Illinois General Assembly - Full Text of SB1233
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Full Text of SB1233  103rd General Assembly


Sen. Michael W. Halpin

Filed: 3/3/2023





10300SB1233sam001LRB103 25480 RJT 58388 a


2    AMENDMENT NO. ______. Amend Senate Bill 1233 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The School Code is amended by adding Section
522-95 as follows:
6    (105 ILCS 5/22-95 new)
7    Sec. 22-95. Retirement and deferred compensation plans.
8    (a) This Section applies only to school districts with a
9full-time licensed teacher population of 525 teachers or more.
10    (b) A financial institution or investment provider, by
11entering into a written agreement, may offer or provide
12services to a plan established or maintained by a school
13district under Section 457 of the Internal Revenue Code of
141986 if the written agreement is not combined with any other
15written agreement for the administration of a school
16district's 457 plan.



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1    Each school district that provides a 457 plan shall make
2available to participants, in the manner provided in
3subsection (d), more than one financial institution or
4investment provider that has not entered into a written
5agreement under this subsection (b) and that provides services
6to the school district's 457 plan.
7    (c) A financial institution or investment provider
8providing services for any plan established or maintained by a
9school district under Section 457 of the Internal Revenue Code
10of 1986 shall:
11        (1) enter into an agreement with the school district
12    or the school district's independent compliance
13    administrator that requires the financial institution or
14    investment provider to provide, in an electronic format,
15    all data necessary for the administration of the 457 plan,
16    as determined by the school district or the school
17    district's compliance administrator;
18        (2) provide all data required by the school district
19    or the school district's compliance administrator to
20    facilitate disclosure of all fees, charges, expenses,
21    commissions, compensation, and payments to third parties
22    related to investments offered under the 457 plan; and
23        (3) cover all plan administration costs agreed to by
24    the school district relating to the 457 plan.
25    (d) A school district that establishes or maintains a plan
26under Section 457 of the Internal Revenue Code of 1986 shall



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1select more than one financial institution or investment
2provider, in addition to the financial institution or
3investment provider that has entered into a written agreement
4under subsection (b), to provide services to the 457 plan. A
5financial institution or investment provider shall be
6designated a 457 plan provider if the financial institution or
7investment provider enters in an agreement in accordance with
8subsection (c)
9    (e) A school district shall have one year from the
10effective date of this amendatory Act of the 103rd General
11Assembly to find a 457 plan provider under this Section.".