reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 650 - RULES FOR CHARITABLE TRUST STABILIZATION COMMITTEE › Subpart C - APPLICATION PROCEDURES › Section 650.50 - Grant Application Process

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Applicants shall submit a written grant application, provided by the State
				Treasurer, with supporting documentation in order to be considered for a grant
				award. The following supporting documentation must accompany the application:
1) The applicant's current IRS determination
				letter or, if pending, Form 1023 or 1024.
2) Most recent Form 990 filed by the
				applicant with the IRS, including Schedule A, or an explanation of why none has
				been filed.
3) The following forms
				of, and statements required by, the Illinois Attorney General (see 14 Ill. Adm.
				Code 400):
A) Either:
i) Illinois Charitable Organization
				Registration Statement (Form CO-1); or
ii) other official documentation showing that
				the applicant is currently registered with the Illinois Attorney General's
				Charitable Trust Bureau.
B) If the applicant has been in existence
				less than one year, Form CO-2.
C)
				If the Applicant has been in existence more than one year, AG990-IL, with all
				required attachments, fees and signatures, for each of the most recent three
				years of existence.
D) Form IFC
				(for each fundraising campaign, if a professional fundraiser was
				used).
4) Any and all
				contracts with professional fundraisers.
5) Articles of Incorporation, evidence of
				good standing from the Office of the Illinois Secretary of State, and all
				By-Laws.
6) A complete list of all
				officers, directors and/or trustees, including names, addresses and daytime
				phone numbers.
7) List of any other
				grants the applicant has received in the past two years, including, without
				limitation, federal, state or private grants.
8) Other documentation deemed necessary by
				the State Treasurer or the Committee.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 650 - RULES FOR CHARITABLE TRUST STABILIZATION COMMITTEE › Subpart C - APPLICATION PROCEDURES › Section 650.60 - Initial Review Process

Current through Register Vol. 48, No. 28, July 12, 2024
After receipt of an application, the State Treasurer will
				  conduct an initial review to verify the applicant's eligibility and the
				  completeness of the application and supporting documentation. During the
				  initial review process, the State Treasurer may request other information, such
				  as additional documentation, meetings with the applicant's officers or
				  employees, and visits at the applicant's program site.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 650 - RULES FOR CHARITABLE TRUST STABILIZATION COMMITTEE › Subpart C - APPLICATION PROCEDURES › Section 650.70 - Committee Consideration and Recommendation of Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a) After the
				applicant's eligibility has been determined and all necessary documentation has
				been provided and reviewed, the applicant's application will be placed on a
				meeting agenda for consideration by the Committee. The State Treasurer will
				notify any applicant when its application will be considered by the
				Committee.
b) The Committee will
				hold meetings at least quarterly, on a calendar basis, in order to review grant
				applications and make final recommendations to the State Treasurer on the
				making of grant awards. If the Committee does not recommend that an applicant
				receive a grant award, then the Committee shall notify the applicant and the
				grant application will not be presented to the State Treasurer for final
				consideration.
c) The final
				recommendations of the Committee for the making of grant awards are not binding
				upon the State Treasurer.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 650 - RULES FOR CHARITABLE TRUST STABILIZATION COMMITTEE › Subpart C - APPLICATION PROCEDURES › Section 650.80 - Grant Award by Treasurer

Current through Register Vol. 48, No. 28, July 12, 2024
After the Committee makes a final recommendation to approve a
				  grant application, the State Treasurer will approve or deny the grant
				  application in full or in part. The State Treasurer may also request that the
				  Committee provide additional information in support of its recommendation for
				  the approval of a grant application. Applicants shall be notified by the State
				  Treasurer, by mail, of the approval, denial or other action on a grant
				  application as soon as practicable.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 650 - RULES FOR CHARITABLE TRUST STABILIZATION COMMITTEE › Subpart D - CONDITIONS OF AWARDS AND AGREEMENTS › Section 650.90 - General Terms and Conditions of Grant Awards

