
143	96
144		-	arrangements.
145		-	(i) Design and establish the process for enrollment
146		-	under Section 60 of this Act, including the process by
147		-	which an employee can opt not to participate in the
148		-	Program, select a contribution level, select an investment
149		-	option, and terminate participation in the Program.
150		-	(j) Evaluate and establish the process by which an
151		-	individual may voluntarily enroll in and make
152		-	contributions to the Program.
153		-	(k) Accept any grants, appropriations, or other moneys
154		-	from the State, any unit of federal, State, or local
155		-	government, or any other person, firm, partnership, or
156		-	corporation solely for deposit into the Fund, whether for
157		-	investment or administrative purposes.
158		-	(l) Evaluate the need for, and procure as needed,
159		-	insurance against any and all loss in connection with the
160		-	property, assets, or activities of the Program, and
161		-	indemnify as needed each member of the Board from personal
162		-	loss or liability resulting from a member's action or
163		-	inaction as a member of the Board.
164		-	(m) Make provisions for the payment of administrative
165		-	costs and expenses for the creation, management, and
166		-	operation of the Program, including the costs associated
167		-	with subsection (b) of Section 20 of this Act, subsections
168		-	(e), (f), (h), and (l) of this Section, subsection (b) of
169		-	Section 45 of this Act, subsection (a) of Section 80 of
170	97
171	98
172		-	this Act, and subsection (n) of Section 85 of this Act.
173		-	Subject to appropriation, the State may pay administrative
174		-	costs associated with the creation and management of the
175		-	Program until sufficient assets are available in the Fund
176		-	for that purpose. Thereafter, all administrative costs of
177		-	the Fund, including repayment of any start-up funds
178		-	provided by the State, shall be paid only out of moneys on
179		-	deposit therein. However, private funds or federal funding
180		-	received under subsection (k) of Section 30 of this Act in
181		-	order to implement the Program until the Fund is
182		-	self-sustaining shall not be repaid unless those funds
183		-	were offered contingent upon the promise of such
184		-	repayment. The Board shall keep investment fees total
185		-	annual expenses as low as possible, but in no event shall
186		-	they exceed 0.25% 0.75% of the total trust balance. The
187		-	Board may charge administrative fees, established by rule,
188		-	that shall be consistent with industry standards.
189		-	(n) Allocate administrative fees to individual
190		-	retirement accounts in the Program on a pro rata basis.
191		-	(o) Set minimum and maximum contribution levels in
192		-	accordance with limits established for IRAs by the
193		-	Internal Revenue Code.
194		-	(o-5) Select a default contribution rate for Program
195		-	participants within the range of 3% to 6% of an enrollee's
196		-	wages.
197		-	(o-10) Establish annual, automatic increases to the
	99	+
	100	+	HB3155 Enrolled - 3 - LRB103 27572 SPS 53948 b
198	101
199	102
200		-	contribution rates based upon a schedule provided for in
201		-	rules up to a maximum of 10% of an enrollee's wages.
202		-	(p) Facilitate education and outreach to employers and
203		-	employees.
204		-	(q) Facilitate compliance by the Program with all
205		-	applicable requirements for the Program under the Internal
206		-	Revenue Code, including tax qualification requirements or
207		-	any other applicable law and accounting requirements.
208		-	(q-5) Verify employee eligibility for auto-enrollment
209		-	in accordance with the Internal Revenue Code and
210		-	applicable Federal and State laws. The verification shall
211		-	include the rejection of any enrollee under 18 years of
212		-	age.
213		-	(r) Carry out the duties and obligations of the
214		-	Program in an effective, efficient, and low-cost manner.
215		-	(s) Exercise any and all other powers reasonably
216		-	necessary for the effectuation of the purposes,
217		-	objectives, and provisions of this Act pertaining to the
218		-	Program.
219		-	(t) Deposit into the Illinois Secure Choice
220		-	Administrative Fund all grants, gifts, donations, fees,
221		-	and earnings from investments from the Illinois Secure
222		-	Choice Savings Program Fund that are used to recover
223		-	administrative costs. All expenses of the Board shall be
224		-	paid from the Illinois Secure Choice Administrative Fund.
225		-	The Board may enter into agreements with other
	103	+	HB3155 Enrolled- 4 -LRB103 27572 SPS 53948 b HB3155 Enrolled - 4 - LRB103 27572 SPS 53948 b
	104	+	HB3155 Enrolled - 4 - LRB103 27572 SPS 53948 b
	105	+	1 (4) provides an efficient product to enrollees by
	106	+	2 pooling investment funds;
	107	+	3 (5) ensures the portability of benefits; and
	108	+	4 (6) provides for the deaccumulation of enrollee
	109	+	5 assets in a manner that maximizes financial security
	110	+	6 in retirement.
