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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2568 Introduced 4/26/2023, by Sen. Karina Villa SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | SB2568 | | LRB103 31865 RJT 60508 b |
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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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The School Code is amended by adding Section |
| 5 | | 22-95 as follows:
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| 6 | | (105 ILCS 5/22-95 new) |
| 7 | | Sec. 22-95. 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 board that decides to offer to the school |
| 12 | | district's teachers a retirement savings plan under Section |
| 13 | | 401(k) or 457 of the Internal Revenue Code of 1986 may enter |
| 14 | | into a contract with only one vendor to administer the plan. A |
| 15 | | vendor shall be selected, with the approval of the teachers' |
| 16 | | exclusive bargaining representative, if any, through a |
| 17 | | competitive bidding process. |
| 18 | | (c) A school board may enter into a contract with a vendor |
| 19 | | under this Section for no more than 5 years.
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