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Amends the Deferred Compensation Article of the Illinois Pension Code. Provides that, after January 1, 2026, the deferred compensation plan shall provide for the recovery of the expenses of its administration by charging fees equitably prorated among the participating employers (instead of by charging administrative expenses against the earnings from investments or by charging fees equitably prorated among the participating State employees or by such other appropriate and equitable method as the Illinois State Board of Investment shall determine). Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Introduced
Jan 31, 2025
Last Action
Jun 2, 2025
Session
IL 104th
Sponsors
1 primary · 0 co
Rule 3-9(a) / Re-referred to Assignments
Rule 2-10 Third Reading Deadline Established As June 1, 2025
Rule 2-10 Third Reading Deadline Established As May 23, 2025
Rule 2-10 Third Reading Deadline Established As May 9, 2025
Second Reading
Senate Floor Amendment No. 1 Adopted; Martwick
Placed on Calendar Order of 3rd Reading April 10, 2025
Senate Floor Amendment No. 1 Recommend Do Adopt Pensions; 008-001-000
Senate Floor Amendment No. 1 Assignments Refers to Pensions
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Robert F. Martwick
Senate Floor Amendment No. 1 Referred to Assignments
Do Pass Pensions; 007-003-000
Placed on Calendar Order of 2nd Reading March 20, 2025
Assigned to Pensions
Filed with Secretary by Sen. Robert F. Martwick
First Reading
Referred to Assignments
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Rule 3-9(a) / Re-referred to Assignments
Robert F. Martwick