Bill Title: Amends the School Code. Provides that a school district that offers to the school district's employees a retirement savings plan under Section 403(b) of the Internal Revenue Code of 1986 may enter into a contract with only one vendor to administer the plan. Provides that a vendor shall be selected, with the approval of the employees' exclusive bargaining representative, if any, or a committee of the employees' exclusive bargaining representatives, through a competitive bidding process. Limits contracts with vendors to no more than 7 years. Provides that school districts that, on the effective date of the amendatory Act, have a contract with a vendor shall, by no later than July 1, 2026, begin the competitive bidding process. Provides that the renewal or extension of a contract with a vendor that is in effect on the effective date of the amendatory Act is subject to the competitive bidding process.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced) 2024-06-26 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments
[SB2568 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
|---|
| Engrossed | 2024-05-07 | HTML/Text | Link | View |
| Introduced | 2023-04-26 | HTML/Text | Link | View |
Amendments
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois SB2568 currently on file. |
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