HB 2461

  • Illinois House Bill
  • 98th Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Automatic Ira Program Act

Abstract

Creates the Automatic Individual Retirement Account Program Act. Establishes a portable retirement savings program for employees of employers that have not offered a qualified retirement plan to their employees within the last 2 years. Provides for the deduction of moneys from the wages of persons enrolled in the program. Provides for the deposit of those moneys in the Automatic IRA Program Fund. Authorizes a 7-member board to invest those moneys, choose permitted retirement program investment options, and make other programmatic decisions. Sets forth requirements pertaining to the Board and its composition and duties. Grants the Department of Employment Security administrative and enforcement powers. Also contains provisions concerning: investment firms; permissible investments; default enrollee contributions; investment policies; payroll deduction retirement savings arrangements; duties and liabilities of the State and employers; enrollee information packets; required audits and reports; penalties; rules; and program implementation. Amends the State Finance Act. Adds the Automatic IRA Program Fund and the Department of Employment Security Administrative Enforcement Fund. Effective immediately.

Bill Sponsors (1)

Votes


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Actions


Dec 03, 2014

House

Session Sine Die

Mar 22, 2013

House

Rule 19(a) / Re-referred to Rules Committee

Mar 21, 2013

House

Remains in Financial Institutions Committee

House

Motion Do Pass - Lost Financial Institutions Committee; 004-006-000

Mar 19, 2013

House

Added Chief Co-Sponsor Rep. Daniel J. Burke

House

Chief Co-Sponsor Changed to Rep. Daniel J. Burke

Mar 15, 2013

House

Added Co-Sponsor Rep. Sara Feigenholtz

Mar 14, 2013

House

Added Chief Co-Sponsor Rep. Maria Antonia Berrios

House

Added Co-Sponsor Rep. Maria Antonia Berrios

House

Removed Co-Sponsor Rep. Maria Antonia Berrios

Mar 08, 2013

House

Added Chief Co-Sponsor Rep. Monique D. Davis

Mar 07, 2013

House

Added Chief Co-Sponsor Rep. Barbara Flynn Currie

Mar 04, 2013

House

Assigned to Financial Institutions Committee

Feb 20, 2013

House

Filed with the Clerk by Rep. Deborah Mell

House

Referred to Rules Committee

House

First Reading

Bill Text

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Sources

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