IL SB2420

Amends the Illinois Income Tax Act to allow the Director to share taxpayer income information with the State Treasurer's Office and Department of Employment Security for implementing and administering the Illinois Secure Choice Savings Program Act.

Modifies the Illinois Secure Choice Savings Program Act to require the Board conduct investment vendor performance reviews every 4 years and publish results on its website.

Changes the investment policy adoption process to require the Board adopt (rather than merely consider) the statement of investment policy at a public meeting, with the policy published on the Board's or Treasurer's website at least 30 days before implementation.

Clarifies that small employers' use of automatic enrollment in the Program is subject to final Department of Labor rules and cannot create employer liability under the federal Employee Retirement Income Security Act.

Amends the Unemployment Insurance Act to authorize the Department of Employment Security to share employer contact information for employers with 25 or more employees with the State Treasurer's Office and Department of Revenue for administering the Illinois Secure Choice Savings Program.