§721.300. Responsibilities of the Board

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.

 

(Source:  Amended at 46 Ill. Reg. 3194, effective February 8, 2022)