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SB2016 - 104th General Assembly
SCH CD-RETIREMENT SAVINGS PLAN
Last Action
Statutes Amended In Order of Appearance
105 ILCS 5/22-101 new
Synopsis As Introduced
Amends the School Code. Provides that, by July 1, 2027, the school board of each school district in the State that offers its employees a retirement savings plan established under Section 403(b) of the Internal Revenue Code of 1986 may enter into a contract with one or more vendors to provide participants with plan investments options. Provides that a vendor selected under after the effective date of the Act must be mutually agreed upon by the affected collective bargaining unit or units and the school board must ensure that the vendor follows the specified investment guidelines. Permits a specified vendor offering a plan to charge an investment advisory representative fee not to exceed 0.50% annually. Provides that, if a new vendor is chosen to administer a retirement saving plan that is offered by the specified school board of a school district, an employee of the school district may opt out of having the employee's individual 403(b) assets transferred to that new vendor. Limits applicability of the provisions to contracts entered into, extended, or renewed on or after the effective date of the Act.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/06/2025 | Senate | Filed with Secretary by Sen. Karina Villa |
| 2/06/2025 | Senate | First Reading |
| 2/06/2025 | Senate | Referred to Assignments |
| 3/12/2025 | Senate | Assigned to Pensions |
| 3/18/2025 | Senate | Added as Chief Co-Sponsor Sen. Robert F. Martwick |
| 3/19/2025 | Senate | Do Pass Pensions; 007-003-000 |
| 3/19/2025 | Senate | Placed on Calendar Order of 2nd Reading March 20, 2025 |
| 3/20/2025 | Senate | Second Reading |
| 3/20/2025 | Senate | Placed on Calendar Order of 3rd Reading April 1, 2025 |
| 4/03/2025 | Senate | Added as Co-Sponsor Sen. Linda Holmes |
| 4/11/2025 | Senate | Rule 2-10 Third Reading Deadline Established As May 9, 2025 |
| 5/09/2025 | Senate | Rule 2-10 Third Reading Deadline Established As May 23, 2025 |
| 5/23/2025 | Senate | Rule 2-10 Third Reading Deadline Established As June 1, 2025 |
| 6/02/2025 | Senate | Rule 3-9(a) / Re-referred to Assignments |