IL
Illinois Senate Bill SB1441

Illinois 2025-2026 Regular Session

Illinois Senate Bill SB1441 Compare Versions

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1-SB1441 EngrossedLRB104 07365 SPS 17405 b SB1441 Engrossed LRB104 07365 SPS 17405 b
2- SB1441 Engrossed LRB104 07365 SPS 17405 b
1+104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1441 Introduced 1/31/2025, by Sen. Robert Peters SYNOPSIS AS INTRODUCED: 820 ILCS 80/10820 ILCS 80/30820 ILCS 80/55820 ILCS 80/85 Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that the savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account. Provides that an enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program. Provides that the Board shall have the duty to assess the feasibility of agreements with other governmental entities, including other states and their agencies and instrumentalities, to achieve greater economies of scale through shared resources and to enter into those agreements if determined to be beneficial. Provides that an employer who fails without reasonable cause to enroll an employee in the Program within the time provided and fails to remit their contributions (rather than fails without reasonable cause to enroll an employee in the Program within the time provided) shall be subject to a penalty. Makes changes in provisions concerning employer and employee information packets. Effective immediately. LRB104 07365 SPS 17405 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1441 Introduced 1/31/2025, by Sen. Robert Peters SYNOPSIS AS INTRODUCED: 820 ILCS 80/10820 ILCS 80/30820 ILCS 80/55820 ILCS 80/85 820 ILCS 80/10 820 ILCS 80/30 820 ILCS 80/55 820 ILCS 80/85 Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that the savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account. Provides that an enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program. Provides that the Board shall have the duty to assess the feasibility of agreements with other governmental entities, including other states and their agencies and instrumentalities, to achieve greater economies of scale through shared resources and to enter into those agreements if determined to be beneficial. Provides that an employer who fails without reasonable cause to enroll an employee in the Program within the time provided and fails to remit their contributions (rather than fails without reasonable cause to enroll an employee in the Program within the time provided) shall be subject to a penalty. Makes changes in provisions concerning employer and employee information packets. Effective immediately. LRB104 07365 SPS 17405 b LRB104 07365 SPS 17405 b A BILL FOR
2+104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1441 Introduced 1/31/2025, by Sen. Robert Peters SYNOPSIS AS INTRODUCED:
3+820 ILCS 80/10820 ILCS 80/30820 ILCS 80/55820 ILCS 80/85 820 ILCS 80/10 820 ILCS 80/30 820 ILCS 80/55 820 ILCS 80/85
4+820 ILCS 80/10
5+820 ILCS 80/30
6+820 ILCS 80/55
7+820 ILCS 80/85
8+Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that the savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account. Provides that an enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program. Provides that the Board shall have the duty to assess the feasibility of agreements with other governmental entities, including other states and their agencies and instrumentalities, to achieve greater economies of scale through shared resources and to enter into those agreements if determined to be beneficial. Provides that an employer who fails without reasonable cause to enroll an employee in the Program within the time provided and fails to remit their contributions (rather than fails without reasonable cause to enroll an employee in the Program within the time provided) shall be subject to a penalty. Makes changes in provisions concerning employer and employee information packets. Effective immediately.
9+LRB104 07365 SPS 17405 b LRB104 07365 SPS 17405 b
10+ LRB104 07365 SPS 17405 b
11+A BILL FOR
12+SB1441LRB104 07365 SPS 17405 b SB1441 LRB104 07365 SPS 17405 b
13+ SB1441 LRB104 07365 SPS 17405 b
314 1 AN ACT concerning employment.
415 2 Be it enacted by the People of the State of Illinois,
516 3 represented in the General Assembly:
617 4 Section 5. The Illinois Secure Choice Savings Program Act
7-5 is amended by changing Sections 10, 30, 55, 60, and 85 as
8-6 follows:
9-7 (820 ILCS 80/10)
10-8 Sec. 10. Establishment of Illinois Secure Choice Savings
11-9 Program.
12-10 (a) A retirement savings program in the form of an
13-11 automatic enrollment payroll deduction IRA, known as the
14-12 Illinois Secure Choice Savings Program, is hereby established
15-13 and shall be administered by the Board for the purpose of
16-14 promoting greater retirement savings for private-sector
17-15 employees in a convenient, low-cost, and portable manner.
18-16 (b) The accounts established under this Program shall be
19-17 IRAs, into which enrollees contribute funds that are invested
20-18 in investment options established by the Board. A separate
21-19 account shall be established for each enrollee and the
22-20 accounts shall be owned by the enrollee.
23-21 (c) The savings accounts established under the Program
24-22 shall be portable and allow for an enrollee to make
25-23 contributions from multiple employers into a single account,
18+5 is amended by changing Sections 10, 30, 55, and 85 as follows:
19+6 (820 ILCS 80/10)
20+7 Sec. 10. Establishment of Illinois Secure Choice Savings
21+8 Program.
22+9 (a) A retirement savings program in the form of an
23+10 automatic enrollment payroll deduction IRA, known as the
24+11 Illinois Secure Choice Savings Program, is hereby established
25+12 and shall be administered by the Board for the purpose of
26+13 promoting greater retirement savings for private-sector
27+14 employees in a convenient, low-cost, and portable manner.
28+15 (b) The accounts established under this Program shall be
29+16 IRAs, into which enrollees contribute funds that are invested
30+17 in investment options established by the Board. A separate
31+18 account shall be established for each enrollee and the
32+19 accounts shall be owned by the enrollee.
33+20 (c) The savings accounts established under the Program
34+21 shall be portable and allow for an enrollee to make
35+22 contributions from multiple employers into a single account,
36+23 either simultaneously or separately throughout the enrollee's
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34-1 either simultaneously or separately throughout the enrollee's
35-2 lifetime.
36-3 (d) An enrollee in the Program may have both a Roth IRA and
37-4 a Traditional IRA through the Program.
38-5 (Source: P.A. 98-1150, eff. 6-1-15.)
