SB2568 Engrossed LRB103 31865 RJT 60508 b
1		AN ACT concerning education.
2		Be it enacted by the People of the State of Illinois,
3		represented in the General Assembly:
4		Section 5. The School Code is amended by adding Section
5		22-100 as follows:
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.

SB2568 Engrossed - 2 - LRB103 31865 RJT 60508 b