SB1233 - SCH CD-RETIREMENT PLANS

2 Co-Sponsors

Reinserts the contents of the engrossed bill with the following changes. Provides that the amendatory provisions do not apply to the Chicago school district. Provides that the amendatory provisions apply to a school district with a population of 575 or more teachers that maintain a 457 plan, including a plan established under provisions of the Illinois Pension Code concerning an optional defined contribution benefit. Provides that every applicable school district shall make available to participants more than one financial institution or investment provider to provide services to the school district's 457 plan. Provides that a financial institution or investment provider, by entering into a written agreement, may offer or provide services to a plan offered, established, or maintained by a school district (instead of established or maintained by a school district). Provides that each school district that offers (instead of provides) a 457 plan shall make available to participants more than one financial institution or investment provider that has not entered into a written agreement to provide administration services and that provides services to a 457 plan offered to school districts (instead of that has not entered into a written agreement and that provides services to the school district's 457 plan). Provides that a financial institution or investment provider shall cover all plan administration costs relating to the administration of the 457 plan (instead of relating to the 457 plan). Provides that nothing in the amendatory provisions shall apply to or impact the optional defined contribution benefit established by the Teachers' Retirement System of the State of Illinois under the Illinois Pension Code. Sets forth provisions regarding sharing plan data. Makes grammatical and typographical corrections.