SB1646 Summary

• Amends the Illinois Pension Code to prohibit recordkeepers for deferred compensation plans and defined contribution benefits from using participant information to solicit cross-selling of non-plan financial products and services, except in response to participant requests.

• Expands subpoena authority for pension fund boards to compel witness attendance and production of records for disability claims, administrative reviews, debt collection, identity verification, death determination, and felony forfeiture investigations.

• Requires automatic enrollment of certain state employees and public institution employees in deferred compensation plans, with employees able to opt out within specified notice periods and withdraw within 90 days of enrollment.

• Modifies Chicago Teachers' Pension Fund rules to allow annuity continuation for re-employed retirees as paraprofessionals or related service providers on limited-time or hourly basis (120 days maximum or $30,000 annual compensation cap).

• Permits election workers who are annuitants to work up to 60 days per calendar year without suspension of annuity payments and without being considered "in service."