39-6 (820 ILCS 80/30)
40-7 Sec. 30. Duties of the Board. In addition to the other
41-8 duties and responsibilities stated in this Act, the Board
42-9 shall:
43-10 (a) Cause the Program to be designed, established and
44-11 operated in a manner that:
45-12 (1) accords with best practices for retirement
46-13 savings vehicles;
47-14 (2) maximizes participation, savings, and sound
48-15 investment practices;
49-16 (3) maximizes simplicity, including ease of
50-17 administration for participating employers and
51-18 enrollees;
52-19 (4) provides an efficient product to enrollees by
53-20 pooling investment funds;
54-21 (5) ensures the portability of benefits; and
55-22 (6) provides for the deaccumulation of enrollee
56-23 assets in a manner that maximizes financial security
57-24 in retirement.
58-25 (b) Appoint a trustee to the IRA Fund in compliance
40+104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1441 Introduced 1/31/2025, by Sen. Robert Peters SYNOPSIS AS INTRODUCED:
41+820 ILCS 80/10820 ILCS 80/30820 ILCS 80/55820 ILCS 80/85 820 ILCS 80/10 820 ILCS 80/30 820 ILCS 80/55 820 ILCS 80/85
42+820 ILCS 80/10
43+820 ILCS 80/30
44+820 ILCS 80/55
45+820 ILCS 80/85
46+Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that the savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account. Provides that an enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program. Provides that the Board shall have the duty to assess the feasibility of agreements with other governmental entities, including other states and their agencies and instrumentalities, to achieve greater economies of scale through shared resources and to enter into those agreements if determined to be beneficial. Provides that an employer who fails without reasonable cause to enroll an employee in the Program within the time provided and fails to remit their contributions (rather than fails without reasonable cause to enroll an employee in the Program within the time provided) shall be subject to a penalty. Makes changes in provisions concerning employer and employee information packets. Effective immediately.
47+LRB104 07365 SPS 17405 b LRB104 07365 SPS 17405 b
48+ LRB104 07365 SPS 17405 b
49+A BILL FOR
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55+820 ILCS 80/10
56+820 ILCS 80/30
57+820 ILCS 80/55
58+820 ILCS 80/85
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69-1 with Section 408 of the Internal Revenue Code.
70-2 (c) Explore and establish investment options, subject
71-3 to Section 45 of this Act, that offer employees returns on
72-4 contributions and the conversion of individual retirement
73-5 savings account balances to secure retirement income
74-6 without incurring debt or liabilities to the State.
75-7 (d) Establish the process by which interest,
76-8 investment earnings, and investment losses are allocated
77-9 to individual program accounts on a pro rata basis and are
78-10 computed at the interest rate on the balance of an
79-11 individual's account.
80-12 (e) Make and enter into contracts necessary for the
81-13 administration of the Program and Fund, including, but not
82-14 limited to, retaining and contracting with investment
83-15 managers, private financial institutions, other financial
84-16 and service providers, consultants, actuaries, counsel,
85-17 auditors, third-party administrators, and other
86-18 professionals as necessary.
87-19 (e-5) Conduct a review of the performance of any
88-20 investment vendors every 4 years, including, but not
89-21 limited to, a review of returns, fees, and customer
90-22 service. A copy of reviews conducted under this subsection
91-23 (e-5) shall be posted to the Board's Internet website.
92-24 (f) In collaboration with the State Treasurer,
93-25 determine the number and duties of staff members needed to
94-26 administer the Program and assemble such a staff.
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62+ LRB104 07365 SPS 17405 b
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105-1 (g) Cause moneys in the Fund to be held and invested as
106-2 pooled investments described in Section 45 of this Act,
107-3 with a view to achieving cost savings through efficiencies
108-4 and economies of scale.
109-5 (h) Evaluate and establish the process by which an
110-6 enrollee is able to contribute a portion of his or her
111-7 wages to the Program for automatic deposit of those
112-8 contributions and the process by which the participating
113-9 employer provides a payroll deposit retirement savings
114-10 arrangement to forward those contributions and related
115-11 information to the Program, including, but not limited to,
116-12 contracting with financial service companies and
117-13 third-party administrators with the capability to receive
118-14 and process employee information and contributions for
119-15 payroll deposit retirement savings arrangements or similar
120-16 arrangements.
121-17 (i) Design and establish the process for enrollment
122-18 under Section 60 of this Act, including the process by
123-19 which an employee can opt not to participate in the
124-20 Program, select a contribution level, select an investment
125-21 option, and terminate participation in the Program.
126-22 (j) Evaluate and establish the process by which an
127-23 individual may voluntarily enroll in and make
128-24 contributions to the Program.
129-25 (k) Accept any grants, appropriations, or other moneys
130-26 from the State, any unit of federal, State, or local
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77+1 lifetime.
78+2 (d) An enrollee in the Program may have both a Roth IRA and
79+3 a Traditional IRA through the Program.
80+4 (Source: P.A. 98-1150, eff. 6-1-15.)
81+5 (820 ILCS 80/30)
82+6 Sec. 30. Duties of the Board. In addition to the other
83+7 duties and responsibilities stated in this Act, the Board
84+8 shall:
85+9 (a) Cause the Program to be designed, established and
86+10 operated in a manner that:
87+11 (1) accords with best practices for retirement
88+12 savings vehicles;
89+13 (2) maximizes participation, savings, and sound
90+14 investment practices;
91+15 (3) maximizes simplicity, including ease of
92+16 administration for participating employers and
93+17 enrollees;
94+18 (4) provides an efficient product to enrollees by
95+19 pooling investment funds;
96+20 (5) ensures the portability of benefits; and
97+21 (6) provides for the deaccumulation of enrollee
98+22 assets in a manner that maximizes financial security
99+23 in retirement.
100+24 (b) Appoint a trustee to the IRA Fund in compliance
101+25 with Section 408 of the Internal Revenue Code.
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141-1 government, or any other person, firm, partnership, or
142-2 corporation solely for deposit into the Fund, whether for
143-3 investment or administrative purposes.
144-4 (l) Evaluate the need for, and procure as needed,
145-5 insurance against any and all loss in connection with the
146-6 property, assets, or activities of the Program, and
147-7 indemnify as needed each member of the Board from personal
148-8 loss or liability resulting from a member's action or
149-9 inaction as a member of the Board.
150-10 (m) Make provisions for the payment of administrative
151-11 costs and expenses for the creation, management, and
152-12 operation of the Program, including the costs associated
153-13 with subsection (b) of Section 20 of this Act, subsections
154-14 (e), (f), (h), and (l) of this Section, subsection (b) of
155-15 Section 45 of this Act, subsection (a) of Section 80 of
156-16 this Act, and subsection (n) of Section 85 of this Act.