Current through Register Vol. 48, No. 28, July 12, 2024
a) A grant award may be used for
				stabilization purposes by a grantee. The grantee shall not use the grant award
				for any prohibited use as set forth in the Grant Funds Recovery Act
				[30
				ILCS 705/4.3 ]. The State Treasurer may, in its
				discretion, limit the use of a grant award to a particular program or
				purpose.
b) The final dollar amount
				of a grant award shall be in the discretion of the State Treasurer, but the
				dollar amount in any calendar year may not exceed $25,000 per
				grantee.
c) Unless otherwise
				specified, grant awards shall be made in a lump sum payable to the grantee upon
				the effective date of a Grant Agreement.
d) Unless otherwise specified, the term of
				any grant award shall be for one year, with grant funds to be expended by a
				grantee within one calendar year after the effective date of the Grant
				Agreement.
e) Unless otherwise
				specified, the grant award shall be non-renewable, but a grantee may submit a
				new application for a grant award in a second consecutive calendar year. A
				grantee may not receive a grant award in more than two consecutive calendar
				years.
f) All grants awarded under
				this Part are subject to and shall comply with the Grant Funds Recovery Act [30
				ILCS 705 ].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 650 - RULES FOR CHARITABLE TRUST STABILIZATION COMMITTEE › Subpart D - CONDITIONS OF AWARDS AND AGREEMENTS › Section 650.100 - Grant Agreements

Current through Register Vol. 48, No. 28, July 12, 2024
The grant award shall be made pursuant to a Grant Agreement
				  signed by the State Treasurer and the grantee. The Grant Agreement
				  shall:
a)
describe the
				purpose
of the grant award;
b)
specify how payments shall be
				made, what constitutes permissible expenditure of the
grant award,
and the financial controls applicable to the
grant award,
				including required reports;
c)
specify the period of time for which the grant is valid and the period
				of time during which
the grant award
may be
				expended
;
d)
contain a provision that
the grantee
is required to
				permit
the State Treasurer,
the Auditor General, or the
				Attorney General to inspect and audit any books, records, or papers related to
				the program, project, or use for which grant funds were provided
, and
				that records shall be maintained for six years after the termination of the
				grant;
e) contain a provision that
				the grantee shall make its premises and program sites open to inspection by the
				State Treasurer or its designees upon reasonable notice;
f)
contain a provision that all funds
				remaining at the end of the Grant Agreement or at the expiration of the period
				of time grant funds are available for expenditure or obligation by the grantee
				shall be returned to the State within 45 days
; and
g)
contain a provision in which the
				grantee certifies under oath that all information in the Grant Agreement is
				true and correct to the best of the
grantee's
knowledge,
				information, and belief; that the funds shall be used only for the purposes
				described in the Grant Agreement; and that the
grant award
is
				conditioned upon such certification
. (Section 4(b) of the Grant Funds
				Recovery Act [30 ILCS
				705/4(b) ])
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 650 - RULES FOR CHARITABLE TRUST STABILIZATION COMMITTEE › Subpart D - CONDITIONS OF AWARDS AND AGREEMENTS › Section 650.110 - Post Award Obligations

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Unless otherwise specified in a Grant Agreement, grantees shall be required to
				submit a financial status report to the State Treasurer within six months after
				the date of the grant award detailing the use of grant funds, including the
				amount of funds expended to date.
b) Unless otherwise specified in a Grant
				Agreement, grantees shall be required to submit a final written narrative and
				financial report to the State Treasurer within 60 days after the termination
				date of the grant award detailing the use of grant funds, including any
				statistics available on the effectiveness of the subject of the grant
				award.
c) Failure of a grantee to
				comply with any provision of a Grant Agreement will result in affirmative
				action authorized by Section 6 of the Grant Funds Recovery Act to recover
				misspent or improperly held funds.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 650 - RULES FOR CHARITABLE TRUST STABILIZATION COMMITTEE › Subpart E - PUBLIC NOTICE OF GRANT INFORMATION › Section 650.120 - Public Notice of Grant Information

Current through Register Vol. 48, No. 28, July 12, 2024
The State Treasurer shall publish information about the
				  program on its website or in any other public medium deemed appropriate by the
				  State Treasurer. This information shall include, but is not limited to,
				  instructions for applications, Committee meeting dates, minutes of Committee
				  meetings, and notice of any grant awards.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 700 - JOINT RULES OF THE TREASURER AND THE COMPTROLLER: EXTENSIONS OF TIME FOR THE DEPOSIT OF FUNDS INTO THE STATE TREASURY › Section 700.5 - Introduction

Current through Register Vol. 48, No. 28, July 12, 2024
These rules are jointly promulgated by the State Treasurer and
				the State Comptroller to implement their powers under Section 2 of "An Act in
				relation to the payment and disposition of moneys received by officers and
				employees by virtue of their office or employment", Ill. Rev. Stat. 1979, ch.
				127, par. 171.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 700 - JOINT RULES OF THE TREASURER AND THE COMPTROLLER: EXTENSIONS OF TIME FOR THE DEPOSIT OF FUNDS INTO THE STATE TREASURY › Section 700.10 - Declaration

