IL SB3805

Requires automatic enrollment of all State Employees Retirement System (SERS) members into the State Employees Deferred Compensation Plan, regardless of when they became members.

Automatically enrolls employees hired on or after July 1, 2020, and existing SERS members as of the effective date into the Plan beginning the first pay period following the effective date.

Sets default deferral rate at 3% of pre-tax gross compensation for automatically enrolled employees.

Allows employees 30 days from employment start to opt out of participation or adjust deferral amounts, with 90 days after enrollment to withdraw and receive a refund (forfeiting employer matching contributions).

Effective January 1, 2021.