Bill Amendment: IL SB1233 | 2023-2024 | 103rd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: SCH CD-RETIREMENT PLANS
Status: 2023-06-26 - House Floor Amendment No. 2 Motion to Concur Referred to Assignments [SB1233 Detail]
Download: Illinois-2023-SB1233-Senate_Amendment_001.html
Bill Title: SCH CD-RETIREMENT PLANS
Status: 2023-06-26 - House Floor Amendment No. 2 Motion to Concur Referred to Assignments [SB1233 Detail]
Download: Illinois-2023-SB1233-Senate_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 1233
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2 | AMENDMENT NO. ______. Amend Senate Bill 1233 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The School Code is amended by adding Section | ||||||
5 | 22-95 as follows:
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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 | ||||||
9 | full-time licensed teacher population of 525 teachers or more. | ||||||
10 | (b) A financial institution or investment provider, by | ||||||
11 | entering into a written agreement, may offer or provide | ||||||
12 | services to a plan established or maintained by a school | ||||||
13 | district under Section 457 of the Internal Revenue Code of | ||||||
14 | 1986 if the written agreement is not combined with any other | ||||||
15 | written agreement for the administration of a school | ||||||
16 | district's 457 plan. |
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1 | Each school district that provides a 457 plan shall make | ||||||
2 | available to participants, in the manner provided in | ||||||
3 | subsection (d), more than one financial institution or | ||||||
4 | investment provider that has not entered into a written | ||||||
5 | agreement under this subsection (b) and that provides services | ||||||
6 | to the school district's 457 plan. | ||||||
7 | (c) A financial institution or investment provider | ||||||
8 | providing services for any plan established or maintained by a | ||||||
9 | school district under Section 457 of the Internal Revenue Code | ||||||
10 | of 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 | ||||||
26 | under Section 457 of the Internal Revenue Code of 1986 shall |
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1 | select more than one financial institution or investment | ||||||
2 | provider, in addition to the financial institution or | ||||||
3 | investment provider that has entered into a written agreement | ||||||
4 | under subsection (b), to provide services to the 457 plan. A | ||||||
5 | financial institution or investment provider shall be | ||||||
6 | designated a 457 plan provider if the financial institution or | ||||||
7 | investment provider enters in an agreement in accordance with | ||||||
8 | subsection (c) | ||||||
9 | (e) A school district shall have one year from the | ||||||
10 | effective date of this amendatory Act of the 103rd General | ||||||
11 | Assembly to find a 457 plan provider under this Section. ".
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