SB 1675

Abstract

Amends the Deferred Compensation Article of the Illinois Pension Code. In a provision concerning automatic enrollment in the deferred compensation plan for employees under the General Assembly, State Employee, or Judges Article, provides that the Illinois State Board of Investment may increase the default percentage amount of compensation deferred into employee accounts. Provides that any agency with employees subject to automatic enrollment must systematically provide the employee data necessary for enrollment to the Department of Central Management Services or its designee. Includes any applicable earnings, investment fees, and administrative fees in the refund of amounts deferred for an employee who elects to withdraw from the plan within 90 days of enrollment. Provides that the Board shall establish annual, automatic increases to employee contribution rates for employees who are automatically enrolled in the deferred compensation plan. Provides that the amount of automatic annual increases to employee contribution rates in any 12-month period shall not exceed 1% of compensation. Provides that employees may elect to not receive automatic annual increases in a manner described by the Board. Makes other changes. Effective July 1, 2021.