Current through Register Vol. 48, No. 28, July 12, 2024
The following rules are hereby adopted to govern procedures for
				the extension of time periods for the payment of moneys into the State treasury
				or to the State Treasurer.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 700 - JOINT RULES OF THE TREASURER AND THE COMPTROLLER: EXTENSIONS OF TIME FOR THE DEPOSIT OF FUNDS INTO THE STATE TREASURY › Section 700.20 - Request

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any state agency
			 subject to the provisions of Section 2(a) of "An Act in relation to the payment
			 and disposition of moneys received by officers and employees by virtue of their
			 office or employment", or Section 34 of "An Act in relation to state finance",
			 may request an extension of the time period stated in these Sections for the
			 payment of funds into the State treasury or to the State Treasurer.
b) The request shall be signed by the agency
			 head or his designee and shall be sent to the State Treasurer and the State
			 Comptroller.
c) The request for
			 extension shall contain:
1) The new time
			 period requested;
2) The type of
			 funds to be subject to the extension;
3) The reasons for the extension, including
			 the locations at which the funds are received;
4) Such documentation as the agency shall
			 deem appropriate to support the request.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 700 - JOINT RULES OF THE TREASURER AND THE COMPTROLLER: EXTENSIONS OF TIME FOR THE DEPOSIT OF FUNDS INTO THE STATE TREASURY › Section 700.30 - Evaluation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon the receipt
			 of the request, the State Treasurer and the State Comptroller shall jointly
			 evaluate the information submitted by the agency. The State Treasurer and
			 Comptroller may:
1) Approve the request with
			 the same or a different time period from that requested by the
			 agency;
2) Reject the request;
			 or,
3) Request the agency to submit
			 additional documentation.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 700 - JOINT RULES OF THE TREASURER AND THE COMPTROLLER: EXTENSIONS OF TIME FOR THE DEPOSIT OF FUNDS INTO THE STATE TREASURY › Section 700.40 - Implementation

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the State
			 Treasurer and the State Comptroller approve the request, the agency shall be
			 notified by letter of the extended time period. The notification shall also
			 specify the types of funds subject to the new time periods and any other terms
			 and conditions deemed advisable by the State Treasurer and the State
			 Comptroller. A copy of the notification letter shall be forwarded to the
			 Auditor General.
b) The Treasurer
			 and the Comptroller shall retain copies of letters granting extensions for
			 public inspection.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 710 - DISBURSEMENT OF FUNDS - SPECIAL HANDLING › Section 710.10 - Requests for Special Handling

Current through Register Vol. 48, No. 28, July 12, 2024
Each payee desiring electronic disbursement of State funds must
				request special handling of State warrants by the State Treasurer.
Such requests must be presented in writing, and indicate the
				identity of the person authorized to receive State funds on behalf of the
				receiving entity.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 710 - DISBURSEMENT OF FUNDS - SPECIAL HANDLING › Section 710.20 - Details Required on Requests

Current through Register Vol. 48, No. 28, July 12, 2024
By 10 a.m. the day of the request of transfer, the authorized
				individual must contact the Banking Division of the Office of the State
				Treasurer with the following information:
a) The identity and the account number of the
			 payee for each warrant to be presented for electronic transfer
b) The amount of each warrant to be
			 presented
c) The total amount of
			 the transfer to be executed
d) The
			 identity of the institution to which funds are to be transferred
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 710 - DISBURSEMENT OF FUNDS - SPECIAL HANDLING › Section 710.40 - Surcharges

Current through Register Vol. 48, No. 28, July 12, 2024
In the event that scheduled warrants are not presented by the
				above time, the Treasurer shall assess a surcharge to the presenting entity
				equal to the amount of investment income lost on reserved funds.
a) Such surcharge will be calculated on the
			 principal amount of the non-completed transfer, at the average repurchase
			 agreement rate received by the State Treasurer from its major clearing banks on
			 that day.
b) This surcharge must be
			 paid prior to making subsequent requests.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 710 - DISBURSEMENT OF FUNDS - SPECIAL HANDLING › Section 710.50 - Charges

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Treasurer
			 will assess a $50 charge for each transfer of funds.
b) This charge may either be paid at the time
			 of the transfer, or once each month for all transfers executed during the
			 month.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 719 - TECHNOLOGY DEVELOPMENT ACCOUNT (TDA) PROGRAM › Subpart A - INTRODUCTION AND PURPOSE › Section 719.100 - Purpose of Program

