Bill Status of SB1218 98th General Assembly
Short Description: SCH CD-PRUDENT INVESTOR
Sen. Daniel Biss - Terry Link and Heather A. Steans
| 1/13/2015||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the School Code. Provides that, beginning January 1, 2015, if a school board other than the Chicago Board of Schools offers a 403(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then the plan sponsor must act in accordance with the prudent investor rule when making plan-related decisions. Amends the State Mandates Act to require implementation without reimbursement.