SB 3462

Abstract

Amends the Deferred Compensation Article of the Illinois Pension Code. Provides that as soon as practicable, but no later than January 1, 2024, the Department of Central Management Services shall automatically enroll into the State Employees Deferred Compensation Plan all current State employees who are active members of a retirement system created under the General Assembly, State Employees, or Judges Article and who are not contributing to the Plan on the date of automatic enrollment. 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. Provides that an employee who is automatically enrolled shall have 3% of his or her pretax gross compensation, or any other percentage determined by the Illinois State Board of Investment, for each compensation period deferred into his or her deferred compensation account. Provides that the Illinois State Board of Investment may increase the default percentage amount of compensation deferred into employee accounts. Contains provisions concerning opting out of automatic enrollment; increasing or reducing contributions; and withdrawing from the Plan. Makes other changes. Effective July 1, 2022.