SB2568 103RD GENERAL ASSEMBLY

LRB103 31865 RJT 60508 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2568

Introduced 4/26/2023, by Sen. Karina Villa

SYNOPSIS AS INTRODUCED:

105 ILCS 5/22-95 new

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.

A BILL FOR

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 22-95 as follows:

(105 ILCS 5/22-95 new)

Sec. 22-95. 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 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. A vendor shall be selected, with the approval of the teachers' exclusive bargaining representative, if any, through a competitive bidding process.

(c) A school board may enter into a contract with a vendor under this Section for no more than 5 years.