157-17 Subject to appropriation, the State may pay administrative
158-18 costs associated with the creation and management of the
159-19 Program until sufficient assets are available in the Fund
160-20 for that purpose. Thereafter, all administrative costs of
161-21 the Fund shall be paid only out of moneys on deposit
162-22 therein. However, private funds or federal funding
163-23 received under subsection (k) of Section 30 of this Act in
164-24 order to implement the Program until the Fund is
165-25 self-sustaining shall not be repaid unless those funds
166-26 were offered contingent upon the promise of such
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111+ SB1441 - 3 - LRB104 07365 SPS 17405 b
112+1 (c) Explore and establish investment options, subject
113+2 to Section 45 of this Act, that offer employees returns on
114+3 contributions and the conversion of individual retirement
115+4 savings account balances to secure retirement income
116+5 without incurring debt or liabilities to the State.
117+6 (d) Establish the process by which interest,
118+7 investment earnings, and investment losses are allocated
119+8 to individual program accounts on a pro rata basis and are
120+9 computed at the interest rate on the balance of an
121+10 individual's account.
122+11 (e) Make and enter into contracts necessary for the
123+12 administration of the Program and Fund, including, but not
124+13 limited to, retaining and contracting with investment
125+14 managers, private financial institutions, other financial
126+15 and service providers, consultants, actuaries, counsel,
127+16 auditors, third-party administrators, and other
128+17 professionals as necessary.
129+18 (e-5) Conduct a review of the performance of any
130+19 investment vendors every 4 years, including, but not
131+20 limited to, a review of returns, fees, and customer
132+21 service. A copy of reviews conducted under this subsection
133+22 (e-5) shall be posted to the Board's Internet website.
134+23 (f) In collaboration with the State Treasurer,
135+24 determine the number and duties of staff members needed to
136+25 administer the Program and assemble such a staff.
137+26 (g) Cause moneys in the Fund to be held and invested as
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177-1 repayment. The Board shall keep investment fees as low as
178-2 possible, but in no event shall they exceed 0.25% of the
179-3 total trust balance. The Board may charge administrative
180-4 fees, established by rule, that shall be consistent with
181-5 industry standards.
182-6 (n) Allocate administrative fees to individual
183-7 retirement accounts in the Program on a pro rata basis.
184-8 (o) Set minimum and maximum contribution levels in
185-9 accordance with limits established for IRAs by the
186-10 Internal Revenue Code.
187-11 (o-5) Select a default contribution rate for Program
188-12 participants within the range of 3% to 6% of an enrollee's
189-13 wages.
190-14 (o-10) Establish annual, automatic increases to the
191-15 contribution rates based upon a schedule provided for in
192-16 rules up to a maximum of 10% of an enrollee's wages.
193-17 (p) Facilitate education and outreach to employers and
194-18 employees.
195-19 (q) Facilitate compliance by the Program with all
196-20 applicable requirements for the Program under the Internal
197-21 Revenue Code, including tax qualification requirements or
198-22 any other applicable law and accounting requirements.
199-23 (q-5) Verify employee eligibility for auto-enrollment
200-24 in accordance with the Internal Revenue Code and
201-25 applicable Federal and State laws. The verification shall
202-26 include the rejection of any enrollee under 18 years of
146+SB1441- 4 -LRB104 07365 SPS 17405 b SB1441 - 4 - LRB104 07365 SPS 17405 b
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148+1 pooled investments described in Section 45 of this Act,
149+2 with a view to achieving cost savings through efficiencies
150+3 and economies of scale.
151+4 (h) Evaluate and establish the process by which an
152+5 enrollee is able to contribute a portion of his or her
153+6 wages to the Program for automatic deposit of those
154+7 contributions and the process by which the participating
155+8 employer provides a payroll deposit retirement savings
156+9 arrangement to forward those contributions and related
157+10 information to the Program, including, but not limited to,
158+11 contracting with financial service companies and
159+12 third-party administrators with the capability to receive
160+13 and process employee information and contributions for
161+14 payroll deposit retirement savings arrangements or similar
162+15 arrangements.
163+16 (i) Design and establish the process for enrollment
164+17 under Section 60 of this Act, including the process by
165+18 which an employee can opt not to participate in the
166+19 Program, select a contribution level, select an investment
167+20 option, and terminate participation in the Program.
168+21 (j) Evaluate and establish the process by which an
169+22 individual may voluntarily enroll in and make
170+23 contributions to the Program.
171+24 (k) Accept any grants, appropriations, or other moneys
172+25 from the State, any unit of federal, State, or local
173+26 government, or any other person, firm, partnership, or
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213-1 age.
214-2 (r) Carry out the duties and obligations of the
215-3 Program in an effective, efficient, and low-cost manner.
216-4 (s) Exercise any and all other powers reasonably
217-5 necessary for the effectuation of the purposes,
218-6 objectives, and provisions of this Act pertaining to the
219-7 Program.
220-8 (t) Deposit into the Illinois Secure Choice
221-9 Administrative Fund all grants, gifts, donations, fees,
222-10 and earnings from investments from the Illinois Secure
223-11 Choice Savings Program Fund that are used to recover
224-12 administrative costs. All expenses of the Board shall be
225-13 paid from the Illinois Secure Choice Administrative Fund.
226-14 (u) Assess the feasibility of agreements with other
227-15 governmental entities, including other states and their
228-16 agencies and instrumentalities, to achieve greater
229-17 economies of scale through shared resources and to enter
230-18 into those agreements if determined to be beneficial.
231-19 The Board may enter into agreements with other
232-20 governmental entities, including other states or their
233-21 agencies and instrumentalities, to enable residents of other
234-22 states to participate in the Program.
235-23 (Source: P.A. 102-179, eff. 1-1-22; 103-43, eff. 6-9-23.)
236-24 (820 ILCS 80/55)
237-25 Sec. 55. Employer and employee information packets and
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183+ SB1441 - 5 - LRB104 07365 SPS 17405 b
184+1 corporation solely for deposit into the Fund, whether for
185+2 investment or administrative purposes.
186+3 (l) Evaluate the need for, and procure as needed,
187+4 insurance against any and all loss in connection with the
188+5 property, assets, or activities of the Program, and
189+6 indemnify as needed each member of the Board from personal
190+7 loss or liability resulting from a member's action or
191+8 inaction as a member of the Board.