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of the Technology Development Act is to
				  attract, assist, and retain quality technology businesses and promote the
				  growth of jobs and entrepreneurial and venture capital environments in
				  Illinois. The creation of the Technology Development Account will allow the
				  State to bring together, and add to, Illinois' rich science, technology,
				  agricultural, financial, and business communities.
[
				  30 ILCS 265/5
				  ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 719 - TECHNOLOGY DEVELOPMENT ACCOUNT (TDA) PROGRAM › Subpart C - ADMINISTRATION › Section 719.300 - Responsibilities of the Treasurer

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer exercises authority and control over the
				  management of the Technology Development Accounts by setting applicable
				  policies and procedures that are followed by the Treasurer and Investment
				  Advisor. As such, key roles and responsibilities include, but are not limited
				  to:
a) Investment Policy - The
				Treasurer is responsible for drafting this policy and reviewing it at least
				annually to ensure accuracy and continued relevance.
b) Oversight - The Treasurer is responsible
				for the direction of investments and administration of the assets of the
				Technology Development Accounts.
c)
				Investment Advisor - In order to properly carry out its responsibilities, the
				Treasurer may use one or more Investment Advisors to assist in the
				administration of the Technology Development Accounts.
d) Performance and Fee Monitoring - The
				Treasurer will review the investment performance of the TDA II-Recipient Fund,
				as well as the fees, on a quarterly or annual basis, as determined by the
				Treasurer.
e) Due Diligence - The
				Treasurer will monitor investments and participate in operational due diligence
				activities in coordination with the contractors retained to assist in the
				administration of the Technology Development Accounts.
f) Accounting - Technology Development
				Accounts assets must be accounted for separately from other Treasurer monies.
				The Treasurer will execute investment valuation procedures in compliance with
				Statement No. 72, Fair Value Measurement and Application, February 2015 of the
				Governmental Accounting Standards Board of the Financial Accounting Foundation,
				evaluating available inputs for investments to determine the input level most
				applicable.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 719 - TECHNOLOGY DEVELOPMENT ACCOUNT (TDA) PROGRAM › Subpart C - ADMINISTRATION › Section 719.310 - Responsibilities of the Investment Advisor

Current through Register Vol. 48, No. 28, July 12, 2024
In order to properly carry out its responsibilities, the
				  Treasurer may use one or more Investment Advisors to assist in the
				  administration of the Technology Development Accounts. The Treasurer may engage
				  the Investment Advisor to provide services needed for the effective operation
				  of the Technology Development Account in accordance with all applicable federal
				  and State laws and regulations. These services may include, but are not limited
				  to:
a) Evaluation of TDA II-Recipient
				Funds - The Investment Advisor may advise and provide fund evaluations to the
				Treasurer, taking into consideration the investment policy and objectives set
				forth in this Part. This may include investment analysis, portfolio
				construction, and due diligence. The Investment Advisor will have the
				responsibility to seek, recruit, screen, and evaluate fund managers for
				investment through TDA IIa.
b) Due
				Diligence - The Investment Advisor is responsible for fund manager due
				diligence, which includes, but is not limited to, research, financial analysis,
				and legal, accounting, and background investigations of fund managers. The
				Investment Advisor will undergo due diligence activities in coordination with
				the Treasurer.
c) Fund Monitoring -
				The Investment Advisor is responsible for monitoring the performance of TDA
				II-Recipient Funds, tracking the diversification of the investments and the
				amounts invested by TDA II-Recipient Funds, and reconciling all reporting and
				accounting requirements of portfolio companies and TDA II-Recipient
				Funds.
d) Benchmarking - The
				Investment Advisor is responsible for establishing applicable investment
				benchmarks (including public market equivalents), measuring the performance of
				TDA II-Recipient Funds against set benchmarks, and reviewing
				benchmarks.
e) Reporting - The
				Investment Advisor is responsible for administering all reporting and
				recordkeeping duties set forth in the investment policy and the Act. The
				Investment Advisor shall ensure standardization of reporting across TDA
				II-Recipient Funds. The Investment Advisor shall ensure that the following
				information is reported for TDA IIa
to the Treasurer on a quarterly or
				annual basis, as determined by the Treasurer, for all investments
:
1)
the names of portfolio companies
				invested in during the applicable investment period;
2)
the addresses of reported
				portfolio companies;
3)
the date of the initial (and follow-on) investment;
4)
the cost of the
				investment;
5)
the
				current fair market value of the investment;
6)
for Illinois companies, the number
				of Illinois employees on the investment date; and
7)
for Illinois companies, the
				current number of Illinois employees
. [
				30 ILCS
				265/11(d) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 719 - TECHNOLOGY DEVELOPMENT ACCOUNT (TDA) PROGRAM › Subpart C - ADMINISTRATION › Section 719.320 - Investment Policy and Objectives

