820 ILCS 80/1
Short title
Short title. This Act may be cited as the Illinois Secure Choice Savings Program Act. (Source: P.A. 98-1150, eff. 6-1-15.)
Illinois Compiled Statutes 820 ILCS 80 — Illinois Secure Choice Savings Program Act.
Illinois · statute · 820 ILCS 80 · 23 active provisions
820 ILCS 80/5
Definitions
Definitions. Unless the context requires a different meaning or as expressly provided in this Section, all terms shall have the same meaning as when used in a comparable context in the Internal Revenue Code. As used in this Act: "Board" means the Illinois Secure Choice Savings Board established under this Act. "Departm…
820 ILCS 80/10
Establishment of Illinois Secure Choice Savings Program
Establishment of Illinois Secure Choice Savings Program. (a) A retirement savings program in the form of an automatic enrollment payroll deduction IRA, known as the Illinois Secure Choice Savings Program, is hereby established and shall be administered by the Board for the purpose of promoting greater retirement saving…
820 ILCS 80/15
Illinois Secure Choice Savings Program Fund
Illinois Secure Choice Savings Program Fund. (a) The Illinois Secure Choice Savings Program Fund is hereby established as a trust outside of the State treasury, with the Board created in Section 20 as its trustee. The Fund shall include the individual retirement accounts of enrollees, which shall be accounted for as in…
820 ILCS 80/16
Illinois Secure Choice Administrative Fund
Illinois Secure Choice Administrative Fund. The Illinois Secure Choice Administrative Fund ("Administrative Fund") is created as a nonappropriated separate and apart trust fund in the State Treasury. The Board shall use moneys in the Administrative Fund to pay for administrative expenses it incurs in the performance of…
820 ILCS 80/20
Composition of the Board
Composition of the Board. There is created the Illinois Secure Choice Savings Board. (a) The Board shall consist of the following 7 members: (1) the State Treasurer, or his or her designee, who shall serve as chair; (2) the State Comptroller, or his or her designee; (3) the Director of the Governor's Office of Manageme…
820 ILCS 80/25
Fiduciary duty
Fiduciary duty. The Board, the individual members of the Board, the trustee appointed under subsection (b) of Section 30, any other agents appointed or engaged by the Board, and all persons serving as Program staff shall discharge their duties with respect to the Program solely in the interest of the Program's enrollee…
820 ILCS 80/30
Duties of the Board
Duties of the Board. In addition to the other duties and responsibilities stated in this Act, the Board shall: (a) Cause the Program to be designed, established and operated in a manner that: (1) accords with best practices for retirement savings vehicles; (2) maximizes participation, savings, and sound investment prac…
820 ILCS 80/35
Risk management
Risk management. The Board shall prepare and adopt a written statement of investment policy that includes a risk management and oversight program. This investment policy shall prohibit the Board, Program, and Fund from borrowing for investment purposes. The risk management and oversight program shall be designed to ens…
820 ILCS 80/40
Investment firms
Investment firms. (a) The Board shall engage, after an open bid process, an investment manager or managers to invest the Fund and any other assets of the Program. Moneys in the Fund may be invested or reinvested by the State Treasurer's Office or may be invested in whole or in part under contract with the State Board o…
820 ILCS 80/45
Investment options
Investment options. (a) The Board shall establish as an investment option a life-cycle fund with a target date based upon the age of the enrollee. This shall be the default investment option for enrollees who fail to elect an investment option unless and until the Board designates by rule a new investment option as the…
820 ILCS 80/50
Benefits
Benefits. Interest, investment earnings, and investment losses shall be allocated to individual Program accounts as established by the Board under subsection (d) of Section 30 of this Act. An individual's retirement savings benefit under the Program shall be an amount equal to the balance in the individual's Program ac…
820 ILCS 80/55
Employer and employee information packets and disclosure forms
Employer and employee information packets and disclosure forms. (a) Prior to the opening of the Program for enrollment, the Board shall design and disseminate to all employers an employer information packet and an employee information packet, which shall include background information on the Program, appropriate disclo…
820 ILCS 80/60
Program implementation and enrollment
Program implementation and enrollment. Except as otherwise provided in Section 93 of this Act, the Program shall be implemented, and enrollment of employees shall begin in 2018. The Board shall establish an implementation timeline under which employers shall initially enroll their employees in the Program. The timeline…
820 ILCS 80/65
Payments
Payments. Employee contributions deducted by the participating employer through payroll deduction shall be paid by the participating employer to the Fund using one or more payroll deposit retirement savings arrangements established by the Board under subsection (h) of Section 30 of this Act, either: (1) on or before th…
820 ILCS 80/70
Duty and liability of the State
Duty and liability of the State. (a) The State shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the Program. Any financial liability for the payment of retirement savings benefits in excess of funds available under the Program shall be borne…
820 ILCS 80/75
Duty and liability of participating employers
Duty and liability of participating employers. (a) Participating employers shall not have any liability for an employee's decision to participate in, or opt out of, the Program or for the investment decisions of the Board or of any enrollee. (b) A participating employer shall not be a fiduciary, or considered to be a f…
820 ILCS 80/80
Audit and reports
Audit and reports. (a) The Board shall annually submit an audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the Program during each fiscal year by January 1 of the following year to the Governor, the Comptroller, the State Treasurer, and the General Ass…
820 ILCS 80/85
Penalties
Penalties. (a) An employer who fails without reasonable cause to enroll an employee in the Program within the time prescribed under Section 60 of this Act and fails to remit their contributions shall be subject to a penalty equal to: (1) $250 per employee for the first calendar year the employer is noncompliant; or (2)…
820 ILCS 80/90
Rules
Rules. The Board and the State Treasurer shall adopt, in accordance with the Illinois Administrative Procedure Act, any rules that may be necessary to implement this Act. (Source: P.A. 98-1150, eff. 6-1-15; 99-464, eff. 8-26-15.)
820 ILCS 80/93
Delayed implementation
Delayed implementation. If the Board does not obtain adequate funds to implement the Program within the time frame set forth under Section 60 of this Act, the Board may delay the implementation of the Program. (Source: P.A. 98-1150, eff. 6-1-15.)
820 ILCS 80/95
Federal considerations
Federal considerations. The Board shall request in writing an opinion or ruling from the appropriate entity with jurisdiction over the federal Employee Retirement Income Security Act regarding the applicability of the federal Employee Retirement Income Security Act to the Program. The Board may not implement the Progra…
820 ILCS 80/500
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 98-1150, eff. 6-1-15; text omitted.)