Bill Status of SB3654  102nd General Assembly


Short Description:  PEN CD-OUTSIDE SOLICITATION

Senate Sponsors
Sen. Robert F. Martwick

Last Action
DateChamber Action
  2/10/2022SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
40 ILCS 5/15-202
40 ILCS 5/16-204
40 ILCS 5/24-104from Ch. 108 1/2, par. 24-104
40 ILCS 5/24-107from Ch. 108 1/2, par. 24-107
110 ILCS 95/2from Ch. 144, par. 1702


Synopsis As Introduced
Amends the State Universities and Downstate Teacher Articles of the Illinois Pension Code. Provides that in administering the optional deferred compensation plan, the System shall require that the deferred compensation plan recordkeeper agree that, in performing services with respect to the deferred compensation plan, the recordkeeper: (i) will not use information received as a result of providing services with respect to the deferred compensation plan or the participants in the deferred compensation plan to solicit the participants in the deferred compensation plan for the purpose of cross-selling nonplan products and services, unless in response to a request by a participant in the deferred compensation plan; and (ii) will not promote, recommend, endorse, or solicit participants in the deferred compensation plan to purchase any financial products or services outside of the deferred compensation plan. Adds similar provisions with regard to the deferred compensation plan and local government deferred compensation plans under the Deferred Compensation Article. Amends the University Employees Custodial Accounts Act. Provides that in administering a defined contribution plan to provide retirement benefits, the governing board of any public institution of higher education shall require that the plan recordkeeper agree that, in performing services with respect to the plan, the recordkeeper: (i) will not use information received as a result of providing services with respect to the plan or the plan's participants to solicit the plan's participants for the purpose of cross-selling nonplan products and services, unless in response to a request by a participant in the plan; and (ii) will not promote, recommend, endorse, or solicit participants in the plan to purchase any financial products or services outside of the plan.

Actions 
DateChamber Action
  1/21/2022SenateFiled with Secretary by Sen. Robert F. Martwick
  1/21/2022SenateFirst Reading
  1/21/2022SenateReferred to Assignments
  2/1/2022SenateAssigned to Pensions
  2/9/2022SenatePostponed - Pensions
  2/10/2022SenateRule 3-9(a) / Re-referred to Assignments