IL SB1455

Shifts administrative costs of the state deferred compensation plan from employees to employers, effective January 1, 2026

Currently, administrative expenses can be recovered by charging against investment earnings, prorating fees among participating state employees, or other methods determined by the Illinois State Board of Investment

After the effective date, fees must be equitably prorated among participating employers only, removing the option to charge employees or deduct from investment earnings

Amends the State Mandates Act to exempt this change from state reimbursement requirements to local governments

Takes effect immediately upon becoming law