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Treasurer shall develop, publish, and
				implement an investment policy covering the investment of monies in TDA IIa.
				The policy may be amended at any time, and shall be published on the
				Treasurer's website. The Treasurer shall review the policy at least once every
				year to ensure that it remains relevant to the Act, this Part, and prudent
				investment standards.
b) The
				investment policy is a written statement describing the risk management and
				oversight of the program and should be designed to describe the following:
1) the Treasurer's investment
				objectives;
2) the Treasurer's
				investment parameters;
3) the roles
				of the Treasurer and Investment Advisor; and
4) the reporting requirements for TDA
				II-Recipient Funds.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 719 - TECHNOLOGY DEVELOPMENT ACCOUNT (TDA) PROGRAM › Subpart C - ADMINISTRATION › Section 719.330 - Investment Parameters

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				TDA IIa Investment - The Treasurer, in accordance with the Act,
shall
				segregate a portion of the Treasurer's State investment portfolio that at no
				time shall be greater than 5% of the portfolio, in the TDA IIa, an account that
				shall be maintained separately and apart from other moneys invested by the
				Treasurer 5% of the State's investment portfolio shall be calculated as the
				greater of:
.
1)
the balance
				at the inception of the State's fiscal year; or
2)
the average balance in the
				immediately preceding 5 fiscal years.
[
				30 ILCS
				265/11(a) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 719 - TECHNOLOGY DEVELOPMENT ACCOUNT (TDA) PROGRAM › Subpart C - ADMINISTRATION › Section 719.340 - Program Documents

Current through Register Vol. 48, No. 28, July 12, 2024
In order to establish and administer the Technology
				  Development Accounts, the Treasurer may enter into all necessary agreements,
				  documents and instruments with terms and provisions that shall not be
				  inconsistent with the Act and this Part.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart A - INTRODUCTION AND PURPOSE OF PROGRAM › Section 721.100 - Establishment of Program

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				This Part governs the Illinois Secure Choice Savings Program created by the
				Illinois Secure Choice Savings Program Act [ 820 ILCS 80 ].
b) The Illinois Secure Choice Savings Program
				is
a retirement savings program in the form of an automatic enrollment
				payroll deduction IRA for the purpose of promoting greater retirement savings
				for private-sector employees in a convenient, low-cost, and portable
				manner
. [ 820 ILCS 80/10 ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart A - INTRODUCTION AND PURPOSE OF PROGRAM › Section 721.110 - Purpose of Program

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of the Program is to provide a workplace
				  retirement savings option for private sector workers who do not have access to
				  an employer-sponsored plan so they can save their own money for retirement in a
				  safe and convenient manner.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.300 - Responsibilities of the Board

Current through Register Vol. 48, No. 28, July 12, 2024
The Board is responsible for the administration, management
				  and oversight of the Program. Its responsibilities include, but are not limited
				  to:
a) designing and establishing a
				Program that is simple, safe, efficient, and in accordance with best practices
				for retirement savings vehicles;
b)
				contracting with third party providers such as investment managers,
				recordkeepers, consultants, auditors, counsel, or other providers as necessary
				for the administration of the Program;
c) establishing an investment framework and
				selecting investment funds;
d)
				establishing the enrollment and contribution processes for participants,
				including voluntary participation;
e) identifying and contacting employers
				required to participate in the Program;
f) establishing the default investment
				option, default contribution rate, automatic-escalation process, and additional
				investment options, if any;
g)
				monitoring, replacing and removing investment options;
h) conducting outreach and education to
				employers and employees;
i)
				designing and disseminating program materials and information, including
				employee and employer information packets;
j) providing for the payment of any
				administrative or investment costs necessary to manage or operate the
				Program;
k) overseeing and managing
				the Fund;
l) preparing and adopting
				a written investment policy statement and risk management and oversight
				program; and
m) preparing and
				submitting an annual audit of the Program to the Governor, Comptroller,
				Treasurer, and Illinois General Assembly.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.310 - Responsibilities of the Treasurer

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer, or his or her designee, shall serve as
				  chair
of the Board. [
				  820 ILCS
				  80/20 ] The Treasurer's duties include, but are not
				  limited to, certifying to the Secretary of State, upon approval by the
				  Treasurer, the Governor's Board appointments and preparing an annual report as
				  specified in Section 80 of the Act. The Treasurer's Office serves as the
				  administering agency for the administrative fund on behalf of the Board and
				  shall provide administrative support to the Program as requested by the
				  Board.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.320 - Responsibilities of the Department

