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

 

SB2568LRB103 31865 RJT 60508 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by adding Section
522-95 as follows:
 
6    (105 ILCS 5/22-95 new)
7    Sec. 22-95. Retirement savings plans; requirements.
8    (a) This Section applies to contracts entered into,
9extended, or renewed on or after the effective date of this
10amendatory Act of the 103rd General Assembly.
11    (b) A school board that decides to offer to the school
12district's teachers a retirement savings plan under Section
13401(k) or 457 of the Internal Revenue Code of 1986 may enter
14into a contract with only one vendor to administer the plan. A
15vendor shall be selected, with the approval of the teachers'
16exclusive bargaining representative, if any, through a
17competitive bidding process.
18    (c) A school board may enter into a contract with a vendor
19under this Section for no more than 5 years.