SB 2100

Abstract

Amends the Deferred Compensation Article of the Illinois Pension Code. In a provision concerning automatic enrollment into the deferred compensation plan for certain employees, provides that an employee hired on or after January 1, 2024 shall be automatically enrolled in the Plan beginning the first day of the pay period following the close of the notice period, unless the employee elects otherwise within the notice period. Provides that during the notice period, an employee may elect to not participate in the Plan or to increase or reduce the amount of pre-tax gross compensation deferred. Defines "notice period" as a reasonable period of time after the employee receives an automatic enrollment notice. Sets forth provisions concerning withdrawal from the Plan and refunds. Senate Committee Amendment No. 1 Provides that "notice period" means a reasonable period of time after the employee is provided with (instead of receives) an automatic enrollment notice as required under a specified provision of the Internal Revenue Code of 1986. Senate Floor Amendment No. 2 Deletes reference to: 40 ILCS 5/24-105.2 Adds reference to: 40 ILCS 5/22B-115 40 ILCS 5/22B-116 Replaces everything after the enacting clause. Amends the Police Officers' Pension Investment Fund Article of the Illinois Pension Code. Provides that a trustee shall qualify by taking an oath of office before the Secretary of State or the board's legal counsel (instead of only the Secretary of State). Provides that trustees shall be reimbursed for travel expenses incurred while on business for the board according to the General Provisions Article and rules adopted by the board (instead of according to the standards in effect for members of the Commission on Government Forecasting and Accountability). Provides that for a vacancy of an elected trustee, the vacancy shall be filled by appointment by the board for the unexpired term from a list of candidates recommended by the trustees from the category of trustee with the vacancy. Provides that the list of candidates shall be compiled and presented to the board by the executive director. Provides that a trustee appointed to fill the vacancy of an elected trustee shall serve until a successor is elected. Provides that special elections to fill the remainder of an unexpired term vacated by an elected trustee shall be held concurrently with and in the same manner as the next regular election for an elected trustee position. Effective immediately.