SB3683 Summary

• Requires Cook County, Cook County Forest Preserve District, and Metropolitan Water Reclamation District to offer federal tax-qualified pre-tax retirement plans to employees effective January 1, 2025.

• Automatically enrolls new employees hired on or after January 1, 2025 in the plan with a default 2% salary contribution, with opt-out provisions available.

• Establishes plan administration through collective bargaining or a retirement savings committee with representatives from bargaining units and agency leadership.

• Requires employers to create and distribute plan documents by February 1 annually to participants and the Department of Insurance Public Pension Division for review against best practices.

• Exempts implementation costs from state reimbursement requirements under the State Mandates Act; allows Department of Insurance to charge fees to agencies for plan administration and non-compliance with best practices.