Current through Register Vol. 48, No. 28, July 12, 2024
The Department is responsible for assessing and collecting
				  penalties against employers who fail to enroll employees in the Program within
				  the timelines prescribed by the Act and this Part. The Department may exchange
				  information with the Board, Treasurer's Office and the Department of Employment
				  Security for the purpose of implementing, administering and enforcing the
				  Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.330 - Investment Policy and Guidelines

Current through Register Vol. 48, No. 28, July 12, 2024
a) The investment policy is a written
				statement that describes the risk management and oversight program and should
				be designed to perform the following:
1)
				ensure that an effective risk management system is in place to monitor the risk
				levels of the Program;
2) outline
				the overarching investment framework of the Program, including, but not limited
				to, the investment options offered to participants and the composition of
				investment products;
3) expand upon
				the corresponding asset allocation and glide paths associated with the
				necessary investment options offered to participants;
4) provide an integrated process for overall
				risk management to ensure that the risks taken are prudent and properly managed
				and determine whether the risks taken are adequately compensated compared to
				applicable performance benchmarks and standards; and
5) assess investment returns and set
				applicable benchmarks to assess the investment returns for underlying
				investment funds.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.340 - Responsibilities of the Program Administrator

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The program administrator is responsible for the day-to-day oversight,
				recordkeeping and management of the Program, including coordinating with any
				third party investment managers or other service providers to ensure the
				safekeeping of accounts. The program administrator shall abide by the Act, this
				Part, and the investment policy adopted by the Board.
b) The Board shall contract with the program
				administrator to provide services needed for the effective operation of the
				Program in accordance with all applicable federal and State laws and
				regulations. These services shall include, but are not limited to:
1) developing forms and any operating
				documents;
2) facilitating employer
				registration and participant enrollment;
3) maintaining participant and beneficiary
				accounts and information;
4)
				receiving contributions;
5)
				blocking receipt of annual contributions to a participant's account in excess
				of the maximum annual IRA contribution limit;
6) disbursing funds;
7) identifying abandoned accounts and
				addressing missing participants;
8)
				providing account owners with account information, transaction confirmations
				and account statements;
9)
				developing and filing required reports and forms with State and federal
				agencies; and
10) providing fraud
				prevention in accordance with industry standards.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.350 - Applicable Law

Current through Register Vol. 48, No. 28, July 12, 2024
For guidance in the interpretation of the Act and this Part,
				  the Treasurer may refer to the Internal Revenue Code, the Final Rule of the
				  Employee Benefits Security Administration, the U.S. Department of Labor on
				  Employee Pension Benefit Plan (
				  29 CFR
				  2510.3-2(d) ), and the
				  Interpretive Bulletin Relating to Payroll Deduction IRAs (
				  29 CFR
				  2509.99-1 ).
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.360 - Program Fees

Current through Register Vol. 48, No. 28, July 12, 2024
Total fees for the Program shall include the following
				  categories:
a) Investment Fees
An investment manager will charge fees and expenses that are
				  included in the cost of the underlying investment fund. When selecting an
				  investment manager,
the Board shall keep investment fees as low as
				  possible, but in no event shall they exceed 0.25 % of the total trust
				  balance.
[820 ILCS 80/30(m)  ]
b) Administrative Fees
The Board
will
charge administrative
				  fees
to participants
that shall be consistent with industry
				  standards.
[820 ILCS 80/30(m)  ] Administrative fees include:
1) A State administration fee, not to exceed
				0.05 percent (i.e., 5 basis points) of the participant's total account assets
				under management. This fee may be charged to defray certain expenses (e.g.,
				marketing, auditing, program oversight) incurred by the Board or Treasurer in
				administering the Program.
2) A
				program administration fee to defray costs incurred by the program
				administrator for maintaining and administering the Program. This fee shall be
				made up of the following:
A) An asset-based
				fee not to exceed 0.25% (i.e., 25 basis points) of the participant's total
				account assets under management; and
B) A dollar-based fee not to exceed $4 per
				quarter.
3)
				Activity-Based Fees
The following additional fees will be charged based on each
				  participant's elections or requests:
A)
				A paper delivery fee of $1.25 per quarter will be charged unless a participant
				elects to receive communications electronically.
B) A paper check fee of $5 per instance of a
				participant requesting a paper check for withdrawal of funds unless the
				participant elects to receive an electronic transfer of funds.
C) A priority delivery fee of $25 per
				instance of a participant requesting a priority delivery.
D) A rejected payment fee of $20 per instance
				of a participant Automated Clearing House (ACH) payment or a
				participant-provided check being rejected.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.370 - Administrative Fund

