| Title: | Secure Choice Savings Board | | Contact Name: | Fernando Diaz | | Contact Title: | Office of Illinois State Treasurer | | Contact Comments: | | | Function: | The Board shall: (a) Cause the Program to be designed, established and operated in a manner that: (1) accords with best practices for retirement savings vehicles; (2) maximizes participation, savings, and sound investment practices; (3) maximizes simplicity, including ease of administration for participating employers and enrollees; (4) provides an efficient product to enrollees by pooling investment funds; (5) ensures the portability of benefits; and (6) provides for the deaccumulation of enrollee assets in a manner that maximizes financial security in retirement. | | Term: | The initial appointments for the Governor's appointees shall be as follows: one public representative for 4 years; one public representative for 2 years; the representative of participating employers for 3 years; and the representative of enrollees for 1 year. Thereafter, all of the Governor's appointees shall be for terms of 4 years. | | Senate Confirmation: | Yes | | Party Affiliation: | N/A | | Qualifications: | | | Compensation: | Expenses | | Composition: | The Board shall consist of the following 7 members: (1) the State Treasurer, or his or her designee, who shall serve as chair; (2) the State Comptroller, or his or her designee; (3) the Director of the Governor's Office of Management and Budget, or his or her designee;(4) two public representatives with expertise in retirement savings plan administration or investment, or both, appointed by the Governor; (5) a representative of participating employers, appointed by the Governor; and (6) a representative of enrollees, appointed by the Governor. | | Chair: | State Treasurer or Designee | | Authority: | 820 ILCS 80 |
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