192+9 (m) Make provisions for the payment of administrative
193+10 costs and expenses for the creation, management, and
194+11 operation of the Program, including the costs associated
195+12 with subsection (b) of Section 20 of this Act, subsections
196+13 (e), (f), (h), and (l) of this Section, subsection (b) of
197+14 Section 45 of this Act, subsection (a) of Section 80 of
198+15 this Act, and subsection (n) of Section 85 of this Act.
199+16 Subject to appropriation, the State may pay administrative
200+17 costs associated with the creation and management of the
201+18 Program until sufficient assets are available in the Fund
202+19 for that purpose. Thereafter, all administrative costs of
203+20 the Fund shall be paid only out of moneys on deposit
204+21 therein. However, private funds or federal funding
205+22 received under subsection (k) of Section 30 of this Act in
206+23 order to implement the Program until the Fund is
207+24 self-sustaining shall not be repaid unless those funds
208+25 were offered contingent upon the promise of such
209+26 repayment. The Board shall keep investment fees as low as
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248-1 disclosure forms.
249-2 (a) Prior to the opening of the Program for enrollment,
250-3 the Board shall design and disseminate to all employers an
251-4 employer information packet and an employee information
252-5 packet, which shall include background information on the
253-6 Program, appropriate disclosures for employees, and
254-7 information regarding the vendor Internet website described in
255-8 subsection (i) of Section 60 of this Act.
256-9 (b) The Board shall provide for the contents of both the
257-10 employee information packet and the employer information
258-11 packet.
259-12 (c) The employee information packet shall include a
260-13 disclosure form. The disclosure form shall explain, but not be
261-14 limited to, all of the following:
262-15 (1) the benefits and risks associated with making
263-16 contributions to the Program;
264-17 (2) the mechanics of how to make contributions to the
265-18 Program;
266-19 (3) how to opt out of the Program;
267-20 (4) how to participate in the Program with a level of
268-21 employee contributions other than the default contribution
269-22 rate;
270-23 (5) the process for withdrawal of retirement savings;
271-24 (6) how to obtain additional information about the
272-25 Program;
273-26 (7) that employees seeking financial advice should
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220+1 possible, but in no event shall they exceed 0.25% of the
221+2 total trust balance. The Board may charge administrative
222+3 fees, established by rule, that shall be consistent with
223+4 industry standards.
224+5 (n) Allocate administrative fees to individual
225+6 retirement accounts in the Program on a pro rata basis.
226+7 (o) Set minimum and maximum contribution levels in
227+8 accordance with limits established for IRAs by the
228+9 Internal Revenue Code.
229+10 (o-5) Select a default contribution rate for Program
230+11 participants within the range of 3% to 6% of an enrollee's
231+12 wages.
232+13 (o-10) Establish annual, automatic increases to the
233+14 contribution rates based upon a schedule provided for in
234+15 rules up to a maximum of 10% of an enrollee's wages.
235+16 (p) Facilitate education and outreach to employers and
236+17 employees.
237+18 (q) Facilitate compliance by the Program with all
238+19 applicable requirements for the Program under the Internal
239+20 Revenue Code, including tax qualification requirements or
240+21 any other applicable law and accounting requirements.
241+22 (q-5) Verify employee eligibility for auto-enrollment
242+23 in accordance with the Internal Revenue Code and
243+24 applicable Federal and State laws. The verification shall
244+25 include the rejection of any enrollee under 18 years of
245+26 age.
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284-1 contact financial advisors, that participating employers
285-2 are not in a position to provide financial advice, and
286-3 that participating employers are not liable for decisions
287-4 employees make pursuant to this Act;
288-5 (8) that the Program is not an employer-sponsored
289-6 retirement plan; and
290-7 (9) that the Program Fund is not guaranteed by the
291-8 State.
292-9 (d) The employee information packet shall also include a
293-10 form for an employee to note his or her decision to opt out of
294-11 participation in the Program and information on how or elect
295-12 to participate with a custom level of employee contributions
296-13 other than the default contribution rate.
297-14 (e) Participating employers shall supply the employee
298-15 information packet to employees upon launch of the Program.
299-16 Participating employers shall supply the employee information
300-17 packet to new employees at the time of hiring, and new
301-18 employees may opt out of participation in the Program or elect
302-19 to participate with a level of employee contributions other
303-20 than the default contribution rate at that time.
304-21 (Source: P.A. 100-6, eff. 6-30-17.)
305-22 (820 ILCS 80/60)
306-23 Sec. 60. Program implementation and enrollment. Except as
307-24 otherwise provided in Section 93 of this Act, the Program
308-25 shall be implemented, and enrollment of employees shall begin
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256+1 (r) Carry out the duties and obligations of the
257+2 Program in an effective, efficient, and low-cost manner.
258+3 (s) Exercise any and all other powers reasonably
259+4 necessary for the effectuation of the purposes,
260+5 objectives, and provisions of this Act pertaining to the
261+6 Program.
262+7 (t) Deposit into the Illinois Secure Choice
263+8 Administrative Fund all grants, gifts, donations, fees,
264+9 and earnings from investments from the Illinois Secure
265+10 Choice Savings Program Fund that are used to recover
266+11 administrative costs. All expenses of the Board shall be
267+12 paid from the Illinois Secure Choice Administrative Fund.
268+13 (u) Assess the feasibility of agreements with other
269+14 governmental entities, including other states and their
270+15 agencies and instrumentalities, to achieve greater
271+16 economies of scale through shared resources and to enter
272+17 into those agreements if determined to be beneficial.
273+18 The Board may enter into agreements with other
274+19 governmental entities, including other states or their
275+20 agencies and instrumentalities, to enable residents of other
276+21 states to participate in the Program.
277+22 (Source: P.A. 102-179, eff. 1-1-22; 103-43, eff. 6-9-23.)
278+23 (820 ILCS 80/55)
279+24 Sec. 55. Employer and employee information packets and
280+25 disclosure forms.
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319-1 in 2018. The Board shall establish an implementation timeline
320-2 under which employers shall initially enroll their employees
321-3 in the Program. The timeline shall include the date by which an
322-4 employer must begin enrollment of its employees in the Program
323-5 and the date by which enrollment must be complete. The Board
324-6 shall adopt the implementation timeline at a public meeting of
325-7 the Board and shall publicize the implementation timeline. The
326-8 Board shall provide advance notice to employers of their
327-9 enrollment date and the amount of time to complete enrollment.
