Illinois Senate Bill 2016

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 6 2025 - 25% progression
Action: 2025-02-06 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

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.

SCH CD-RETIREMENT SAVINGS PLAN

Sen. Karina Villa [D]

Date	Chamber	Action
2025-02-06	Senate	Referred to Assignments
2025-02-06	Senate	First Reading
2025-02-06	Senate	Filed with Secretary by Sen. Karina Villa

Chapter	Article	Section	Citation Type	Statute Text
105	5	22-101	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2016&GAID=18&DocTypeID=SB&SessionID=114&GA=104
Text	https://www.ilga.gov/legislation/104/SB/10400SB2016.htm