IL SB3804

Automatically enrolls employees who are members under Article 16 (Downstate Teacher Article) in the State Employees Deferred Compensation Plan, regardless of when they first became members.

Employees already enrolled on the effective date begin participation in the first pay period following the effective date of the amendatory act.

New employees under Articles 2, 14, or 18 who become members on or after July 1, 2020 are automatically enrolled 3% of pre-tax gross compensation per compensation period.

Employees have 30 days from employment start to opt out of participation or modify deferral amounts, and 90 days from enrollment to withdraw and receive a refund of deferred amounts.

Employees who withdraw within 90 days forfeit all employer matching contributions and must include refunded amounts in gross income for the tax year the refund is issued; effective January 1, 2021.