328-10 The enrollment deadline for employers with fewer than 25
329-11 employees and more than 15 employees shall be no sooner than
330-12 September 1, 2022. The enrollment deadline for employers with
331-13 at least 5 employees but not more than 15 employees shall be no
332-14 sooner than September 1, 2023. The provisions of this Section
333-15 shall be in force after the Board opens the Program for
334-16 enrollment.
335-17 (a) Each employer shall establish a payroll deposit
336-18 retirement savings arrangement to allow each employee to
337-19 participate in the Program within the timeline set by the
338-20 Board after the Program opens for enrollment.
339-21 (b) At the time of initial enrollment, employers Employers
340-22 shall automatically enroll in the Program each of their
341-23 employees who have been employed for 120 days or more by the
342-24 employer has not opted out of participation in the Program in
343-25 the manner described in subsection (c) of Section 55 of this
344-26 Act and shall provide payroll deduction retirement savings
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291+1 (a) Prior to the opening of the Program for enrollment,
292+2 the Board shall design and disseminate to all employers an
293+3 employer information packet and an employee information
294+4 packet, which shall include background information on the
295+5 Program, appropriate disclosures for employees, and
296+6 information regarding the vendor Internet website described in
297+7 subsection (i) of Section 60 of this Act.
298+8 (b) The Board shall provide for the contents of both the
299+9 employee information packet and the employer information
300+10 packet.
301+11 (c) The employee information packet shall include a
302+12 disclosure form. The disclosure form shall explain, but not be
303+13 limited to, all of the following:
304+14 (1) the benefits and risks associated with making
305+15 contributions to the Program;
306+16 (2) the mechanics of how to make contributions to the
307+17 Program;
308+18 (3) how to opt out of the Program;
309+19 (4) how to participate in the Program with a level of
310+20 employee contributions other than the default contribution
311+21 rate;
312+22 (5) the process for withdrawal of retirement savings;
313+23 (6) how to obtain additional information about the
314+24 Program;
315+25 (7) that employees seeking financial advice should
316+26 contact financial advisors, that participating employers
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355-1 arrangements for such employees and deposit, on behalf of such
356-2 employees, these funds into the Program. Following initial
357-3 enrollment, employers shall enroll new employees as soon as
358-4 practicable, but no later than 120 days after the employee is
359-5 first employed by the employer. Small employers may, but are
360-6 not required to, provide payroll deduction retirement savings
361-7 arrangements for each employee who elects to participate in
362-8 the Program. Utilization of automatic enrollment by small
363-9 employers may be allowed only if it does not create employer
364-10 liability under the federal Employee Retirement Income
365-11 Security Act. An employee may opt out of participation in the
366-12 Program in the manner described in Section 55.
367-13 (c) Enrollees shall have the ability to select a
368-14 contribution level into the Fund. This level may be expressed
369-15 as a percentage of wages or as a dollar amount up to the
370-16 deductible amount for the enrollee's taxable year under
371-17 Section 219(b)(1)(A) of the Internal Revenue Code. Enrollees
372-18 may change their contribution level at any time, subject to
373-19 rules promulgated by the Board. If an enrollee fails to select
374-20 a contribution level using the form described in subsection
375-21 (c) of Section 55 of this Act, then he or she shall contribute
376-22 the default contribution rate of his or her wages to the
377-23 Program, provided that such contributions shall not cause the
378-24 enrollee's total contributions to IRAs for the year to exceed
379-25 the deductible amount for the enrollee's taxable year under
380-26 Section 219(b)(1)(A) of the Internal Revenue Code.
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327+1 are not in a position to provide financial advice, and
328+2 that participating employers are not liable for decisions
329+3 employees make pursuant to this Act;
330+4 (8) that the Program is not an employer-sponsored
331+5 retirement plan; and
332+6 (9) that the Program Fund is not guaranteed by the
333+7 State.
334+8 (d) The employee information packet shall also include a
335+9 form for an employee to note his or her decision to opt out of
336+10 participation in the Program and information on how or elect
337+11 to participate with a custom level of employee contributions
338+12 other than the default contribution rate.
339+13 (e) Participating employers shall supply the employee
340+14 information packet to employees upon launch of the Program.
341+15 Participating employers shall supply the employee information
342+16 packet to new employees at the time of hiring, and new
343+17 employees may opt out of participation in the Program or elect
344+18 to participate with a level of employee contributions other
345+19 than the default contribution rate at that time.
346+20 (Source: P.A. 100-6, eff. 6-30-17.)
347+21 (820 ILCS 80/85)
348+22 Sec. 85. Penalties.
349+23 (a) An employer who fails without reasonable cause to
350+24 enroll an employee in the Program within the time prescribed
351+25 under Section 60 of this Act and fails to remit their
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391-1 (d) Enrollees may select an investment option from the
392-2 permitted investment options listed in Section 45 of this Act.
393-3 Enrollees may change their investment option at any time,
394-4 subject to rules promulgated by the Board. In the event that an
395-5 enrollee fails to select an investment option, that enrollee
396-6 shall be placed in the investment option selected by the Board
397-7 as the default under subsection (c) of Section 45 of this Act.
398-8 If the Board has not selected a default investment option
399-9 under subsection (c) of Section 45 of this Act, then an
400-10 enrollee who fails to select an investment option shall be
401-11 placed in the life-cycle fund investment option.
402-12 (e) Following initial implementation of the Program
403-13 pursuant to this Section, participating employers may
404-14 designate an open enrollment period during which employees who
405-15 previously opted out of the Program may enroll in the Program.
406-16 (f) (Blank).
407-17 (g) Employers shall retain the option at all times to set
408-18 up a qualified retirement plan, including, but not limited to,
409-19 a defined benefit plan or a 401(k), a Simplified Employee
410-20 Pension (SEP) plan, or a Savings Incentive Match Plan for
411-21 Employees (SIMPLE) plan, instead of facilitating their
412-22 employees' participation in the Program.
413-23 (h) An employee may terminate his or her participation in
414-24 the Program at any time in a manner prescribed by the Board.
