IL SB3806

Automatically enrolls employees who are members under Article 17 (Chicago Teachers' Pension Fund) in the State Employees Deferred Compensation Plan, regardless of when they became members.

Employees automatically enrolled have 3% of pre-tax gross compensation deferred into their deferred compensation account for each pay period.

Employees have 30 days from employment start to opt out of participation or adjust deferral amounts, with automatic enrollment beginning the first pay period after the 30-day period or the effective date for existing Article 17 members.

Employees enrolled in the Plan can withdraw within 90 days of enrollment and receive a refund, but forfeit all employer matching contributions made prior to withdrawal.

Takes effect January 1, 2021.