IL HB3155

Changes the definition of "employer" to exclude entities currently offering or contributing to qualified retirement plans, rather than those that have not offered such plans in the preceding 2 years.

Excludes federal government, State of Illinois, counties, municipal corporations, and State units or instrumentalities from the definition of "employer" under the Program.

Reduces the maximum investment fee cap from 0.75% to 0.25% of total trust balance and allows the Board to charge administrative fees consistent with industry standards.

Removes language requiring the State Treasurer's Office employees to administer the Program; instead requires the Board to collaborate with the State Treasurer to determine staffing needs.

Eliminates the requirement that the Fund repay any start-up funds provided by the State and clarifies that private or federal funding does not require repayment unless contingent upon such repayment.