SB1453 amends Illinois pension laws to establish a deferred compensation plan for public employees, prohibiting the use of participant data for.

SB1453 amends the Illinois Pension Code to establish an optional deferred compensation plan for public employees. The plan prohibits the use of participant data for cross-selling non-plan services and restricts the promotion of certain financial products unless requested by the participant or the System. Eligible employers must adopt the plan by September 1, 2021. The plan allows for automatic enrollment and contributions, with employees having the option to adjust their contributions within 30 days of notification. The System is required to report annually on plan participation.

SB1453 amends Illinois pension laws to establish a deferred compensation plan for public employees, prohibiting the use of participant data for.

SB1453 amends the Illinois Pension Code to establish an optional deferred compensation plan for public employees. The plan prohibits the use of participant data for cross-selling non-plan services and restricts the promotion of certain financial products unless requested by the participant or the System. Eligible employers must adopt the plan by September 1, 2021. The plan allows for automatic enrollment and contributions, with employees having the option to adjust their contributions within 30 days of notification. The System is required to report annually on plan participation.