	111	+	7 (b) Appoint a trustee to the IRA Fund in compliance
	112	+	8 with Section 408 of the Internal Revenue Code.
	113	+	9 (c) Explore and establish investment options, subject
	114	+	10 to Section 45 of this Act, that offer employees returns on
	115	+	11 contributions and the conversion of individual retirement
	116	+	12 savings account balances to secure retirement income
	117	+	13 without incurring debt or liabilities to the State.
	118	+	14 (d) Establish the process by which interest,
	119	+	15 investment earnings, and investment losses are allocated
	120	+	16 to individual program accounts on a pro rata basis and are
	121	+	17 computed at the interest rate on the balance of an
	122	+	18 individual's account.
	123	+	19 (e) Make and enter into contracts necessary for the
	124	+	20 administration of the Program and Fund, including, but not
	125	+	21 limited to, retaining and contracting with investment
	126	+	22 managers, private financial institutions, other financial
	127	+	23 and service providers, consultants, actuaries, counsel,
	128	+	24 auditors, third-party administrators, and other
	129	+	25 professionals as necessary.
	130	+	26 (e-5) Conduct a review of the performance of any
226	131
227	132
228		-	governmental entities, including other states or their
229		-	agencies and instrumentalities, to enable residents of other
230		-	states to participate in the Program.
231		-	(Source: P.A. 101-353, eff. 8-9-19; 102-179, eff. 1-1-22.)
232		-	Section 99. Effective date. This Act takes effect upon
233		-	becoming law.
	133	+
	134	+
	135	+
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	137	+
	138	+
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	140	+	HB3155 Enrolled - 5 - LRB103 27572 SPS 53948 b
	141	+	1 investment vendors every 4 years, including, but not
	142	+	2 limited to, a review of returns, fees, and customer
	143	+	3 service. A copy of reviews conducted under this subsection
	144	+	4 (e-5) shall be posted to the Board's Internet website.
	145	+	5 (f) In collaboration with the State Treasurer,
	146	+	6 determine Determine the number and duties of staff members
	147	+	7 needed to administer the Program and assemble such a
	148	+	8 staff, including, as needed, employing staff, appointing a
	149	+	9 Program administrator, and entering into contracts with
	150	+	10 the State Treasurer to make employees of the State
	151	+	11 Treasurer's Office available to administer the Program.
	152	+	12 (g) Cause moneys in the Fund to be held and invested as
	153	+	13 pooled investments described in Section 45 of this Act,
	154	+	14 with a view to achieving cost savings through efficiencies
	155	+	15 and economies of scale.
	156	+	16 (h) Evaluate and establish the process by which an
	157	+	17 enrollee is able to contribute a portion of his or her
	158	+	18 wages to the Program for automatic deposit of those
	159	+	19 contributions and the process by which the participating
	160	+	20 employer provides a payroll deposit retirement savings
	161	+	21 arrangement to forward those contributions and related
	162	+	22 information to the Program, including, but not limited to,
	163	+	23 contracting with financial service companies and
	164	+	24 third-party administrators with the capability to receive
	165	+	25 and process employee information and contributions for
	166	+	26 payroll deposit retirement savings arrangements or similar
	167	+
	168	+
	169	+
	170	+
	171	+
	172	+	HB3155 Enrolled - 5 - LRB103 27572 SPS 53948 b
	173	+
	174	+
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	176	+	HB3155 Enrolled - 6 - LRB103 27572 SPS 53948 b
	177	+	1 arrangements.
	178	+	2 (i) Design and establish the process for enrollment
	179	+	3 under Section 60 of this Act, including the process by
	180	+	4 which an employee can opt not to participate in the
	181	+	5 Program, select a contribution level, select an investment
	182	+	6 option, and terminate participation in the Program.
	183	+	7 (j) Evaluate and establish the process by which an
	184	+	8 individual may voluntarily enroll in and make
	185	+	9 contributions to the Program.
	186	+	10 (k) Accept any grants, appropriations, or other moneys
	187	+	11 from the State, any unit of federal, State, or local
	188	+	12 government, or any other person, firm, partnership, or
	189	+	13 corporation solely for deposit into the Fund, whether for
	190	+	14 investment or administrative purposes.