415-25 (i) The Board shall establish and maintain an Internet
416-26 website designed to assist employers in identifying private
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362+1 contributions shall be subject to a penalty equal to:
363+2 (1) $250 per employee for the first calendar year the
364+3 employer is noncompliant; or
365+4 (2) $500 per employee for each subsequent calendar
366+5 year the employer is noncompliant; noncompliance does not
367+6 need to be consecutive to qualify for the $500 penalty.
368+7 The Department shall determine total employee count using
369+8 the annual average from employer-reported quarterly data.
370+9 (b) After determining that an employer is subject to a
371+10 penalty under this Section for a calendar year, the Department
372+11 shall issue a notice of proposed assessment to such employer,
373+12 stating the number of employees for which the penalty is
374+13 proposed under item (1) of subsection (a) of this Section or
375+14 the number of employees for which the penalty is proposed
376+15 under item (2) of subsection (a) of this Section for such
377+16 calendar year, and the total amount of penalties proposed.
378+17 Upon the expiration of 120 days after the date on which a
379+18 notice of proposed assessment was issued, the penalties
380+19 specified therein shall be deemed assessed, unless the
381+20 employer had filed a protest with the Department under
382+21 subsection (c) of this Section or come into full compliance
383+22 with the Program as required under Section 60 of this Act.
384+23 If, within 120 days after the date on which it was issued,
385+24 a protest of a notice of proposed assessment is filed under
386+25 subsection (c) of this Section, the penalties specified
387+26 therein shall be deemed assessed upon the date when the
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427-1 sector providers of retirement arrangements that can be set up
428-2 by the employer rather than allowing employee participation in
429-3 the Program under this Act; however, the Board shall only
430-4 establish and maintain an Internet website under this
431-5 subsection if there is sufficient interest in such an Internet
432-6 website by private sector providers and if the private sector
433-7 providers furnish the funding necessary to establish and
434-8 maintain the Internet website. The Board must provide public
435-9 notice of the availability of and the process for inclusion on
436-10 the Internet website before it becomes publicly available.
437-11 This Internet website must be available to the public before
438-12 the Board opens the Program for enrollment, and the Internet
439-13 website address must be included on any Internet website
440-14 posting or other materials regarding the Program offered to
441-15 the public by the Board.
442-16 (Source: P.A. 102-179, eff. 1-1-22; 103-681, eff. 1-1-25.)
443-17 (820 ILCS 80/85)
444-18 Sec. 85. Penalties.
445-19 (a) An employer who fails without reasonable cause to
446-20 enroll an employee in the Program within the time prescribed
447-21 under Section 60 of this Act and fails to remit their
448-22 contributions shall be subject to a penalty equal to:
449-23 (1) $250 per employee for the first calendar year the
450-24 employer is noncompliant; or
451-25 (2) $500 per employee for each subsequent calendar
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398+1 decision of the Department with respect to the protest becomes
399+2 final.
400+3 (c) A written protest against the proposed assessment
401+4 shall be filed with the Department in such form as the
402+5 Department may by rule prescribe, setting forth the grounds on
403+6 which such protest is based. If such a protest is filed within
404+7 120 days after the date the notice of proposed assessment is
405+8 issued, the Department shall reconsider the proposed
406+9 assessment and shall grant the employer a hearing. As soon as
407+10 practicable after such reconsideration and hearing, the
408+11 Department shall issue a notice of decision to the employer,
409+12 setting forth the Department's findings of fact and the basis
410+13 of decision. The decision of the Department shall become
411+14 final:
412+15 (1) if no action for review of the decision is
413+16 commenced under the Administrative Review Law, on the date
414+17 on which the time for commencement of such review has
415+18 expired; or
416+19 (2) if a timely action for review of the decision is
417+20 commenced under the Administrative Review Law, on the date
418+21 all proceedings in court for the review of such assessment
419+22 have terminated or the time for the taking thereof has
420+23 expired without such proceedings being instituted.
421+24 (d) As soon as practicable after the penalties specified
422+25 in a notice of proposed assessment are deemed assessed, the
423+26 Department shall give notice to the employer liable for any
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462-1 year the employer is noncompliant; noncompliance does not
463-2 need to be consecutive to qualify for the $500 penalty.
464-3 The Department shall determine total employee count using
465-4 the annual average from employer-reported quarterly data.
466-5 (b) After determining that an employer is subject to a
467-6 penalty under this Section for a calendar year, the Department
468-7 shall issue a notice of proposed assessment to such employer,
469-8 stating the number of employees for which the penalty is
470-9 proposed under item (1) of subsection (a) of this Section or
471-10 the number of employees for which the penalty is proposed
472-11 under item (2) of subsection (a) of this Section for such
473-12 calendar year, and the total amount of penalties proposed.
474-13 Upon the expiration of 120 days after the date on which a
475-14 notice of proposed assessment was issued, the penalties
476-15 specified therein shall be deemed assessed, unless the
477-16 employer had filed a protest with the Department under
478-17 subsection (c) of this Section or come into full compliance
479-18 with the Program as required under Section 60 of this Act.
480-19 If, within 120 days after the date on which it was issued,
481-20 a protest of a notice of proposed assessment is filed under
482-21 subsection (c) of this Section, the penalties specified
483-22 therein shall be deemed assessed upon the date when the
484-23 decision of the Department with respect to the protest becomes
485-24 final.
486-25 (c) A written protest against the proposed assessment
487-26 shall be filed with the Department in such form as the
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434+1 unpaid portion of such assessment, stating the amount due and
435+2 demanding payment. If an employer neglects or refuses to pay
436+3 the entire liability shown on the notice and demand within 10
437+4 days after the notice and demand is issued, the unpaid amount
438+5 of the liability shall be a lien in favor of the State of
439+6 Illinois upon all property and rights to property, whether
440+7 real or personal, belonging to the employer, and the
441+8 provisions in the Illinois Income Tax Act regarding liens,
442+9 levies and collection actions with regard to assessed and
443+10 unpaid liabilities under that Act, including the periods for
444+11 taking any action, shall apply.
