Illinois SB1455 amends the Deferred Compensation Article of the Illinois Pension Code to change how administrative expenses are recovered.
Illinois SB1455 amends the Deferred Compensation Article of the Illinois Pension Code. It changes the method for recovering administrative expenses of the deferred compensation plan. After January 1, 2026, these expenses will be recovered by charging fees equitably prorated among the participating employers, instead of being charged against the earnings from investments or fees prorated among participating state employees. The bill also amends the State Mandates Act to require implementation of this mandate without reimbursement.
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