Sen. Karina Villa

Filed: 2/14/2024

 

 


 

 


 
10300SB2568sam001LRB103 31865 RJT 69761 a

1
AMENDMENT TO SENATE BILL 2568

2    AMENDMENT NO. ______. Amend Senate Bill 2568 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The School Code is amended by adding Section
522-100 as follows:
 
6    (105 ILCS 5/22-100 new)
7    Sec. 22-100. Retirement savings plans; requirements.
8    (a) This Section applies to contracts entered into,
9extended, or renewed on or after the effective date of this
10amendatory Act of the 103rd General Assembly.
11    (b) A school district that offers to the school district's
12employees a retirement savings plan under Section 403(b) of
13the Internal Revenue Code of 1986, as amended, may enter into a
14contract with only one vendor to administer the plan. A vendor
15shall be selected, with the approval of the employees'
16exclusive bargaining representative, if any, through a

 

 

10300SB2568sam001- 2 -LRB103 31865 RJT 69761 a

1competitive bidding process. If there is more than one
2exclusive bargaining representative for the employees to whom
3the plan will be offered, the vendor shall be selected with the
4approval of a committee of the exclusive bargaining
5representatives through a competitive bidding process.
6    (c) A school district may enter into a contract with a
7vendor under this Section for no more than 7 years.
8    (d) If, on the effective date of this amendatory Act of the
9103rd General Assembly, a school district has a contract with
10a vendor to administer a retirement savings plan under Section
11403(b) of the Internal Revenue Code of 1986, as amended, the
12school district shall, by no later than July 1, 2026, begin the
13competitive bidding process established in subsection (b). The
14renewal or extension of a contract with a vendor to administer
15a retirement savings plan under Section 403(b) of the Internal
16Revenue Code of 1986, as amended, that is in effect on the
17effective date of this amendatory Act of the 103rd General
18Assembly is subject to the competitive bidding process and
19requirements under subsection (b).".