	191	+	15 (l) Evaluate the need for, and procure as needed,
	192	+	16 insurance against any and all loss in connection with the
	193	+	17 property, assets, or activities of the Program, and
	194	+	18 indemnify as needed each member of the Board from personal
	195	+	19 loss or liability resulting from a member's action or
	196	+	20 inaction as a member of the Board.
	197	+	21 (m) Make provisions for the payment of administrative
	198	+	22 costs and expenses for the creation, management, and
	199	+	23 operation of the Program, including the costs associated
	200	+	24 with subsection (b) of Section 20 of this Act, subsections
	201	+	25 (e), (f), (h), and (l) of this Section, subsection (b) of
	202	+	26 Section 45 of this Act, subsection (a) of Section 80 of
	203	+
	204	+
	205	+
	206	+
	207	+
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	209	+
	210	+
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	212	+	HB3155 Enrolled - 7 - LRB103 27572 SPS 53948 b
	213	+	1 this Act, and subsection (n) of Section 85 of this Act.
	214	+	2 Subject to appropriation, the State may pay administrative
	215	+	3 costs associated with the creation and management of the
	216	+	4 Program until sufficient assets are available in the Fund
	217	+	5 for that purpose. Thereafter, all administrative costs of
	218	+	6 the Fund, including repayment of any start-up funds
	219	+	7 provided by the State, shall be paid only out of moneys on
	220	+	8 deposit therein. However, private funds or federal funding
	221	+	9 received under subsection (k) of Section 30 of this Act in
	222	+	10 order to implement the Program until the Fund is
	223	+	11 self-sustaining shall not be repaid unless those funds
	224	+	12 were offered contingent upon the promise of such
	225	+	13 repayment. The Board shall keep investment fees total
	226	+	14 annual expenses as low as possible, but in no event shall
	227	+	15 they exceed 0.25% 0.75% of the total trust balance. The
	228	+	16 Board may charge administrative fees, established by rule,
	229	+	17 that shall be consistent with industry standards.
	230	+	18 (n) Allocate administrative fees to individual
	231	+	19 retirement accounts in the Program on a pro rata basis.
	232	+	20 (o) Set minimum and maximum contribution levels in
	233	+	21 accordance with limits established for IRAs by the
	234	+	22 Internal Revenue Code.
	235	+	23 (o-5) Select a default contribution rate for Program
	236	+	24 participants within the range of 3% to 6% of an enrollee's
	237	+	25 wages.
	238	+	26 (o-10) Establish annual, automatic increases to the
	239	+
	240	+
	241	+
	242	+
	243	+
	244	+	HB3155 Enrolled - 7 - LRB103 27572 SPS 53948 b
	245	+
	246	+
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	248	+	HB3155 Enrolled - 8 - LRB103 27572 SPS 53948 b
	249	+	1 contribution rates based upon a schedule provided for in
	250	+	2 rules up to a maximum of 10% of an enrollee's wages.
	251	+	3 (p) Facilitate education and outreach to employers and
	252	+	4 employees.
	253	+	5 (q) Facilitate compliance by the Program with all
	254	+	6 applicable requirements for the Program under the Internal
	255	+	7 Revenue Code, including tax qualification requirements or
	256	+	8 any other applicable law and accounting requirements.
	257	+	9 (q-5) Verify employee eligibility for auto-enrollment
	258	+	10 in accordance with the Internal Revenue Code and
	259	+	11 applicable Federal and State laws. The verification shall
	260	+	12 include the rejection of any enrollee under 18 years of
	261	+	13 age.
	262	+	14 (r) Carry out the duties and obligations of the
	263	+	15 Program in an effective, efficient, and low-cost manner.
	264	+	16 (s) Exercise any and all other powers reasonably
	265	+	17 necessary for the effectuation of the purposes,
	266	+	18 objectives, and provisions of this Act pertaining to the
	267	+	19 Program.
	268	+	20 (t) Deposit into the Illinois Secure Choice
	269	+	21 Administrative Fund all grants, gifts, donations, fees,
	270	+	22 and earnings from investments from the Illinois Secure
	271	+	23 Choice Savings Program Fund that are used to recover
	272	+	24 administrative costs. All expenses of the Board shall be
	273	+	25 paid from the Illinois Secure Choice Administrative Fund.
	274	+	26 The Board may enter into agreements with other
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	285	+	1 governmental entities, including other states or their
	286	+	2 agencies and instrumentalities, to enable residents of other
	287	+	3 states to participate in the Program.
	288	+	4 (Source: P.A. 101-353, eff. 8-9-19; 102-179, eff. 1-1-22.)
	289	+	5 Section 99. Effective date. This Act takes effect upon
	290	+	6 becoming law.
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