Bill Amendment: IL SB2568 | 2023-2024 | 103rd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: SCH CD-RETIREMENT SAVINGS PLAN
Status: 2024-06-26 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB2568 Detail]
Download: Illinois-2023-SB2568-Senate_Amendment_001.html
Bill Title: SCH CD-RETIREMENT SAVINGS PLAN
Status: 2024-06-26 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB2568 Detail]
Download: Illinois-2023-SB2568-Senate_Amendment_001.html
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| 1 | AMENDMENT TO SENATE BILL 2568 | ||||||
| 2 | AMENDMENT NO. ______. Amend Senate Bill 2568 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 | 22-100 as follows:
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| 6 | (105 ILCS 5/22-100 new) | ||||||
| 7 | Sec. 22-100. Retirement savings plans; requirements. | ||||||
| 8 | (a) This Section applies to contracts entered into, | ||||||
| 9 | extended, or renewed on or after the effective date of this | ||||||
| 10 | amendatory Act of the 103rd General Assembly. | ||||||
| 11 | (b) A school district that offers to the school district's | ||||||
| 12 | employees a retirement savings plan under Section 403(b) of | ||||||
| 13 | the Internal Revenue Code of 1986, as amended, may enter into a | ||||||
| 14 | contract with only one vendor to administer the plan. A vendor | ||||||
| 15 | shall be selected, with the approval of the employees' | ||||||
| 16 | exclusive bargaining representative, if any, through a | ||||||
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