Bill Title: Amends the School Code. Specifies that the provisions apply to a school district with a full-time licensed teacher population of 575 or more teachers that maintain a 457 plan, except for the Chicago school district. Provides that every applicable school district shall make available to participants more than one financial institution or investment provider to provide services to the school district's 457 plan. Provides that a financial institution or investment provider, by entering into a written agreement, may offer or provide services to a plan offered, established, or maintained by a school district. Provides that each school district that offers a 457 plan shall make available to participants more than one financial institution or investment provider that has not entered into a written agreement to provide administration services and that provides services to a 457 plan offered to school districts. Provides that a financial institution or investment provider shall cover all plan administration costs agreed to by the school district relating to the administration of the 457 plan. Provides that nothing in the amendatory provisions shall apply to or impact the optional defined contribution benefit established by the Teachers' Retirement System of the State of Illinois under the Illinois Pension Code. Sets forth provisions regarding sharing plan data.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2023-08-04 - Public Act . . . . . . . . . 103-0481 [SB0734 Detail]

Text: Latest bill text (Chaptered) [HTML]

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