IL HB2360

Establishes the Illinois Secure Choice Savings Program as a trust outside the state treasury with individual retirement accounts funded through automatic payroll deductions from employees and participating employers.

Exempts the program fund from Illinois Securities Law of 1953 and clarifies that fund amounts do not constitute state property and the state has no claim to the funds.

Requires the Board to select a default contribution rate between 3% to 6% of an enrollee's wages, replacing the previous fixed 3% default rate.

Mandates program implementation and employee enrollment begin in 2018 with all employees required to be enrolled by December 31, 2020, with the Board establishing a phased implementation timeline.

Requires investment vendor performance reviews every 4 years covering returns, fees, and customer service, with results posted to the Board's website.