Current through Register Vol. 48, No. 28, July 12, 2024
The Illinois Secure Choice Administrative Fund is
				  created as a nonappropriated separate and apart trust fund in the State
				  Treasury. The Board shall use moneys in the Administrative Fund to pay for
				  administrative expenses it incurs in the performance of its duties under the
				  Act. The Board shall use moneys in the Administrative Fund to cover start-up
				  administrative expenses it incurs in the performance of its duties under the
				  Act. The Administrative Fund may receive any grants or other moneys designated
				  for administrative purposes from the State, or any unit of federal or local
				  government, or any other person, firm, partnership, or corporation. Any
				  interest earnings that are attributable to moneys in the Administrative Fund
				  must be deposited into the Administrative Fund. The State Treasurer shall be
				  the administering agency for the Administrative Fund on behalf of the
				  Board.
[ 820 ILCS 80/16
				  ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.380 - Reporting Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The Board shall annually submit to the Governor, the Comptroller, the
				Treasurer, and the General Assembly, during each fiscal year, by January 1 of
				the following year, an audited financial report, prepared in accordance with
				generally accepted accounting principles, on the operations of the Program. The
				report shall be provided electronically to any member of the General Assembly
				upon request.
Additionally,
the Board shall provide periodic
				reports at least annually to participating employers, reporting the names of
				each enrollee employed by the participating employer and the amounts of
				contributions made by each employee during the reporting period,
as
				allowed under federal and State laws governing IRAs
, as well as to
				enrollees, reporting contributions and investment income allocated to,
				withdrawals from, and balances in, their Program accounts for the reporting
				period.
b)
For
				each State fiscal year, the Treasurer will prepare a report, in consultation
				with the Board, that includes a summary of the benefits provided by the
				Program, including the number of enrollees in the Program, the percentage and
				amounts of investment options and rates of return, and such other information
				that is relevant to make a full, fair, and effective disclosure of the
				operations of the Program and the Fund. The report will be made available on
				the Program website
(see Section
				721.720 )
by the
				January following the end of the State fiscal year.
[820 ILCS
				80/80]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.390 - Forms

Current through Register Vol. 48, No. 28, July 12, 2024
The Board may use forms provided or promulgated by the IRS or
				  other federal agencies pursuant to the Program. The Board may also promulgate
				  its own forms reasonably necessary to implement the Program.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart C - ADMINISTRATION › Section 721.395 - Information Packets

Current through Register Vol. 48, No. 28, July 12, 2024
Prior to the opening of the Program for enrollment,
				  the Board shall design and disseminate to all employers an employer information
				  packet and an employee information packet, which shall include background
				  information on the Program.
[820 ILCS 80/55(a)  ] The Board should
				  strive to use plain language, whenever and wherever possible. The employee
				  information packet shall include a disclosure form, as well as a document with
				  information on how to opt out of the Program or select a contribution rate
				  other than the default contribution rate. Participating employers shall provide
				  the employee information packets to employees upon launch of the Program and to
				  new employees at the time of hiring. Alternatively, participating employers
				  shall provide the program administrator with the employee contact information
				  necessary for the program administrator to send employees the employee
				  information packet. Informational packets may be updated as necessary. Delivery
				  of information packets may also be accomplished electronically in accordance
				  with  26 CFR 1.401(a)-21  or in any other form permitted by the
				  IRS.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart D - PARTICIPATION IN THE PROGRAM › Section 721.400 - Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
a) Provided they
				meet the requirements of section 408 and 408(A) of the Internal Revenue Code,
				the following individuals are eligible to participate in the Program:
1) All employees 18 years or older, who work
				for employers that have 5 or more employees, that have been in business for at
				least 2 years, and that do not offer qualified retirement plans will be
				automatically enrolled in the Program;
2) All employees who work for a small
				employer that chooses to make the Program available to its employees;
3) Any employee who does not work for a
				participating employer may set up their own account but may be required to make
				contributions through methods other than a payroll deduction; and
4) Any individual with earned income during
				the calendar year, regardless of whether they work for an employer.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart D - PARTICIPATION IN THE PROGRAM › Section 721.410 - Registration and Enrollment

