HB3155 - SECURE CHOICE-ADMINISTRATION

12 Co-Sponsors

Amends the Illinois Secure Choice Savings Program Act. Provides that the Illinois Secure Choice Savings Board shall determine the number and duties of staff members needed to administer the Illinois Secure Choice Savings Program and assemble such a staff in collaboration with the State Treasurer. Provides that the Board shall keep investment fees (rather than total annual expenses) as low as possible, but in no event shall they exceed 0.25% (rather than 0.75%). Provides that the Board may charge administrative fees, established by rule, that shall be consistent with industry standards. Provides that the definition of "employer" does not include the federal government, the State, any county, any municipal corporation, or any of the State's units or instrumentalities. Makes other changes. Effective immediately.