SB1781 Summary

• Amends the Illinois Secure Choice Savings Program Act to allow the Board to determine staffing needs in collaboration with the State Treasurer, rather than requiring specific employment arrangements with the Treasurer's Office.

• Reduces the investment fee cap from 0.75% to 0.25% of the total trust balance and adds authority for the Board to charge administrative fees established by rule and consistent with industry standards.

• Clarifies that "employer" under the Program does not include the federal government, the State, any county, any municipal corporation, or any of the State's units or instrumentalities.

• Changes the requirement that employers must not have "offered" a qualified retirement plan in the preceding 2 years to a requirement that they are not currently "offering or contributing to" such a plan.

• Takes effect immediately upon becoming law.