Bill Status of HB 1435   104th General Assembly

Short Description:  SECURE CHOICE PROGRAM-IRAS

House Sponsors
Rep. Gregg Johnson, Martha Deuter, Laura Faver Dias and Stephanie A. Kifowit

Last Action  View All Actions

DateChamber Action
  4/11/2025HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
820 ILCS 80/10
820 ILCS 80/30
820 ILCS 80/55
820 ILCS 80/85

Synopsis As Introduced
Amends the Illinois Secure Choice Savings Program Act. Provides that the accounts established under the Secure Choice Savings Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Illinois Secure Choice Savings Board. Provides that a separate account shall be established for each enrollee and the accounts shall be owned by the enrollee. Provides that the savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account. Provides that an enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program. Provides that the Board shall have the duty to assess the feasibility of agreements with other governmental entities, including other states and their agencies and instrumentalities, to achieve greater economies of scale through shared resources and to enter into those agreements if determined to be beneficial. Provides that an employer who fails without reasonable cause to enroll an employee in the Program within the time provided and fails to remit their contributions (rather than fails without reasonable cause to enroll an employee in the Program within the time provided) shall be subject to a penalty. Makes changes in provisions concerning employer and employee information packets. Effective immediately.

Actions 
DateChamber Action
  1/17/2025HouseFiled with the Clerk by Rep. Gregg Johnson
  1/28/2025HouseFirst Reading
  1/28/2025HouseReferred to Rules Committee
  2/18/2025HouseAssigned to Personnel & Pensions Committee
  2/27/2025HouseDo Pass / Short Debate Personnel & Pensions Committee; 008-004-000
  2/27/2025HouseAdded Co-Sponsor Rep. Martha Deuter
  2/27/2025HousePlaced on Calendar 2nd Reading - Short Debate
  3/11/2025HouseAdded Co-Sponsor Rep. Laura Faver Dias
  3/13/2025HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Gregg Johnson
  3/13/2025HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/18/2025HouseHouse Floor Amendment No. 1 Rules Refers to Personnel & Pensions Committee
  3/26/2025HouseSecond Reading - Short Debate
  3/26/2025HouseHeld on Calendar Order of Second Reading - Short Debate
  4/8/2025HouseHouse Floor Amendment No. 1 Recommends Be Adopted Personnel & Pensions Committee; 007-004-000
  4/11/2025HouseRule 19(a) / Re-referred to Rules Committee
  4/11/2025HouseHouse Floor Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
  4/21/2025HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit

Back To Top