IL SB3612

Requires all Chicago police officers, firefighters, and municipal employees hired on or after January 1, 2025 to be automatically enrolled in a federal tax-qualified pre-tax retirement plan.

Members subject to automatic enrollment must be informed of their option to opt out within 30 days of being hired.

Sets default employee contribution at 3% of salary if the member does not choose another option.

Allows plan administrators to automatically increase member contributions by up to 1% per year, with members able to opt out of these automatic increases.

Amends the State Mandates Act to require implementation without state reimbursement and becomes effective immediately upon passage.