Bill Title: Amends the State Mandates Act. Provides that no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act and that nothing in this amendatory Act overrides the process established under the School Code. Amends the School Code. Provides that if a school board other than the Chicago Board of Schools offers a 403(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then the plan sponsor must act in accordance with the prudent investor rule when making plan-related decisions. Sets forth the prudent investor rule and provides that this amendatory Act does not apply to any plan under the Illinois Pension Code. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1401 Detail]

Text: Latest bill text (Introduced) [HTML]

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