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IL SB2607
Bill
Status
Failed
1/7/2025
Primary Sponsor
Robert Martwick
Click for details
AI Summary
- Changes how deferred compensation plan administrative expenses are recovered, effective January 1, 2024
- After January 1, 2024, administrative fees must be prorated equitably among participating employers instead of being charged against investment earnings or employee fees
- Prior to January 1, 2024, administrative expenses may continue to be recovered through the existing methods (charging against investment earnings, prorating among employees, or other Board-approved methods)
- Allows the Illinois State Board of Investment to use different recovery methods for different types of investment programs
- Exempts the implementation of this mandate from State Mandates Act reimbursement requirements
Legislative Description
PEN CD-DEFERRED COMP-FEES
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Assignments5/17/2024
Appropriations4/9/2024
Assignments4/4/2024
Appropriations1/24/2024
Assignments10/18/2023
Full Bill Text
No bill text available