IL SB3019

Changes terminology in the State Universities Retirement System (SURS) optional defined contribution plan from "defined contribution benefit" to "defined contribution plan" throughout Section 15-202 of the Illinois Pension Code.

Requires the optional defined contribution plan to provide an eligible automatic contribution arrangement that permits withdrawal of default elective contributions in accordance with Section 414(w) of the Internal Revenue Code of 1986 and related Treasury regulations.

Maintains that the defined contribution plan collects optional employee and employer contributions into participant accounts and offers investment options to participants.

Requires the plan to operate in compliance with applicable state and federal laws using generally accepted practices, with costs defrayed from employee and employer contributions.

Requires the System to produce an annual public report on participation in the defined contribution plan; takes effect immediately upon becoming law.