Bill Title: Amends the Chicago Police, Chicago Firefighter, and Chicago Municipal Articles of the Illinois Pension Code. Provides that a person who becomes a member on or after January 1, 2025 shall be automatically enrolled into a federal tax qualified pre-tax retirement plan that is otherwise allowed by State and federal law. Provides that a member subject to automatic enrollment shall have the option to opt out of the plan and shall be informed of that option within 30 days after being hired. Provides that if another option is not chosen by the member, the default employee contribution to the account shall be 3% of the member's salary. Provides that the plan administrator may automatically increase members contributions by no more than 1% per year, and a member may choose to opt out of the automatic increases. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-02-09 - Referred to Assignments [SB3612 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2024-02-09	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB3612

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB3612 currently on file.

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