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Board
				shall establish an implementation timeline under which employers shall register
				for the Program and facilitate enrollment of their employees into the Program.
				The Board shall approve the implementation timeline at a public meeting of the
				Board and make the timeline publicly available by posting it on the Board's or
				Treasurer's website (see Section 721.720).
b) After implementation, the Board shall
				identify and notify employers not yet registered for the Program and facilitate
				enrollment of their employees into the Program on an annual basis.
c) The program administrator shall notify
				employers of the dates on which registration and enrollment of employees may
				begin and the dates by which registration of employers and enrollment of
				employees must be complete. The program administrator shall also provide
				employers with access to an online portal to register for the Program and
				facilitate enrollment of their employees.
d) Registration Information
1) In order to register for the Program,
				employers shall verify the following information on the online portal:
A) Employer name and assumed business name,
				if any;
B) Federal Employer
				Identification Number;
C) Employer
				mailing address;
D) Name, title,
				telephone number and email address of an individual designated by the employer
				to serve as the point of contact;
E) Number of employees; and
F) Any additional information necessary for
				registration.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart D - PARTICIPATION IN THE PROGRAM › Section 721.415 - Client Employer Registration and Enrollment

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				PEOs shall provide the Treasurer with a list of all Illinois client employers
				with whom they have a contract. On an annual basis, PEOs shall provide the
				following information for each client employer:
1) Full legal name;
2) Doing Business As (DBA) Name, if
				applicable;
3) FEIN, if
				available;
4) Contact person's full
				name;
5) Mailing address;
6) Email address, if available;
7) Client employer's phone number, if
				available;
8) Number of employees;
				and
9) Any additional information
				needed to contact the client employer when the information submitted is unclear
				or insufficient, or when further information is required for purposes of
				administering the Program.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart D - PARTICIPATION IN THE PROGRAM › Section 721.420 - Voluntary Participation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Small
				employers may choose to make the Program available to their
				employees.
b) Small employers who
				choose to make the Program available to their employees shall notify the
				program administrator and shall register for the Program using the online
				portal.
c) The program
				administrator will develop a process that allows for the enrollment of
				employees from small employers that choose to make the Program available to
				their employees.
d) The Board may,
				but need not, choose to allow for the automatic enrollment of employees from
				small employers as described in Section 721.410.
e) The Board may allow individuals who do not
				work for a participating employer to enroll in the Program. The program
				administrator will develop a process that allows those individuals to open
				accounts and make contributions separate from an employer payroll
				system.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart D - PARTICIPATION IN THE PROGRAM › Section 721.430 - Opt Out Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) Employees who
				do not wish to participate in the Program will be given an opportunity to opt
				out before any payroll deduction contribution is made. The Board shall ensure
				that an employee has a minimum of 30 days to opt out of the Program from the
				time he or she is notified that the employer has facilitated the employee's
				enrollment before an IRA is established and the first payroll deduction is
				made.
b) The program administrator
				shall provide employees with a number of opt out methods, including
				electronically and by phone.
c) Any
				employee who does not opt out of the Program within the 30-day period described
				in subsection (a) will be automatically enrolled in the Program, and an IRA
				will be established for that employee pursuant to Section 721.410(g).
d) Any employee who is enrolled in the
				Program can cease participation and revoke his or her Roth IRA during the
				account revocation period.
e)
				Employees can opt out after the account revocation period at any time by giving
				notice to the program administrator, and participants may cease making
				contributions to their accounts at any time by giving notice to the program
				administrator. After receiving notice, the program administrator shall notify
				the employer to cease payroll deductions for the participants. Employers shall
				cease payroll deductions as soon as administratively feasible, not to exceed 30
				days following receipt of the notification from the administrator.
f) Employees who opt out of the Program may
				enroll at any time by following the Program's enrollment procedures. Following
				notification of the employee's intent to enroll, employers shall enroll
				employees as soon as administratively feasible, not to exceed 30 days following
				receipt of the notification.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart D - PARTICIPATION IN THE PROGRAM › Section 721.440 - Termination of Participation

Current through Register Vol. 48, No. 28, July 12, 2024
a) An employer
				who begins offering a qualified retirement plan and becomes exempt from the
				Program may notify the program administrator of its exemption and terminate its
				participation in the Program.
b)
				Employers who choose to terminate participation in the Program must notify the
				program administrator and participants at least 60 days before payroll
				contributions cease and provide them with information describing how to contact
				the program administrator.
c)
				Accounts will remain in the Program and participants may continue to make
				contributions pursuant to Section 721.420(e), unless they elect to transfer or
				close their accounts, in accordance with Section 721.540 and Subpart
				F.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 721 - SECURE CHOICE SAVINGS PROGRAM › Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 721.500 - Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
a) Accounts are
				IRAs into which participants contribute funds that, in turn, are invested in
				investment options established by the Board pursuant to Section 721.330, such
				as a Life-Cycle Fund Option. A separate account will be established for each
				participant and accounts are owned by the participant.
b) Accounts shall be portable, and each
				participant will have one account, regardless of whether the participant makes
				contributions from a single employer or multiple employers (simultaneously or
				separately throughout the participant's lifetime).