SB2568eng 103RD GENERAL ASSEMBLY

SB2568 Engrossed LRB103 31865 RJT 60508 b

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The School Code is amended by adding Section 22-100 as follows:

(105 ILCS 5/22-100 new)

Sec. 22-100. Retirement savings plans; requirements.

(a) This Section applies to contracts entered into, extended, or renewed on or after the effective date of this amendatory Act of the 103rd General Assembly.

(b) A school district that offers to the school district's employees a retirement savings plan under Section 403(b) of the Internal Revenue Code of 1986, as amended, may enter into a contract with only one vendor to administer the plan. A vendor shall be selected, with the approval of the employees' exclusive bargaining representative, if any, through a competitive bidding process. If there is more than one exclusive bargaining representative for the employees to whom the plan will be offered, the vendor shall be selected with the approval of a committee of the exclusive bargaining representatives through a competitive bidding process.

(c) A school district may enter into a contract with a vendor under this Section for no more than 7 years.

(d) If, on the effective date of this amendatory Act of the 103rd General Assembly, a school district has a contract with a vendor to administer a retirement savings plan under Section 403(b) of the Internal Revenue Code of 1986, as amended, the school district shall, by no later than July 1, 2026, begin the competitive bidding process established in subsection (b). The renewal or extension of a contract with a vendor to administer a retirement savings plan under Section 403(b) of the Internal Revenue Code of 1986, as amended, that is in effect on the effective date of this amendatory Act of the 103rd General Assembly is subject to the competitive bidding process and requirements under subsection (b).