Bill Text: IL SB2568 | 2023-2024 | 103rd General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

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-Introduced.html

---

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2568 Introduced 4/26/2023, by Sen. Karina Villa SYNOPSIS AS INTRODUCED:
105 ILCS 5/22-95 new
Amends the School Code. Provides that a school board that decides to offer to the school district's teachers a retirement savings plan under Section 401(k) or 457 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 teachers' exclusive bargaining representative, if any, through a competitive bidding process. Provides that the school board may enter into a contract with the vendor for no more than 5 years.
LRB103 31865 RJT 60508 b
A BILL FOR
SB2568 LRB103 31865 RJT 60508 b
AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The School Code is amended by adding Section
22-95 as follows:
(105 ILCS 5/22-95 new)
Sec. 22-95. Retirement savings plans; requirements.
(a) This Section applies to contracts entered into,
extended, or renewed on or after the effective date of this
amendatory Act of the 103rd General Assembly.
(b) A school board that decides to offer to the school
district's teachers a retirement savings plan under Section
401(k) or 457 of the Internal Revenue Code of 1986 may enter
into a contract with only one vendor to administer the plan. A
vendor shall be selected, with the approval of the teachers'
exclusive bargaining representative, if any, through a
competitive bidding process.
(c) A school board may enter into a contract with a vendor
under this Section for no more than 5 years.