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 Bill Status of SB2568  103rd General Assembly

Short Description:  SCH CD-RETIREMENT SAVINGS PLAN

Senate Sponsors
Sen. Karina Villa - Robert F. Martwick

Last Action
DateChamber Action
  2/21/2024SenatePlaced on Calendar Order of 2nd Reading February 22, 2024

Statutes Amended In Order of Appearance
105 ILCS 5/22-95 new


Synopsis As Introduced
Amends the School Code. Provides that a school board that decides to offer to the school district's teachers a retirement savings plan under Section 401(k) or 457 of the Internal Revenue Code of 1986 may enter into a contract with only one vendor to administer the plan. Provides that a vendor shall be selected, with the approval of the teachers' exclusive bargaining representative, if any, through a competitive bidding process. Provides that the school board may enter into a contract with the vendor for no more than 5 years.

Senate Committee Amendment No. 1
Deletes reference to:
105 ILCS 5/22-95 new
Adds reference to:
105 ILCS 5/22-100 new

Replaces everything after the enacting clause. Amends the School Code. Provides that 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 may enter into a contract with only one vendor to administer the plan. Provides that a vendor shall be selected, with the approval of the employees' exclusive bargaining representative, if any, or a committee of the employees' exclusive bargaining representatives, through a competitive bidding process. Limits contracts with vendors to no more than 7 years. Provides that school districts that, on the effective date of the amendatory Act, have a contract with a vendor shall, by no later than July 1, 2026, begin the competitive bidding process. Provides that the renewal or extension of a contract with a vendor that is in effect on the effective date of the amendatory Act is subject to the competitive bidding process.

Actions 
DateChamber Action
  4/26/2023SenateFiled with Secretary by Sen. Karina Villa
  4/26/2023SenateFirst Reading
  4/26/2023SenateReferred to Assignments
  1/24/2024SenateAssigned to Labor
  2/7/2024SenatePostponed - Labor
  2/14/2024SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Karina Villa
  2/14/2024SenateSenate Committee Amendment No. 1 Referred to Assignments
  2/20/2024SenateSenate Committee Amendment No. 1 Assignments Refers to Labor
  2/20/2024SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Karina Villa
  2/20/2024SenateSenate Committee Amendment No. 2 Referred to Assignments
  2/21/2024SenateAdded as Chief Co-Sponsor Sen. Robert F. Martwick
  2/21/2024SenateSenate Committee Amendment No. 1 Adopted
  2/21/2024SenateDo Pass as Amended Labor; 012-004-000
  2/21/2024SenatePlaced on Calendar Order of 2nd Reading February 22, 2024
  4/12/2024SenateRule 2-10 Third Reading Deadline Established As April 19, 2024
  4/16/2024SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Karina Villa
  4/16/2024SenateSenate Floor Amendment No. 3 Referred to Assignments
  4/16/2024SenateSenate Floor Amendment No. 3 Assignments Refers to Labor
  4/17/2024SenateSenate Floor Amendment No. 4 Filed with Secretary by Sen. Karina Villa
  4/17/2024SenateSenate Floor Amendment No. 4 Referred to Assignments
  4/17/2024SenateSenate Floor Amendment No. 3 Recommend Do Adopt Labor; 011-001-000
  4/17/2024SenateSenate Floor Amendment No. 4 Assignments Refers to Labor

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