IL SB1675

Amends the Illinois Pension Code to require automatic enrollment in the State Employees Deferred Compensation Plan for employees who become active members of retirement systems under Articles 2, 14, or 18 on or after July 1, 2020

Sets default contribution at 3% of pre-tax gross compensation, with the Board authorized to increase this default percentage

Requires agencies to systematically provide employee data necessary for enrollment to the Department of Central Management Services

Allows employees 30 days from start date to opt out or adjust contribution amounts, and 90 days after enrollment to withdraw and receive refunds (plus or minus earnings, investment fees, and administrative fees)

Directs the Board to establish automatic annual contribution rate increases for enrolled employees, capped at 1% per year, with employees able to opt out of these increases