Bill Text: IL SB2568 | 2023-2024 | 103rd General Assembly | Engrossed
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]
Download: Illinois-2023-SB2568-Engrossed.html
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| 1 | AN ACT concerning education.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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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 | ||||||
| 17 | competitive bidding process. If there is more than one | ||||||
| 18 | exclusive bargaining representative for the employees to whom | ||||||
| 19 | the plan will be offered, the vendor shall be selected with the | ||||||
| 20 | approval of a committee of the exclusive bargaining | ||||||
| 21 | representatives through a competitive bidding process. | ||||||
| 22 | (c) A school district may enter into a contract with a | ||||||
| 23 | vendor under this Section for no more than 7 years. | ||||||
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