445+12 (e) An employer who has overpaid a penalty assessed under
446+13 this Section may file a claim for refund with the Department. A
447+14 claim shall be in writing in such form as the Department may by
448+15 rule prescribe and shall state the specific grounds upon which
449+16 it is founded. As soon as practicable after a claim for refund
450+17 is filed, the Department shall examine it and either issue a
451+18 refund or issue a notice of denial. If such a protest is filed,
452+19 the Department shall reconsider the denial and grant the
453+20 employer a hearing. As soon as practicable after such
454+21 reconsideration and hearing, the Department shall issue a
455+22 notice of decision to the employer. The notice shall set forth
456+23 briefly the Department's findings of fact and the basis of
457+24 decision in each case decided in whole or in part adversely to
458+25 the employer. A denial of a claim for refund becomes final 120
459+26 days after the date of issuance of the notice of the denial
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498-1 Department may by rule prescribe, setting forth the grounds on
499-2 which such protest is based. If such a protest is filed within
500-3 120 days after the date the notice of proposed assessment is
501-4 issued, the Department shall reconsider the proposed
502-5 assessment and shall grant the employer a hearing. As soon as
503-6 practicable after such reconsideration and hearing, the
504-7 Department shall issue a notice of decision to the employer,
505-8 setting forth the Department's findings of fact and the basis
506-9 of decision. The decision of the Department shall become
507-10 final:
508-11 (1) if no action for review of the decision is
509-12 commenced under the Administrative Review Law, on the date
510-13 on which the time for commencement of such review has
511-14 expired; or
512-15 (2) if a timely action for review of the decision is
513-16 commenced under the Administrative Review Law, on the date
514-17 all proceedings in court for the review of such assessment
515-18 have terminated or the time for the taking thereof has
516-19 expired without such proceedings being instituted.
517-20 (d) As soon as practicable after the penalties specified
518-21 in a notice of proposed assessment are deemed assessed, the
519-22 Department shall give notice to the employer liable for any
520-23 unpaid portion of such assessment, stating the amount due and
521-24 demanding payment. If an employer neglects or refuses to pay
522-25 the entire liability shown on the notice and demand within 10
523-26 days after the notice and demand is issued, the unpaid amount
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470+1 except for such amounts denied as to which the employer has
471+2 filed a protest with the Department. If a protest has been
472+3 timely filed, the decision of the Department shall become
473+4 final:
474+5 (1) if no action for review of the decision is
475+6 commenced under the Administrative Review Law, on the date
476+7 on which the time for commencement of such review has
477+8 expired; or
478+9 (2) if a timely action for review of the decision is
479+10 commenced under the Administrative Review Law, on the date
480+11 all proceedings in court for the review of such assessment
481+12 have terminated or the time for the taking thereof has
482+13 expired without such proceedings being instituted.
483+14 (f) No notice of proposed assessment may be issued with
484+15 respect to a calendar year after June 30 of the fourth
485+16 subsequent calendar year. No claim for refund may be filed
486+17 more than 1 year after the date of payment of the amount to be
487+18 refunded.
488+19 (g) The provisions of the Administrative Review Law and
489+20 the rules adopted pursuant to it shall apply to and govern all
490+21 proceedings for the judicial review of final decisions of the
491+22 Department in response to a protest filed by the employer
492+23 under subsections (c) and (e) of this Section. Final decisions
493+24 of the Department shall constitute "administrative decisions"
494+25 as defined in Section 3-101 of the Code of Civil Procedure. The
495+26 Department may adopt any rules necessary to carry out its
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534-1 of the liability shall be a lien in favor of the State of
535-2 Illinois upon all property and rights to property, whether
536-3 real or personal, belonging to the employer, and the
537-4 provisions in the Illinois Income Tax Act regarding liens,
538-5 levies and collection actions with regard to assessed and
539-6 unpaid liabilities under that Act, including the periods for
540-7 taking any action, shall apply.
541-8 (e) An employer who has overpaid a penalty assessed under
542-9 this Section may file a claim for refund with the Department. A
543-10 claim shall be in writing in such form as the Department may by
544-11 rule prescribe and shall state the specific grounds upon which
545-12 it is founded. As soon as practicable after a claim for refund
546-13 is filed, the Department shall examine it and either issue a
547-14 refund or issue a notice of denial. If such a protest is filed,
548-15 the Department shall reconsider the denial and grant the
549-16 employer a hearing. As soon as practicable after such
550-17 reconsideration and hearing, the Department shall issue a
551-18 notice of decision to the employer. The notice shall set forth
552-19 briefly the Department's findings of fact and the basis of
553-20 decision in each case decided in whole or in part adversely to
554-21 the employer. A denial of a claim for refund becomes final 120
555-22 days after the date of issuance of the notice of the denial
556-23 except for such amounts denied as to which the employer has
557-24 filed a protest with the Department. If a protest has been
558-25 timely filed, the decision of the Department shall become
559-26 final:
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506+1 duties pursuant to this Section.
507+2 (h) Whenever notice is required by this Section, it may be
508+3 given or issued by mailing it by first-class mail addressed to
509+4 the person concerned at his or her last known address or in an
510+5 electronic format as determined by the Department.
511+6 (i) All books and records and other papers and documents
512+7 relevant to the determination of any penalty due under this
513+8 Section shall, at all times during business hours of the day,
514+9 be subject to inspection by the Department or its duly
515+10 authorized agents and employees.
516+11 (j) The Department may require employers to report
517+12 information relevant to their compliance with this Act on
518+13 returns otherwise due from the employers under Section 704A of
519+14 the Illinois Income Tax Act and failure to provide the
520+15 requested information on a return shall cause such return to
521+16 be treated as unprocessable.
522+17 (k) For purposes of any provision of State law allowing
523+18 the Department or any other agency of this State to offset an
524+19 amount owed to a taxpayer against a tax liability of that
525+20 taxpayer or allowing the Department to offset an overpayment
526+21 of tax against any liability owed to the State, a penalty
527+22 assessed under this Section shall be deemed to be a tax
528+23 liability of the employer and any refund due to an employer
529+24 shall be deemed to be an overpayment of tax of the employer.
530+25 (l) Except as provided in this subsection, all information
531+26 received by the Department from returns filed by an employer
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570-1 (1) if no action for review of the decision is
571-2 commenced under the Administrative Review Law, on the date
572-3 on which the time for commencement of such review has
573-4 expired; or
574-5 (2) if a timely action for review of the decision is
575-6 commenced under the Administrative Review Law, on the date
576-7 all proceedings in court for the review of such assessment
577-8 have terminated or the time for the taking thereof has
578-9 expired without such proceedings being instituted.
579-10 (f) No notice of proposed assessment may be issued with
580-11 respect to a calendar year after June 30 of the fourth
581-12 subsequent calendar year. No claim for refund may be filed
582-13 more than 1 year after the date of payment of the amount to be
583-14 refunded.
584-15 (g) The provisions of the Administrative Review Law and
585-16 the rules adopted pursuant to it shall apply to and govern all
586-17 proceedings for the judicial review of final decisions of the
587-18 Department in response to a protest filed by the employer
588-19 under subsections (c) and (e) of this Section. Final decisions
589-20 of the Department shall constitute "administrative decisions"
590-21 as defined in Section 3-101 of the Code of Civil Procedure. The
591-22 Department may adopt any rules necessary to carry out its
592-23 duties pursuant to this Section.
593-24 (h) Whenever notice is required by this Section, it may be
594-25 given or issued by mailing it by first-class mail addressed to
595-26 the person concerned at his or her last known address or in an
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542+1 or from any investigation conducted under the provisions of
543+2 this Act shall be confidential, except for official purposes
544+3 within the Department or pursuant to official procedures for
545+4 collection of penalties assessed under this Act. Nothing
546+5 contained in this subsection shall prevent the Director from
547+6 publishing or making available to the public reasonable
548+7 statistics concerning the operation of this Act wherein the
549+8 contents of returns are grouped into aggregates in such a way
550+9 that the specific information of any employer shall not be
551+10 disclosed. Nothing contained in this subsection shall prevent
552+11 the Director from divulging information to an authorized
553+12 representative of the employer or to any person pursuant to a
554+13 request or authorization made by the employer or by an
555+14 authorized representative of the employer.
556+15 (m) Civil penalties collected under this Act and fees
557+16 collected pursuant to subsection (n) of this Section shall be
558+17 deposited into the Tax Compliance and Administration Fund. The
559+18 Department may, subject to appropriation, use moneys in the
560+19 fund to cover expenses it incurs in the performance of its
561+20 duties under this Act. Interest attributable to moneys in the
562+21 Tax Compliance and Administration Fund shall be credited to
563+22 the Tax Compliance and Administration Fund.
564+23 (n) The Department may charge the Board a reasonable fee
565+24 for its costs in performing its duties under this Section to
566+25 the extent that such costs have not been recovered from
567+26 penalties imposed under this Section.
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606-1 electronic format as determined by the Department.
607-2 (i) All books and records and other papers and documents
608-3 relevant to the determination of any penalty due under this
609-4 Section shall, at all times during business hours of the day,
610-5 be subject to inspection by the Department or its duly
611-6 authorized agents and employees.
612-7 (j) The Department may require employers to report
613-8 information relevant to their compliance with this Act on
614-9 returns otherwise due from the employers under Section 704A of
615-10 the Illinois Income Tax Act and failure to provide the
616-11 requested information on a return shall cause such return to
617-12 be treated as unprocessable.
618-13 (k) For purposes of any provision of State law allowing
619-14 the Department or any other agency of this State to offset an
620-15 amount owed to a taxpayer against a tax liability of that
621-16 taxpayer or allowing the Department to offset an overpayment
622-17 of tax against any liability owed to the State, a penalty
623-18 assessed under this Section shall be deemed to be a tax
624-19 liability of the employer and any refund due to an employer
625-20 shall be deemed to be an overpayment of tax of the employer.
626-21 (l) Except as provided in this subsection, all information
627-22 received by the Department from returns filed by an employer
628-23 or from any investigation conducted under the provisions of
629-24 this Act shall be confidential, except for official purposes
630-25 within the Department or pursuant to official procedures for
631-26 collection of penalties assessed under this Act. Nothing
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578+1 (o) The Department shall post on its Internet website a
579+2 notice stating that this Section is operative and the date
580+3 that it is first operative. This notice shall include a
581+4 statement that rather than enrolling employees in the Program
582+5 under this Act, employers may set up a qualified retirement
583+6 plan, including, but not limited to, a defined benefit plan,
584+7 401(k) plan, a Simplified Employee Pension (SEP) plan, or a
585+8 Savings Incentive Match Plan for Employees (SIMPLE) plan. The
586+9 Board shall provide a link to the vendor Internet website
587+10 described in subsection (i) of Section 60 of this Act, if
588+11 applicable.
589+12 (Source: P.A. 102-179, eff. 1-1-22; 103-681, eff. 1-1-25.)
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642-1 contained in this subsection shall prevent the Director from
643-2 publishing or making available to the public reasonable
644-3 statistics concerning the operation of this Act wherein the
645-4 contents of returns are grouped into aggregates in such a way
646-5 that the specific information of any employer shall not be
647-6 disclosed. Nothing contained in this subsection shall prevent
648-7 the Director from divulging information to an authorized
649-8 representative of the employer or to any person pursuant to a
650-9 request or authorization made by the employer or by an
651-10 authorized representative of the employer.
652-11 (m) Civil penalties collected under this Act and fees
653-12 collected pursuant to subsection (n) of this Section shall be
654-13 deposited into the Tax Compliance and Administration Fund. The
655-14 Department may, subject to appropriation, use moneys in the
656-15 fund to cover expenses it incurs in the performance of its
657-16 duties under this Act. Interest attributable to moneys in the
658-17 Tax Compliance and Administration Fund shall be credited to
659-18 the Tax Compliance and Administration Fund.
660-19 (n) The Department may charge the Board a reasonable fee
661-20 for its costs in performing its duties under this Section to
662-21 the extent that such costs have not been recovered from
663-22 penalties imposed under this Section.
664-23 (o) The Department shall post on its Internet website a
665-24 notice stating that this Section is operative and the date
666-25 that it is first operative. This notice shall include a
667-26 statement that rather than enrolling employees in the Program
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678-1 under this Act, employers may set up a qualified retirement
679-2 plan, including, but not limited to, a defined benefit plan,
680-3 401(k) plan, a Simplified Employee Pension (SEP) plan, or a
681-4 Savings Incentive Match Plan for Employees (SIMPLE) plan. The
682-5 Board shall provide a link to the vendor Internet website
683-6 described in subsection (i) of Section 60 of this Act, if
684-7 applicable.
685-8 (Source: P.A. 102-179, eff. 1-1-22; 103-681, eff. 1-1-25.)
686-9 Section 99. Effective date. This Act takes effect upon
687-10 becoming law.
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